Winning at Life with Gregory Ricks

0:01:07 - The charitable heroism of the Cajun Navy response to hurricane Florence is an inspiring display. From a financial standpoint, it's important to note that all of these brave volunteers can only help others if they have an emergency fund robust enough to cover the costs of making boat rescues on the other side of the country, AND be able to miss work. Gregory encourages you to be resolute about giving back.

0:15:17 - Sears latest earnings report is dismal, more stores are closing, and the CEO blames employee pensions are sucking up too many resources to properly keep the company up to date. Gregory shares a tough lesson in the business world: be careful what you start, you may not be able to stop it. Sears started this pension program with great intentions, and even though they ended it in 2006, there's still over 100,000 retirees drawing from the system, and less than 89,000 employees still working.

Jude Heath, CPA of the Total Wealth Authority, is our guest today.

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00:59 - Hurricane Florence is interrupting some college football games, including the postponing of the Southern Miss game this weekend. If you ever hear Winning at Life being preempted by sports on the air, you can always catch us on the app.

02:21 - We preview what's coming up on the Saturday show with Jude Heath: after 6 months, ZERO people have registered their short term rentals in Jefferson Parish. What's up with that? The industry disruptions from tech have already upended the taxi cab establishment, the hotel industry, and it looks like the medical field is about to feel some big shocks. The new Apple Watch unveiled this week has some medical uses, and watching the evolution is fascinating.

13:51 - Gregory lays out the many options you have when creating multiple streams of income for retirement. There is no retirement without income, and Social Security alone isn't going to cut it. You're going to have to build your own system of passive income streams, and Gregory thinks the bare minimum you need is 4. Gregory can help you get there.

35:33 - John in Picayune has a 401k from an old job with some after-tax contributions in it. How can he roll that into something with more control without screwing up the tax status?

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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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01:01 - You can now listen to the Winning at Life podcast on all Southwest Airlines flights via the iHeartRadio app without having to pay for Wifi!

02:23 - Research from Neilsen shows that people who are avid listeners of business podcasts like Winning at Life are more likely to buy liquor, wine, and beer than other podcast genres.

05:55 - What degree is the worst investment possible? Gregory has a list of the degree programs ranked at the top and bottom when it comes to return on investment. Science, math, engineering... always solid. Miscellaneous Fine Arts... not so much.

27:01 - The Numbers are mixed. Lululemon has taken off like a rocketship over the past year. It's up over 90% this and over 140% over the last 12 months. Is this a budding company growing into a major brand, or is this the peak of an soon-to-decline fad?

39:37 - Trevor from Ft Lauderdale (Coral Springs) calls in again. He had called over a year ago to get his finances straight. Now that he has his finances straight, should he buy a house? He has a volatile job that could take him elsewhere at any time.

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0:02:52 - Chris texts in a question from the Winning at Life app: is it better to max out my TSP or invest elsewhere? Gregory evaluates the different choices within a TSP like Chris', and stresses the importance of getting some tax diversity in the mix.

0:07:29 - Gregory explains how the beginning of almost any financial plan is an emergency fund.

0:13:08 - The next Gregory Ricks Live is coming up Wednesday! This is your chance to meet Gregory Ricks, and find out more about what Gregory Ricks and Associates can do for your financial future. Learn about how to decode volatility, Social Security planning, how to generate income streams, tax strategies, and estate planning.

0:14:51 - If you are drowning in credit card debt, you have to get that under control before you could ever even hope about saving for retirement. You need to get your debts settled and several streams of passive income to think about having successful retirement. Retirement isn't the end, it's just the beginning of the next phase of your life.

0:18:14 - What happens if you are unexpectedly unemployed late in life? If you have tax diversity built into your financial planning, you'll have more options than if you had everything in your 401k or IRA. If you're forced to retire early, what is your plan?

0:24:18 - Gregory and James joke about over-the-top radio announcers. Do they talk like that all day, or just at work?

0:35:53 - All 401k accounts have a Summary Plan Description. A TSP has a Summary of the Thrift Savings Plan. It's like a 401k for government workers, and even includes a Roth option.

0:42:23 - There are three ways to get money out of a TSP: a loan, an in-service withdrawal, and a post-separation withdrawal.

0:46:16 - Aretha Franklin died without a will. Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, explains how that could cause problems that will require large amounts of the estate to be unnecessarily squandered.

0:55:05 - John in Picayune has a 401k from an old job with some after-tax contributions in it. How can he roll that into something with more control without screwing up the tax status?

1:03:13 - Walter in Carrier asks Wes Blanchard how specific a will needs to be.

1:05:32 - Patricia in New Orleans asks Wes Blanchard how she could buy out her daughter's ownership stake in her current house that's owned by a trust.

1:10:13 - Gregory asks Wes about a caller from a show last week where a woman's husband died intestate, and how he could guide someone through dealing with Community Property issues like forced heirship.

1:20:56 - The two most troublesome problems in the Estate Planning business is procrastinating clients, and clients not disclosing important information that negatively affects the outcome of an Estate Plan, according to a columnist. Wes Blanchard says he generally agrees on both counts, but understands why he often helps people who are late in life yet never made a will.

1:32:30 - Kevin Garnett claims he was scammed out of $77 million. In a lawsuit he filed against his former accounting firm, the 15-time NBA Allstar appears to be yet another professional athlete caught up in a shady advisor.

1:38:08 - Mike in Covington is having a hard time convincing his elderly father to move out of his paid-off but decayed home into a place much closer. Mike's mother is in a home on the northshore, and it would be much easier if his dad wasn't 50 miles away on the West Bank.

1:48:43 - Ryan in Biloxi asks Gregory about getting growth on the unused credit line from a reverse mortgage.

1:54:55 - Ed in Hammond plays the lotto. What does Gregory recommend if he wins?

1:59:51 - Should you bail out of the market before the election? John in Lacombe asks Gregory about getting his investments to safety until the election shakes out.

2:07:22 - Gregory decodes what's going on with the foreign trade tensions, and how China appears to be digging in for the long haul against reforming their tariffs. Most other countries are giving in and keep their economy rolling.

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01:19 - Elon Musk is in the headlines again for smoking what appears to be pot on the Joe Rogan podcast, and Tesla stock is taking a beating. There's a cool backstory to the Boring Company's flamethrowers.

13:29 - The media coverage of Tesla is a reminder how important it can be to maintain a positive public appearance.

25:34 - The jobs report shows strong wage growth, while the unemployment rate stays at historic lows. President Trump calls the economy a rocketship. Gregory still sees the biggest trade concern is with China.

31:19 - The markets were down for the day, while oil and gold seem to be settling in their current price range.

35:47 - Gregory explains how you need to be aware of certain age landmarks when it comes to Social Security retirement benefits and survivor benefits.

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01:12 - In 2015, a survey of Phd economists had the majority predicting a recession in 2018. A financial blogger at Zero Hedge said they would be wrong, simply because PhD economists are almost always wrong. He was right.

07:10 - Kevin Garnett claims he was scammed out of $77 million. In a lawsuit he filed against his former accounting firm, the 15-time NBA Allstar appears to be yet another professional athlete caught up in a shady advisor.

14:43 - Gregory says one of the big red flags to avoid is allowing your financial advisor to have custody of your money. They should not have custody, and they should not have signature authority to spend money or move money without your approval.

28:02 - The Numbers: a mixed market today. In a Congressional hearing on big tech yesterday, Twitter and Facebook showed up, but Google didn't. Interestingly, Google stock performed better today than Twitter and Facebook.

35:09 - The next Gregory Ricks Live is coming up Wednesday! This is your chance to meet Gregory Ricks, and find out more about what Gregory Ricks and Associates can do for your financial future. Learn about how to decode volatility, Social Security planning, how to generate income streams, tax strategies, and estate planning.

36:27 - Gregory explains when you can turn on survivor benefits, and how much early benefits will be cut.

39:14 - Retiring Super Early has a few BIG problems. Have you heard of the FIRE movement? FIRE - Financially Independent, Retire Early. In observing those who have had the financial means to retire in their 30s, 40s, 50s, there's a couple of big hurdles that ruin their finances. One is not being able to account for the exponential cost increases for healthcare, and the other is the ability to take income from your assets and still have the underlying principle grow.

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01:12 - Was there a steak in your Labor Day Weekend? Gregory and James review a report on 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.

07:08 - Tropical Storm Gordon is headed for the Gulf Coast, and the radar looks like it's hitting close to Mobile.

9:02 - Scott in Mandeville asks Gregory for guidance on handling his mother's life insurance. Scott is the sole beneficiary on his mom's policy, and he wants all of the money to go to his sister who took care of their mother in her final years. How can you transfer a life insurance payout to a sibling with minimal taxes?

12:06 - A couple was asking Gregory about how the payout on their annuity should be set up. Gregory found the wife will be hit with the Windfall Elimination Provision from her State pension, and they weren't aware they are in a variable annuity.

15:22 - Caller of the Week from Saturday's Winning at Life Weekly Wrap: 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.

24:20 - 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.

35:01 - 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.

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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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00:32 - Drew Brees has invested in Untuckit, the shirt company who plans to use Drew's capital to expand. As part of a local promotion, Drew Brees also paid for a free Untuckit shirt for every kid in a few elementary schools in the area, including the one for our co-host James' kids.

03:47 - Financial news of the day: No trade deal with Canada yet, but talks are going well.

08:05 - Trump signed executive orders directing agencies to look into two policy changes: delaying Required Minimum Distributions on your IRAs and 401ks to age 72, and allowing small businesses to form co-ops for buying employee 401k plans. Gregory responds to some Trump audio from today's event.

19:59 - The Numbers finished mixed, but the S&P and NASDAQ sitting in record territory. Lululemon had a killer earnings report and wins the short sheet for the day.

30:11 - The 3 best days in the history of the S&P500 all happened in October. There's plenty of reasons to be optimistic about the market continuing to expand in the near future.

32:31 - The unemployment rate from those with at least bachelor's degree was 2.2%. Gregory warns that not all college degrees are created equal, and some degree plans are not worth six figures in debt.

34:48 - Gregory runs down some interesting random financial statistics to cap the show.

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