Winning at Life with Gregory Ricks

The Weekly Wrap: 09.01.18


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0:01:18 - It's Labor Day Weekend! Gregory shares some history of Labor Day. In what may be a positive economic indicator, Americans are eating more steak than ever before. Gregory updates you on his quest for the ultimate chicken sandwich recipe.

0:14:32 - Charles in Mandeville asks Gregory Ricks how the taxes work if he's going to take an in-kind distribution on stocks from his IRA to settle his Required Minimum Distributions. Gregory explains in pretty deep detail how non-cash property owned by your IRA can cover your Required Minimum Distributions, and figuring the tax hit can be complicated.

0:23:47 - We review the major financial headlines of the week: the trade deal with Mexico, new record for longest bull market, new records for NASDAQ and S&P, GDP revised up to 4.2%. There's a lot of optimism about the economy in the financial news.

0:26:11 - For the pessimistic view of the financial world, David Stockman was on Wall St Week last night to continue making his case that a precipitous economic downturn is right around the corner. He's been saying this for years, and it still hasn't happened. It's hard to argue against Stockman's concern for the debt, deficits, and runaway spending by DC.

32:00 - Jude Heath, CPA of the Total Wealth Authority, calls in to address the earlier question from Charles in Mandeville asking how the taxes on his IRA's in-kind distribution is taxed.

43:54 - Lesha Nugent Freeland, Realtor of the Total Wealth Athority, has concerns about how student loan debt is delaying young adults from buying a house by around 8 years. Student loans can wreck your credit score, and it's immune to bankruptcy. You're stuck.

51:50 - If you're renovating, you have to inspect the house's foundation before you do some light construction jobs.

57:34 - Do you have to take out the windows to shore a house's foundation?

1:00:53 - Lesha Nugent Freeland shares some tips on what home modernization details to look for when buying a house. A local family was recently disappointed after they moved in to a house to find it never had a cable or internet connection. It costs thousands to install, and could've been taken care of on the front end at the seller's expense.

1:06:51 - Lesha talks about a local professor and her son who moved into a house with a disturbing history. It's interesting to see how a violent crime can affect a house's ability to sell.

1:14:42 - Has your zip code's home value's gone south this year? Lesha has the New Orleans area zip codes that had the biggest drop in home prices over the last year.

1:29:08 - Should you transfer all of your credit card debts to a single card or loan? Mike texts from the Winning at Life app asking Gregory how he can get out of debt now that his kid is graduating college. Gregory has guidance on several different steps to knock out debt.

1:34:25 - When can you draw a Social Security benefit from an ex-husband's record? Ann in Covington wants to know when she qualifies to draw a benefit. Gregory shows that she can turn it on at 62, but that might not be the best time to turn it on.

1:41:03 - Will continuing to work after I turn on Social Security help raise my benefit? Jay in Mandeville texts Gregory on how continuing to work affects his Social Security record.

1:44:20 - Louise in Metairie asks Gregory if her and her husband are doing the right thing with their spousal benefits from Social Security. They are both deferring to the max age of 70, and she is currently grandfathered in under the old spousal rules, and looks to be on the right path to both benefits maxed out.

1:47:35 - You will be floored to hear how many Americans over the ages of 50 and 60 who still carry student loan debt. Gregory shares some sobering statistics on the emerging student loan debt crisis.

1:52:48 - Larry on the Northshore adds to the student loan crisis discussion with his concern about the abundance of degree programs that are almost worthless in the job market. He made rules for his kids that he would pay for college if they choose an acceptable major.

1:56:10 - Dee in New Orleans asks if she can draw a benefit from her ex-husband's record. Gregory asks a few questions, and it look like Dee needs to go to the Social Security office ASAP, because she's going to get a raise.

2:00:55 - Matthew in Metairie has first hand experience in college educated employees not having basic skills for the workplace.

2:01:57 - Suzy in Slidell had a husband who died without a will, and now her home is co-owned by her kids. How does this affect her ability to sell the house? How can she get full control of her house back?

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