Winning at Life with Gregory Ricks

01:12 - Yet another study confirms women are better drivers than men. There's a good reason men pay higher car insurance premiums than women.

05:50 - On one side, we have Trump criticizing Facebook, Google, and Twitter by name, and questioning the legality of how they run their business. On the other side, we have Bernie Sanders criticizing Amazon by name and questioning the legality of how they run their business. If both sides of the aisle are calling out major companies and threatening to control the way they do business, this can have a chilling effect on their stocks and the economy at large.

13:08 - When is it OK to buy a boat? Gregory Ricks shares some stories from clients who want to buy a boat in retirement, and it can be a big burden financially and a pain to deal with. If you're wanting to get a boat and go on a trip - maybe sail down the coast or island-hop in the Carribean - you may be better off leasing a boat temporarily rather than buying it.

27:35 - Gregory lays out some guidlines on where you should be financially before you make a big purchase like a boat, RV, or fancy car.

37:17 - Greg in Biloxi has a handful of rental properties the are paid off. He's thinking about borrowing against the properties and investing that money. Should he put that money towards picking up even more rental properties, or put that money to work on Wall Street?

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01:53 - How do Social Security Survivors benefits work? When you pass away, your Social Security record can provide benefits to your spouse, ex spouse, children, and even sometimes your parents! One of the primary concerns you should have when it comes to financial planning is: how are your loved ones going to be taken care of if something happens to you? We walk through the

08:18 - How does Social Security benefits for widows work? Your spouse can receive a benefit from your Social Security record, and we explain when and how that starts. Your ex-spouse may be able to draw on your record if the marriage was at least 10 years.

14:32 - Gregory previews a new addition to the Winning at Life nation: the WAL Podcast Library. This brings up a strong rebuke of barn doors.

17:01 - Julie from New Orleans is a widow asking Gregory Ricks if she qualifies for a survivor benefit. She's too young to turn it on now, so Gregory explains her options on when to turn it on, and how she can maximize the benefit on her own Social Security record and switch over later.

28:18 - Gregory was mentoring a fellow financial professional who recently started her own radio show in another state, and it reminded him of when this show first got started.

29:42 - Gregory Ricks Live is coming to Ruth's Chris in Metairie September 12. 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.

33:41 - The Numbers were mostly positive. The S&P, NASDAQ, and Russell2000 all hit a record high closing.

38:28 - Snapchat is the biggest loser of the day on the Winning at Life Numbers page, and if you click through to see the full chart, you'll see it's been on a downtrend since the initial pop at the IPO. So many high profile IPOs get tons of media attention when it jumps up on the first day or two of trading, but if you follow up on some of these IPOs down the road, they often wind up in the ditch.

42:56 - Tim in Lutcher asks Gregory if he could convert some of his 401k assets into a Roth IRA.

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0:01:17 - Money really can buy happiness. A new study shows a strong correlation of money and happiness. It doesn't have anything to do with accomplishments, either. If a person won the lottery or inherited money, the results are about the same as earned financial success. Gregory points out that the more money you have, the more options you have, and that's a huge contributor to achieving real happiness.

0:16:35 - Emile watching on Facebook Live asks Gregory: should he continue contributing to his 401k at work, or redirect that money to a Roth IRA? Gregory walks through the different tax worlds in retirement investing, and stresses the importance of having having some tax free income in the mix.

0:24:45 - Robert in Houma went to a seminar for someone selling annuities, and wanted a second opinion from Gregory Ricks on some of the different financial tools mentioned. Robert asks Gregory about the process of how a fixed annuity works.

0:35:17 - Gregory teaches you how to decode whether the financial professional you're evaluating is a salesman pushing product. Having a fiduciary means they will act in your best interest, even if that means not working in alternative investments.

0:41:14 - Ray in Houma asks Gregory Ricks if his wife can draw a Social Security check based off the record of her ex husband who has since deceased. Easy answer: No. Once you're remarried, you can no longer draw a benefit from the record of a deceased spouse.

0:47:30 - What happens when a Reverse Mortgage is finished? Dwayne Stein, from the Total Wealth Authority and host of MortgageGumbo.com, explains how the options work in a Reverse Mortgage Maturity Event. There's several different events that can trigger a Maturity Event, including if you live outside of the residence for 12 months.

1:00:18 - What happens when you get a reverse mortgage and then change your mind? Gregory Ricks and Dwayne Stein explore scenarios that could play out if you get a reverse mortgage, but then decide later that this isn't a good fit.

1:13:40 - John in Violet asks Dwayne Stein and Gregory Ricks about some of the basics of reverse mortgages. What's the average lifespan of a reverse mortgage? How are the payments structured?

1:25:06 - Is the Fed going to raise rates twice before the end of the year? Gregory and Dwayne discuss the conditions the Fed reviews when deciding on rate hikes.

1:34:35 - The stock market breaks the record for the longest bull market in history! Strong fundamentals are behind the latest market rally, with profits beating expectations on average all year.

1:36:32 - Gregory illustrates how job statistics are painting an optimistic future of the economy in the near term. There are some concerns when it comes to international trade, and the stock market has been mostly sideways this year, so there's a chance another big rally is in the works.

1:42:16 - You probably have a million dollars and don't know it. When you think about how much money you would need to generate your Social Security benefits per couple without a spend down, it's about a million dollars. The decision on how you can maximize your Social Security benefit is a million dollar decision.

1:47:16 - John in Jackson asks Gregory if he should use some of his liquid assets to pay off his mortgage.

1:54:57 - Bill texts in from the Winning at Life app if there's any restrictions on a reverse mortgage for his guest house that doesn't have central air.

1:57:53 - How much can you contribute to your HSA? Robert texts in a question from the app about the annual funding cap on a Health Savings Account. Gregory walks through the different caps on HSAs depending on your age and marital status.

2:02:04 - What should you do with an annuity maturing soon? Cheryl emails a question to Gregory about how to handle her annuity when it matures early next year. Gregory walks through the factors you need to consider when deciding the fate of your maturing annuity.

2:05:04 - Can you get interest from the unused portion of a HELOC. Jim texts in a question about getting interest on a line of credit, but the story from earlier in the show was a line of credit from a reverse mortgage, not a HELOC.

2:08:17 - David asks Gregory if filing for bankruptcy is a good way to get his debt under control. He has a huge student loan debt, and a pretty big credit card balance. Gregory points out that student loan debt is basically immune to bankruptcy, and he'd probably be better off just bucking up and paying down the debt over time.

2:11:32 - Can savings apps like Acorn really help you start saving more money? Gregory

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02:48 - Gregory reviews the story of a man in his late 60s who is fairly irate he didn't know he could be drawing a Social Security benefit off of his deceased ex wife's record before switching to his own.

14:07 - Chicago wants to try and fix its pension hole by issuing a different kind of bond that allows them to chase more yield with the principle. It could be disastrous if they incur significant losses.

19:38 - The economy keeps churning out strong numbers, which means we can expect the Fed to raise rates two more times this year.

26:28 - Stay connected to the show with the Winning at Life app! The Winning at Life app lets you listen live, listen on demand, watch the show, and connect to our social media accounts including Facebook, Instagram, Periscope, and Youtube!

30:37 - Stan in New Orleans has a flurry of questions that cover the basics on what he can do with his old 401k, and if taking income from the 401k would affect his Social Security.

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01:10 - Gregory's trip to Kansas was full of financial planning studying and great BBQ.

07:26 - Denisein Ocean Springs is on Social Security Disability, and her husband is about to turn on his Social Security retirement benefit at his full retirement age this year. What are her options? Would she get more by switching over to his record? Does waiting to switch give her a bigger benefit?

09:54 - The host of Mortgage Gumbo Dwayne Stein will be our guest on Saturday covering three issues. What happens when you need to unwind a reverse mortgage? How does the Fed raising rates affect your money? Should you apply for a refinance online, on the phone, or in person?

16:07 - The Numbers are generally down, but not by much. Tesla news continues to stream out, and its stock has rebounded a bit from recent drama. The Saudi idea of taking Aramco public has been withdrawn.

24:03 - There's no such thing as retirement without income.

25:56 - What happens when your Tesla runs out of power before you get home? Gregory relays a story from a colleague who got stranded in his Tesla SUV.

35:54 - Now that we are in the longest bull market in history, is it time to get out?

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0:01:19 - We review the top financial headlines of the week, and James tells the story of how he came home from a charity gala last night with two new guitars.

0:13:45 - Gregory goes into a lot more depth on how a 7702 plan works. How is it structured? How is it funded? How can it be used for tax free income? How is it different than a Roth IRA? Gregory gives some numbers on how a 7702 plan was set up.

0:18:46 - 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.

0:23:59 - Gregory in Metairie shares his appreciation for Gregory Ricks going into more details on the options in the life insurance world.

0:41:32 - So you want a bigger house, and you finally have some money to make that happen. How do you know if you should add on to your existing house, or move? And if you choose to move, how do you know if you should build a new house or get an existing one? This week's guest from the Total Wealth Authority, Lesha Nugent Freeland of Keller Williams Realty, has tips for when you are looking to upgrade your house.

1:02:54 - Adding on to your house may make it much harder to sell! Lesha Nugent Freeland shares the pain of a couple that added on a second story when grandma moved in to help out with the kids. Now the house is almost twice as big as every other house in the neighborhood, and a very unpopular mansard roof style doesn't help much either.

1:29:49 - You have 3 beneficiary options in your IRA. Gregory decodes the details of how to know which IRA beneficiary option fits your situation.

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00:40 - The financial world is clearing up from the initial uncertainty from the tariff hikes across most of the US trading partners. The EU has already come around, Mexico is expected to announce a deal soon, and both Canada and China sound like they want to work things out soon. Gregory and James recognize some of the classic negotiating tactics taught in business school, and it seems to be much more effective than the typical approach from a politician.

08:05 - In response to escalating tariffs and criticism from the United States, the Turkish President calls for a boycott of American products. Some have posted videos smashing their iPhones. Really?

14:35 - Aretha Franklin passed. Best singer ever? Gregory thinks this sounds like the debate over the best basketball player ever.

17:44 - What should you do with the extra income from overtime? Derrick in Picayune asks Gregory what he should do with the extra income he's been getting from working overtime: paying off his student loan, build up his emergency savings, or something else?

21:17 - Gregory shares some wisdom from Ben Franklin's workday schedule. Franklin kept notes on his daily routine that begins with waking up at 5am. Waking up early and getting started can make a big difference, and focusing on a daily goal is important as well.

36:34 - The Numbers are mostly green, with trade negotiations giving the markets optimism this tariff mess will end shortly. Walmart had a great quarterly wearnings report with huge growth in their digital sales and pickup services.

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01:07 - Tesla gets a subpeona from the SEC, and it's reported to be over the events that caused Tesla's stock to be halted last week. If you're a do-it-yourself investor, it's important you know what the laws say about sharing inside business information.

07:35 - Turkey has been selling off about half of their holdings in US debt. Gregory thinks it could be because they needed the money, and may not have much to do with them divesting from the US.

15:51 - Questions you should ask the trustee of your IRA Iheritance Trust. Does the Trustee know how to properly handle the titling on the IRA after it passes through the trust?

18:50 - Does the Trustee know about all of the issues that need to be resolved during the Shakeout Period? Does the Trustee know the Shakeout Period deadline?

25:13 - Ryan in Metairie asks Gregory to explain how the clawback rules work for those who turn on Social Security before their Full Retirement Age.

38:47 - Kobe Bryant cashes in on an investment into the sports drink Body Armor, after it was sold to Coca Cola. Gregory shares a report showing Kobe turned $6 million to $200 million.

40:26 - What can you do if your property is trying to be annexed? Charles is calling from an unincorporated area of the Mississippi Gulf Coast, and if his property gets annexed as planned, his taxes will go through the roof!

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00:53 - Gregory explains the different fees that may come with a variable annuity.

14:03 - 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?

24:55 - A guy asks Gregory if he can get a spousal benefit from his deceased ex wife's record.

26:17 - Gregory helps a client understand how to arrange the beneficiary designations for her IRAs and other assets, and how to use a trust to make sure it all goes down correctly.

36:25 - You have 3 beneficiary options in your IRA. Gregory decodes the details of how to know which IRA beneficiary option fits your situation.

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