Winning at Life with Gregory Ricks

00:49 - Quick update for the far eastern reaches of our broadcast in the path of Hurricane Matthew.

04:03 - Carla in Memphis recently sold the family business and netted about $3 million. They are working on a building a new business, and want to know if Gregory approves of using that cash as seed money to expand their new business, or should they try and leverage their new endeavor?

12:33 - Ken in Long Beach texts in asking: how can your decimated IRA be resurrected after a divorce?

14:07 - Gregory has a report showing the CBO predictions about our national debt in 2008 were comically off the mark.

22:58 - Wayne on Periscope asks Gregory if he should defer taking Social Security to age 70. Gregory asks some follow up questions, and it sounds like Wayne could mathmatically come out ahead by deferring to age 70.

33:35 - Gregory responds to a report that Ford is working on an autonomous car with no steering wheel.

37:48 - Mary from Poplarville asks Gregory how to go about difersifying her stock portfolio. She has a decent sized portfolio, and the bulk of her money is in the same sector. Gregory encourages diversification in a stock portfolio, but you have to buy into other sectors only when they are in a buying position.

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01:20 - In a strange twist of fate, NFL Commissioner Roger Goodell thanks President Trump for the part of the new trade agreement that will open up a new revenue stream for the league from Canadian broadcast rights. Some think Trump could be holding a grudge with the NFL dating back to his days with the USFL, but this appears otherwise.

13:13 - The Windfall Elimination Provision affects those who get a pension from a job that did NOT participate in Social Security contributions.

21:00 - Kami in Hammond recently lost her husband, and asks Gregory when she is eligible to draw a Social Security survivor's benefit from his record.

28:11 - Gregory explains your options when you inherit an IRA. If you decide to take the stretch option, you will have Required Minimum Distributions, and Gregory shows you how that works.

37:54 - Longevity is a gift to your life, but can be a curse to your financial planning. Retirement is probably going to be around 30 years for you. That's why it's important for you to know what to do should you happen to inherit a decent sum of money.

49:24 - Janice in Belle Chase is a little behind on her retirement savings, so would it be a good idea to refi her house, get a reverse mortgage, or pick up a part time job in retirement?

58:13 - Melissa in Shreveport is worried about her husband not filing taxes for the last 3 years.

1:12:02 - The new jobs report released yesterday has the unemployment rate at a 49 year low of 3.7%. Wage growth is strong. Even the broader measures of unemployment are impressive. So why are we still running a trillion dollar deficit in DC?

1:16:33 - How do you update a trust? Vic in Gulfport has a trust, but he wants to change the administrator. Also, several of the properties that were in his trust have been sold, and he's bought other properties as well. Gregory explains Vic's options.

1:23:11 - Rufkin in Lucedale asks Gregory's thoughts on investing in your employer's stock. He's been investing through the company plan, and isn't sure if he's doing the right thing.

1:34:52 - Will the federal debt and deficit be a big drag on economic growth?

1:41:18 - Mary from Poplarville asks Gregory how to go about difersifying her stock portfolio. She has a decent sized portfolio, and the bulk of her money is in the same sector. Gregory encourages diversification in a stock portfolio, but you have to buy into other sectors only when they are in a buying position.

1:44:59 - Jonathan in Gulfport is active duty military facing a couple of options on his military retirement: stick with the old legacy system, or move to a blended system. The Thrift Savings Plan is the government version of a 401k, and Gregory guides Jonathan on how to best decide his retirement path.

1:59:47 - Edward in Meridian wants Gregory's opinion on the Public Sector Loan Forgiveness program. Is using the PSLF program the right way to get rid of your student debt?

2:12:12 - Carla in Memphis recently sold the family business and netted about $3 million. They are working on a building a new business, and want to know if Gregory approves of using that cash as seed money to expand their new business, or should they try and leverage their new endeavor?

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01:46 - The industries Millenials are ruining. Even slight changes in the tastes and behaviors of Millenials are rocking some mighty industries. I suppose cereal is too much of a hassle? And who would be against old school yogurt?

31:03 - Gregory may have invented liquid soap.

34:15 - The economy is doing great now, but what are the signs of the next downturn?

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01:47 - The USMCA is the new trade agreement between the US, Mexico, and Canada. As more is learned about the details, the polarization grows.

07:34 - A report claims Americans are waiting longer to start their retirement benefits. Some of that behavior is influenced by the Full Retirement Age inching up, and boomers continuing to work well into their 60s.

14:34 - It's Gregory's birthday, and he opens his present on air. It's a Old Fashioned setup!

20:50 - The Numbers were historic today as the Dow sets a new all-time high. It's the 102nd record closing for the Dow since the election. Oil has shot up into the mid 70s.

30:38 - Industries Millenials are burning. Even slight changes in the tastes and behaviors of Millenials are rocking some mighty industries. Compared to previous generations, Millenials are not as fond of beer, mayonnaise, and yogurt, and their different behavior patterns tend to steer them away from golf, starter homes, and casual dining chains.

39:44 - Derrick in Covington: How should I save for my kid's college? Derrick asks if a 529 or Roth IRA is a better way to save for higher education costs?

41:23 - Juan in New Orleans is on Social Security Disability, and makes some money on the side as an Uber driver. Will his benefits ever run out? How much money can you earn while on Disability before you benefit is affected?

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01:08 - Quick preview of the show's headlines and topics for the day.

03:34 - Ferrari's recently announced new supercar is already sold out. Pricing starts at $1.75 million, and Ferrari is limiting production to 499. What an amazing business model you have when demand for your product far exceeds the supply.

13:34 - The House passed Tax Reform 2.0, and it heads to the Senate. It would make the individual tax cuts permanent, and create Universal Savings Accounts. Gregory prepares you for what to do if it becomes law.

18:00 - The Numbers were mixed, and the Dow sets a new all time high. Tesla's stock jumps on reports they finally met some production goals.

27:28 - Wage growth hits a 17 month high. Gregory reports on Amazon announcing a new minimum wage for their workers.

30:51 - Sears continues it's slow dismal circles around the drain. Gregory explains how the once-mighty Sears empire11:22 PM 10/2/2018 is whittling away.

35:19 - Billy in Raceland owns his home, but needs to move for work. Should he put his home up for sale now, or wait until he's found a new house first?

41:17 - Parents who are helping adult children can be hurting their retirement savings. It's always tempting to help your kids, but the average parent is spending twice as much on adult children as retirement savings.

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01:50 - We review the Caller of the Week: Gregory explains to John in Violet how the Required Minimum Distributions are calculated on an Inherited IRA. Gregory follows the call with a round up of what you need to do if you inherit an IRA.

8:59 - Jerome in New Orleans wants to know how he can prove he owns his businesses.

12:12 - Gregory continues to explain how business owners can get the correct information and paperwork with the government.

16:54 - The opening of the new New Orleans airport has been pushed back. What a mess that whole project has been, and it's not like the existing airport needed replacing in the first place.

23:29 - The Mississippi Gulf Coast is booming with over $167 million in new developments already permitted for the coast, and more on the way.

25:20 - The Federal Reserve raises its target funds rate as expected. This keeps Gregory's Podium Theory alive, and signals things are humming along nicely in the economy. The contrast in how current Fed Chair Jerome Powell sounds compared to former Fed Chair Janet Yellin is astounding. Gregory points out that conservative investors have some much better returns.

32:29 - Who was the best act at the iHeartRadio Music Festival in Las Vegas last weekend? Justin Timberlake was probably the consensus favorite, but the level of talent at the event was just through the roof. The Aria was a sleek and cool hotel and casino, the T-Mobile Arena was sharp. Lynyrd Skynyrd was better than expected, and

44:36 - Is it still a good time to get a mortgage? Dwayne Stein from MortgageGumbo.com joins the show and makes the case that right now could possibly be the lowest mortgage rates you will see for the rest of your life. No, it's not as low as it was a year ago, but rates should continue to rise and remain higher from here on out. If they get back to these levels, we probably have big problems.

46:50 - Dwayne Stein responds to a question from the Bob Massi show on what happens with a reverse mortgage when you go into a nursing home? The rules for ending a Reverse Mortgage early is a Maturity Event.

52:58 - Nick in Gulfport has been paying Social Security taxes at his job for the last 30 years, but his new job doesn't participate in Social Security in favor of a state pension.

59:22 - Bob in Harvey would like to get a better interest rate on his money in his savings account and still be able to easily withdraw it on demand? Gregory explains how your emergency money shouldn't be chasing yield, and liquid accounts aren't going to yield much.

1:11:05 - Johnny in New Orleans asks Gregory Ricks and Dwayne Stein how the elections will affect his investments. Will the economy slow down or take a dive if Congress changes hands?

1:18:04 - Gregory asks Dwayne what he sees on the front lines when it comes to student loan debt keeping people from getting a mortgage.

1:28:37 - Breaking news as two police officers were killed in the line of duty this morning in Brookhaven, MS.

1:32:08 - The Fed raising rates is right in line with what Gregory Ricks expected, and the rates should continue to go up at a similar rate. This is boosting ultra-conservative investors seeing their CD interest improving as they churn through renewals.

1:38:18 - Gregory follows up on the earlier question from Nick about the Windfall Elimination Provision.

1:45:50 - Thomas in New Orleans asks Gregory if CDs are more attractive now that they're interest is above 3% for a 5 year CD. Gregory points out that with a CD-like annuity, you could be getting more than 4% over 5 years.

1:55:51 - Brett texts in from the WInning at Life app to ask Gregory about his options to get out from under all this credit. Should he file bankruptcy?

1:58:26 - An anonymous texter from the app asks Gregory how he should handle his profits from cryptos.

2:03:17 - Text question: Is 3-5 months of expenses a good enough emergency fund?

2:04:29 - Brian in New Orleans asks if he should be investing into eSports? There's a huge amount of money being flooded into the eSports market, but Gregory wants to know where the exits are.

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00:33 - The Federal Reserve raises its target funds rate as expected. This keeps Gregory's Podium Theory alive, and signals things are humming along nicely in the economy. The contrast in how current Fed Chair Jerome Powell sounds compared to former Fed Chair Janet Yellin is astounding. Gregory points out that conservative investors have some much better returns.

16:38 - Gregory reviews a proposed law change allowing 401ks to buy annuities.

23:34 - What happens when you inherit an IRA? It's probably coming from a spouse or a parent, and those have completely different rules on how you're allowed to handle the money. Typically, around 70% of those who inherit an IRA cash it out within three years.

34:16 - Gregory explains to John in Violet how the Required Minimum Distributions are calculated on an Inherited IRA.

38:20 - Raymond in Houma thanks Gregory for his staff being so helpful on a phone call to the office the other day. He had a tough situation, and got answers to his questions.

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01:16 - Social Security is getting a 2.8% Cost of Living Adjustment, the largest in a while. Gregory explains how your Medicare premium increases can offset your Social Security benefit, and

08:41 - Gregory shares a story of a couple who wants to retire in 3 years, and their pensions will eat into their Social Security benefits, so things get complicated. Gregory says they are ready to retire now.

25:53 - If someone says their retirement isn't all it's cracked up to be, there's a good chance they don't have the financial ability to do much.

27:42 - A trust mill gets busted for posing as Estate Planning services, and taking advantage of folks. It's reported they were just using Estate Planning as a front to sell life insurance and annuities, and they weren't even attorneys.

42:08 - Kanye bought his wife Kim some stocks for Christmas last year, and it looks like it's up about 40%.

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01:29 - A new poll from Gallup shows a record low number of people consider the economy the top problem in the country. Gregory thinks the fact that the President is a complete outsider from both political parties partially explains why our booming economy isn't a bigger story.

06:49 - Need a new career late in life? Learn to code! Gregory encourages those who are looking for a new career to check out some of these coding schools. They seem to be cheaper and faster than college, and we should be seeing more of this style of education in the future.

14:49 - The Numbers were green all of the way around. Gregory's immediate response is on how the new Chinese tariffs are huge, and China's response is small. Bonds took a beating today, but it's understandable they may want to be pricing in next week's expected rate hike from the Fed.

25:30 - Can you set up a Roth IRA for your kid? Steve in Canada asks Gregory if he can get his teenage daughter a Roth IRA.

37:06 - This is the number one thing Millenials do wrong with their investments: they treat their 401k like a piggy bank. More than a third of Millenials dip into their 401k.

42:22 - Douglas in Biloxi encourages older folks thinking about switching to a tech career to make the leap. Douglas asks Gregory how to get his TSP money into a Roth.

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01:04 - Why you need to sign up for your account at the Social Security website NOW. Gregory strongly encourages you to go to SSA.gov, and gives some compelling reasons on how that can save you some problems, and what to check for. It can prevent a form of identity theft, and correct your earnings record.

16:04 - This year 44% of tax payers will pay nothing in income taxes. Gregory thinks we need more people paying into the system, and it should be because more people are participating in the system and making more money.

18:27 - Student loan debt that last pasts 30 is shown to have a profound negative effect on retirement savings. Gregory reacts to a new report than show a sharp divide in how much student loan debt is too much. Go to school, don't borrow the money.

28:29 - The Numbers are all red across the indices, with some extra attention for Amazon and Tesla

44:11 - The IRS will end its offshore amnesty program as participation dwindles. The program started in 2009, and allowed those with hidden income and assets overseas to avoid criminal penalties if they come clean and pay the taxes and a fine. It ends at the end of the year.

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