Winning at Life with Gregory Ricks

The Weekly Wrap: 08.11.18


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0:01:08 - The Space Force tasks will include protecting the banking system's reliance on GPS. All of our lives have become incredibly reliant on the technology floating above us in orbit. Gregory reacts to a guy from NASA saying: if our satellites get hit, there won't be milk in the grocery store in three days.

0:14:23 - Gregory talks about the two biggest catastrophes he thinks could happen. Some of this will be addressed by this new Space Force. It also gives you an idea how you would want to be prepared for emergencies.

0:19:34 - The ability to see what's coming could help you decide what investments to make. If you were able to see the dominance of cell phones 30 years ago, you would've known to jump in on those various tech stocks that are tied to cell phones.

0:25:11 - James in New Orleans is maxing out his 401k and still has extra money to invest at the end of the month. What are some of his other investing options for retirement?

0:33:30 - Do you need to have earned income to contribute to a 7702 plan? John in Violet asks Gregory if he can get some of his existed assets positioned for tax free income.

0:35:38 - How can you get started young for retirement savings? Donald in Slidell is 21 and setting up his first 401k. What guidance does Gregory have for a young guy just getting started in the working world who wants to get an early start on saving for retirement?

0:46:08 - Wes Blanchard, Estate Planning Attorny of the Total Wealth Authority, reacts to the story of a married couple of retired schoolteachers who left a painting behind worth $160 million.

0:57:01 - Lance in Biloxi is the executor of his elderly parents' trust, and wants Gregory's help making the best use of their assets to cover their long term care. Wes Blanchard and Gregory Ricks talk about some of the similar cases they've seen for Lance's situation.

1:03:38 - Wes and Gregory explain how capital gains are calculated for a house that's donated or inherited.

1:07:40 - How does the inheritance laws work for siblings that have no children? Johnny in Gentilly asks Wes Blanchard and Gregory Ricks how the property would be dispersed for him and his siblings, none of whom have children.

1:18:47 - Steven in Arabi is thinking about getting rid of his rental properties before starting Social Security so he doesn't get penalized for having income. Gregory explains that rental income is usually considered passive income that won't be subject to the early Social Security clawback.

1:22:58 - Carol in Folsom wants to amend her will. Can you handwrite an addition to your will and just have it added in? Wes Blanchard explains that's called a codicil, and a codicil must fit the format of the original will. It's not unusual to have

1:26:38 - Did Elon Musk tweets about Tesla break the law? Wes Blanchard and Gregory Ricks detail the fine line the Tesla CEO was walking with his bizarre behavior via Twitter this week that halted trading of Tesla stock.

1:29:57 - James reviews a quick list of financial news stories from Mississippi for the week, with new business deals bringing more jobs. Gregory helps decode how the tightening job market still has a ways to go before if we hope to see significant wage increases.

1:37:50 - Thomas from Gonzales needs help understanding his Social Security options. He has two ex wives of over 10 years each. He also has a pension that comes with a Windfall Elimination Provision offset on his Social Security retirement benefit. Gregory asks a few questions, and gives Thomas his two best options.

1:42:09 - JD in Ocean Springs has been working for a municipal system in Mississippi that doesn't participate in Social Security. He asks Gregory how the PERS retirement system pension could affect his Social Security benefits with the Windfall Elimination Provision.

1:48:28 - What is this Space Force really all about? The technology dependent on GPS is some of the most critical functions in our society. The technology pursuits that seek to make our satellites more secure, and the techonology pursuits that give us a more efficient alternatives for satellite usage, those will be the ones that a forward thinking investor would want to research and watch.

1:53:22 - The stock market was at $31.1 trillion in July 2018, and was at $7.6 trillion at the bottom of the 2009 low. Gregory walks you through the history on how long it has taken the stock market to double over the years.

1:57:49 - Phillip in Corinth is playing catch up on his investing for retirement. A Roth IRA sounds like something he would like to get into, and Gregory explains how Phillip can get some tax free retirement income in the mix.

2:02:30 - Paul calls from Dauphin Island to ask Gregory's opinion on his TSP options. Paul is enrolled under FERS, and has needs help with the different fund plans available in a Thrift Savings Plan.

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