Winning at Life with Gregory Ricks

02:01 - Winning at Life lost a friend of the show today. He was a good example of a guy who worked hard to develop his expertise, and used his success to help others. It's always impressive to see a guy who constantly stayed up-to-date in his field his entire career. Gregory stresses the power of constant self improvement, and how investing time in your own ability is crucial.

13:46 - Will a Saudi Prince bail out Tesla so it can go private? Gregory shares a report that the Saudi Sovereign Wealth Fund is estimated at about $2 trillion. Buying out Tesla for $80 billion would be nothing for them. Will they? Will it work?

22:34 - John Goodenough developed the lithium-cobalt breakthrough in battery technology 30 years ago. Now in his late 90s, he's working on the next generation.

26:41 - 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.

28:34 - 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?

38:00 - Gregory gives some numbers on how a 7702 plan was set up.

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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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20 Things Rich People Do Every Day (that poor people don't).

22:42 - David in New Orleans wants to know if there's an age at which he can stop paying taxes.

32:21 - JD in Ocean Springs has been working for a municipal system in Mississippi that doesn't participate in Social Security. He asks Gregory how this could affect his benefits with the Windfall Elimination Provision.

00:44 - Elon Musk may be in hot water over his bizarre behavior yesterday in connection with Tesla stock being halted. There's still some missing details around the incident, and some analysts are making a pretty convincing case that Elon Musk ran afoul of the law. A big issue is whether or not Musk had really secured funding for a buyout as claimed in his tweet.

07:18 - A Congressman is charged with insider trading, and it looks in some ways like a textbook case. However, it looks like the Congressman himself didn't make any trades, but he passed along inside info before it was made public to his son, and a handful of people DID make trades based on that info.

23:02 - Gregory explains how and why stock indices have rules in place that causes a stock to be halted, or sometimes trading across a whole index could be halted.

28:51 - The Numbers are mostly flat today, and the fun part is in the short sheet.

32:28 - Norman in Garyville bought some gold biscuits in Dubai over the last 15 years or so, and it's turned out well. Those gold commercials rub him the wrong way, though.

40:43 - If you invested $1000 in Apple ten years ago, how much would it be worth today? If you invested $1000 in Tesla at their IPO eight years ago, how much would it be worth today?

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01:14 - What the heck happened with Tesla stock today? Elon Musk tweeted about taking Tesla private, the stock trading was halted, and then it was resumed for the last 15 minutes of the trading day. Something doesn't seem right about this whole situation, and there's a chance this may end up being huge news down the road.

16:29 - Gregory and James preview an upcoming show topic on 20 things rich people do that poor people do not. Gregory is an early riser, and given our time zone, there's advantages to getting your day started early. When we're waking up, Europe is halfway through their day. Scheduling is something you need to master to be as productive as possible.

25:31 - Gregory helps a guy find his place on the financial path. He wants to retire at 61, and needs to generate income from assets to fill the gap until Social Security kicks in at FRA.

27:47 - 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?

35:39 - The Social Security tax brackets were set in 1993, and hasn't been indexed for inflation. Most people drawing an income from assets in retirement will cause their Social Security benefits to have some tax exposure, but tax free income could save you thousands by staying off the 1040.

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02:00 - We recap some of the highlights from Saturday's show, including the discussion on how people so often get themselves into a situation where they are years behind on their taxes.

05:19 - What's up with REITs? Are they good investment tools? Gregory shares how to know which kind of Real Estate Investment Trust is a good investment. A primary consideration when evaluating a REIT is the exits. Can you get out of it? How long will it take? How much will it cost to exit early? Real Estate Investment Trusts can be a good investment in the right circumstances, but you really have to be cautious about the exits.

12:09 - Log in to your account at SSA.gov and check out your status with Social Security.

22:39 - An elderly couple passes on and leaves a painting hanging in their bedroom worth $160 million. Investigations show strong evidence this quiet little schoolteacher household had a secret life of stealing tons of money and travelling to 140 countries. And, it looks like they got away with it all.

32:41 - Gregory explains why you might need to be at his next live event September 12.

34:53 - Can you convert your IRA into a Roth IRA? Susan in New Orleans wants to know if she qualifies to convert her traditional IRA to Roth status.

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0:01:34 - A proposed reform to the Capital Gains Tax looks promising. It would index the cost basis for inflation, thus saving on taxes at the point of sale.

0:04:49 - The Paul Manafort trial is all about hiding income to avoid taxes. Years before working for Trump, Manafort made millions in the Ukraine and surrounding areas, but hide it from the IRS to avoid taxes. Gregory believes its better to pay your taxes than go to jail.

0:13:16 - Gregory went to a back-breaking conference in the Bahamas: beautiful beaches, great food, and some financial wisdom.

0:16:33 - 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.

0:31:03 - What's up with REITs? Are they good investment tools? Gregory shares how to know which kind of Real Estate Investment Trust is a good investment. A primary consideration when evaluating a REIT is the exits. Can you get out of it? How long will it take? How much will it cost to exit early?

0:37:17 - Gregory gives you reasons you would need to use a trust. A trust is all about controlling your assets, and there's ways you can use trusts to protect and distribute your retirement assets specifically. There's also a few basic guidelines on when you do NOT need a trust.

0:44:21 - Harold in Gautier asks Gregory for his opininion on his household's financial situation. They are in retirement with enough assets to cover their income, and a house that's paid off with no other debts. Where are the holes in their financial planning that Harold hasn't thought of?

0:55:05 - What's the real deal behind those tax relief services you hear in advertisements? Jude Heath and Gregory Ricks agree there is no shortcuts to getting your taxes settled up. There may be ways you can get some help, but it's going to be through a proper CPA who specializes in taxes. Jude explains how unravelling the story behind back taxes may take a while, and the bigger issues make take longer, but Jude will get you on the path to recovery.

1:07:59 - Gregory and Jude analyze the Paul Manafort trial for evading taxes on foreign income.

1:12:21 - 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.

1:19:39 - Can you convert your IRA into a Roth IRA? Susan in New Orleans wants to know if she qualifies to convert her traditional IRA to Roth status.

1:28:34 - The Federal Reserve decides to keep the interest rates unchanged this week. Art Laffer explain the proposed reform that would index capital gains taxes for inflation.

1:32:12 - Apple becomes the first company to be worth more than $1 trillion. 20 years ago, it was almost bankrupt. It's an amazing story.

1:36:51 - Robert in Jackson has a friend who is inheriting an IRA left to her from her deceased son. Gregory Ricks spells out her options, decodes the taxes.

1:39:34 - What do I do with this old 401k? Sean in New Orleans has a 401k still sitting at the old job, and wants to know Gregory's ideas on what he should do with it.

1:43:45 - Dave in New Orleans was gifted his mother's house before she died. Now that he's going to sell it, what is tax exposure? Will he be charged capital gains for the entire value of the house?

1:48:47 - Ben in Laplace wants Gregory's opinion on how to handle a Securities Based Line of Credit as interest rates keep creeping up.

1:59:06 - Van Dyke in Oxford asks Gregory's opinion on how he has his retirement contributions set up in the company plan.

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02:05 - The GDP grew at 4.1% for the second quarter. This is a great number, and all but guarantees the Fed will continue raising rates. The tariff battles with China still loom large over future economic growth. Gregory also points out some weakness in the tech sector staining an otherwise positive earnings season.

0:13:21 - Mark in Pearl River asks Gregory: Does Louisiana tax distributions from your TSP (Thrift Savings Plan)?

0:14:14 - Jonathan in Picayune is maxing out his IRA and Roth IRA contributions. What should he do to invest for retirement beyond that?

0:17:46 - Social Security COLA increases have not been keeping up with inflation across most important spending categories. A report claims this has resulted in a net loss of the purchasing power of the average Social Security benefit of a little over $400 per month. Gregory explains how Social Security may look a little different by the time you retire, but it's probably not going away.

0:21:04 - Mike in Poplarville wants to know if he and his wife have enough assets to retire. Gregory asks a few questions, and helps Mike find out where he is on the retirement path.

0:28:32 - Chris in Pontchatoula is thinking about retiring soon, and wants to know if there's any way he can beef up his Social Security record and get a larger check. Conversly, will retiring early hurt his benefit because he stops paying into the system?

0:34:55 - Gregory gives some details on how the tax code can be used in different ways by filers when it comes to their Social Security. Some states tax your Social Security, and some do not. Social Security can be taxable at the federal level once certain income limits are met.

0:41:03 - Susan in Gulfport wants to know if retiring a few years before turning on her Social Security will hurt her benefit much.

0:49:28 - Ray in New Orleans asks Gregory how his wife's participation in a State pension could affect her Social Security benefits. Her work record is pretty evenly split between the private and public sector, and if she can go get a few more years in a job that pays into Social Security, she may be able to not have any offset to her benefits from the Windfall Elimination Provision.

0:57:30 - Jim in Bush asks Gregory how his Social Security benefit would be affected if he took a job offer in South America that doesn't pay into Social Security. Gregory explains how missing a few years of Social Security contributions could cut into your benefit amount. Dwayne Stein adds he had a client with a similar situation recently, and there's other considerations in taking a job overseas.

1:07:20 - Dwayne Stein and Gregory Ricks discuss how you can use a reverse mortgage and get some interest on the unused portion of the credit available. Dwayne spells out the differences between a fixed reverse mortgage, and an annual reverse mortgage.

1:13:25 - Nick in New Orleans asks Gregory and Dwayne about what happens with a couple in a reverse mortgage when a spouse passes away.

1:18:05 - Reagan in Springfield asks Gregory to explain how a traditional IRA can be converted to a Roth IRA.

1:29:50 - Dwayne Stein of MortgageGumbo.com and Gregory show you how you can take out a line of credit through a reverse mortgage and get guaranteed compounding interest on your home's equity for years. This allows you to grow the amount of money you will have available for distributions, or at least helps you keep up with the interest accruing on the other side of the ledger.

1:38:52 - Judy in Starkville asks if continuing to work after she's started taking Social Security benefits will change the size of her check.

1:49:12 - Mary in Poplarville had some of her Social Security benefit clawed back because she continued to work after turning it on early. Will this stop at some point?

1:51:56 - Bob in Pass Christian needs Gregory's help to know when he can qualify for Social Security disability or retirement benefits.

1:54:31 - John in Pascagoula asks Gregory if his state pension in Mississippi will affect his Social Security benefits.

2:02:53 - Jennifer in Covington maxes out her IRA and Roth IRA every year. Where should she put her additional retirement savings?

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01:37 - The GDP grew at 4.1% for the second quarter. This is a great number, and all but guarantees the Fed will continue raising rates. The tariff battles with China still loom large over future economic growth.

15:29 - Is Social Security going broke? Gregory gets asked often if Social Security will be going away at some point in the future. Gregory explains how Social Security may look a little different by the time you retire, but it's probably not going away.

24:58 - Mary in Poplarville wants Gregory's opinion on an investment opportunity from one of her friends. Gregory gives her some questions to research about the investment, and helps her understand how to evaluate an opportunity like this.

36:03 - Gregory reports on a survey showing most Baby Boomers are planning on Social Security being their main source of income in retirement. You will have to come up with additional income if you want to maintain your standard of living. If you don't have enough money saved up, delaying Social Security becomes even more important.

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