Winning at Life with Gregory Ricks

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01:31 - Heads up retail business owners! The new state sales tax rate for Louisiana goes into effect on July 1. It drops from 5% to 4.45%, but if you continue to collect the higher rate, you must remit those revenues to the state in full.

03:16 - The IRS releases its new 1040 that's supposed to be the size of a postcard. It's a little deceptive though, because you may have paperwork from up to 6 extra schedules to send in with the post card. It's not really that big of a deal, but the guy is trying to fulfill a campaign promise. Gregory points out that paper returns are hardly used these days anyway.

07:38 - Maria Bartiromo previews some of her interview with Trump, and it sounds like another round of tax reform is coming. It sounds like he's working on it now, and will release his plans later this year. Getting another tax cut could be great for the economy.

14:41 - Is your personality type more likely to be financially scammed? Gregory and James are surprised by a report that outlines the type of person that is most likely to be caught up in a financial scam.

26:47 - A cup of coffee in Venezuela now costs a million pesos, which is about 29 cents. Socialism at work.

31:45 - Gregory responds to criticism that Tesla is a sham company. CEO Elon Musk is a great showman, but what's the real problem with Tesla's production? Elon called Ford a morgue, and Ford responds with a biting wit.

35:43 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

39:23 - How is your Social Security taxed? First, you learn how to determine with the IRS calls your Combined Income, and then you learn how the taxes are applied based on your bracket.

48:00 - Lesha Nugent Freeland is our guest this hour. She is the Realtor of the Total Wealth Authority™ and starts by updating homeowners on the National Flood Insurance Plan issues. It's set to expire at the end of July, and it'll probably be renewed at the last minute, but it can still cause you trouble in the meantime. She also shows you how others have been able to work the system to get a better deal on their flood insurance.

1:00:17 - Gregory Ricks and Lesha Nugent Freeland share experiences and warnings of using your IRA to get into the real estate business. Buying or leveraging a rental property with your IRA could be a disaster if any money from outside the IRA is conmingled in the property or there's any hint of self dealing. If you break the rules, the penalties are brutal.

1:04:15 - Sue in Kenner is skeptical of the new floodmaps, considering her house has never flooded, but her lot is rated more expensive than some of the areas that have flooded. Lesha explains where this is a decision from the Army Corps of Engineers, and gives Sue a few ideas on how to get her flood insurance costs lower.

1:07:41 - If your property has ever had any help from a Road Home covenant, then flood insurance is mandatory on that property.

1:11:43 - Alaska has the highest unemployment rate, and Hawaii has the lowest.

1:14:51 - Doing a real estate transaction in the midst of a divorce has its own set of issues making a complicated process even more so. Lesha explains how the new certification from the Divorce Real Estate Institute is an interesting step in confronting problems from uncooperative homeowners in splitsville.

1:23:33 - Is there any situation in which you should NOT buy flood insurance for your house? If your house is highly unlikely to flood, the insurance is probably so cheap, you would still be better off getting it.

1:26:21 - Kevin in Prairieville asks Gregory and Lesha if his wife should be on the title of the home? It turns out she isn't, so Kevin asks if that could be fixed with a will. Gregory prefers that both spouses be on the home's title if at all possible, and he should most definitely think about getting it cleared up in a will.

1:29:25 - Raymond in Albany shares a story of his unwise decision to not carry flood insurance, because his property jad no history of flooding. Sure enough, a few inches accumulated in a small flooding incident, and it costs him tens of thousands in repairs. Flood insurance would have been less than $50 a month.

1:30:53 - Lesha shares a couple of featured properties she has on the market.

1:37:22 - Bill in Pearl River is getting remarried in his 70s, and asks Gregory about the options for him and his fiancee with Social Security spousal benefits.

1:45:27 - Tam in Nola taps Gregory's wisdom in how to approach buying a vacation house in Destin. How can she do it and get the most out of it? How can she take advantage of the taxes, write offs, and maybe even renting the place out?

1:51:49 - Scott in Kiln asks if his dad should use a trust to pass along assets to his son that's on disability?

1:59:45 - Gregory describes how he has seen people get caught up in prohibited transactions with their IRAs. If the IRS catches one wrong move, they could blow up the IRA. When it loses its tax status it becomes like a giant lump of taxable income, and maybe even some penalties. The golden rules of investing within your IRA: No self dealing, and no mixing assets.

2:05:49- Because you have full ownership and control of your IRA, you are considered a fiduciary and will be held responsible for all rules and regulations.

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01:24 - The markets didn't seem to mind some of the bad news coming out of China and North Korea lately, which is a good sign our economy is robust enough to handle a little turbulence.

06:25 - Gregory previews some of the information that will be covered at the next Gregory Ricks Live: income planning, creating tax free income, Social Security Strategies, and estate planning.

09:21 - Are you interested in investing in Real Estate? Gregory deals with people who want to get into real estate to make some money, and shares some of the more common mistakes he sees. Buying real estate inside of you IRA can go horribly wrong if you mess it up.

14:55 - Gregory shares some additional insights on complications that can arise when buying real estate with an IRA.

21:45 - Michelle in Mandevilles asks Gregory Ricks if Social Security has any limits or penalties on outside income after full retirement age. Once you're at FRA, there is no clawbacks provisions nor penalties. The only thing that could cut into your Social Security check after FRA is taxes.

37:49 - If you can start getting Social Security checks at age 62, why would you wait to turn it on?

42:14 - Chris from Kenner is about to graduate college, and start saving through his employer plan. Should he be contributing to the regular 401k, or the Roth 401k? Gregory shows how the math tends to skew toward getting into a Roth account when you're younger.

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02:10 - Gregory shares some issues you need to know about when inheriting an IRA. Spousal IRAs havesome extra options, and mistakes can be costly. Even something as simple as retitling the IRA incorrectly can have a profound effect.


24:59 - Andrew in Madisonville is inheriting an IRA, and wants Gregory's guidance on how to best position that money to cover college costs for his daughters.

28:18 - Randy in Picayune asks Gregory the rules on how much you can contribute to an IRA after age 50. He also wants Gregory's thoughts on if he should be converting some of his money from a traditional IRA to a Roth IRA.

37:14 - Your IRA can't invest in collectibles, with the exception of a few minted precious metal coins.

43:01 - Steve in Houma asks Gregory to elaborate on the backdoor Roth IRA. Steve has heard us mention in before, and is above the income limits for direct contributions to a Roth IRA. Gregory shows him how the backdoor Roth conversions has been used for other people in similar situations.

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01:35 - Reports of the Fair and Reciprocal Trade Act are met with both critical policy analysis and juvenile humor.

03:24 - Kroger announces they will test groceries being delivered by a self driving car that looks like a giant lunch pail. Gregory explains how keeping up with the way technology is making subtle changes in people's behavior can help you see what's coming in the future.

13:23 - Lebron says he's going to the Lakers, and Gregory says that's the smart financial move. James points out the nose bleed taxes in California, but Gregory shows the math still works in favor of King James being in L.A..

29:27 - The Numbers are mostly positive, with all indices finishing in the green.

35:39 - Gregory addresses a rumor he was asked about today: no, Social Security is not going away.

37:51 - Gregory and James review some comments from John Hofmeister, the former head of Shell, about how the price of oil could continue to rise. The oil industry slowed their exploration investments when the price fell, while natural gas is becoming cheap enough to be a viable alternative.

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0:01:42 - Gregory recaps how the 4th of July week has been. The new unemployment numbers are a tick higher at 4.0%, but that's because 600k new job seekers entered the market, on top of a robust job gain of 213k in June. Economic growth these days is solid.

0:09:26 - How do you know when you should turn on your Social Security benefits?

0:21:11 - Tom in Houma asks Gregory when to know it's time to get out of the market, and what does getting out of the market look like? Gregory shows how everyone's unique personal situation is more important than market performance when determining an exit strategy.

0:38:35 - Gregory explains why people who are timing the market often end up disappointed. After spending years as a money manager, Gregory Ricks has noticed people hate negative numbers, and want to know what the plan is when things go south. Gregory teaches his clients how the stocks are chosen, how the no-risk tools work, and how to know your own tolerance for risk.

0:48:31 - Lesha Nugent Freeland of Keller Williams Realty is our guest from the Total Wealth Authority this week.

1:01:58 - Lesha talks about the process of learning what neighborhood would best suit her homebuying clients. Often, couples have different ideas on what type of house they are looking for, and have different needs from their location. One may think it's important to live as close as possible to work, but the other thinks it's more important to live as close as possible to the school of their choice.

1:06:36 - Lesha details what new technology has brought to the table when it comes to real estate. The ability to access information about a property has never been so convenient. Use these tools to know where you stand when it comes to the negotiations.

1:22:55 - Gregory Ricks and Lesha Nugent Freeland continue the discussion on how new technology is being used to help connect buyers and sellers in today's real estate world.

1:35:31 - The various tariff disputes escalating between America and some of our trading partners are important considerations for investors exposed to the market.

1:39:59 - Gregory breaks down the jobs numbers, and shows that our economy is better suited to weather a trade dispute than some of the people we are negotiating with.

1:42:44 - The First Rule: Avoid Losing Money. Gregory Ricks explains how to develop a masterplan for your money to weather market volatility and avoid big losses.

1:49:39 - Gregory Ricks previews his upcoming Social Security workshops in the works. It will be a quick event to explain how Social Security works, and how you can take advantage of your options to get the biggest benefit possible.

1:52:56 - Life expectancy continues to rise, and that means your money is going to have to last longer than ever in retirement. Social Security will be there in some form, and it will probably be tweaked now and again, but it's not going away. Think twice before you rush out to claim your Social Security benefits early.

2:03:04 - Gregory covers various interesting economic and financial statistics of the day.

http://www.WinningAtLife.com

Check out our available Zoom classes: http://inspirlang.com/zoom

Get our digital/paperback book at https://inspirlang.com/lovemando

View podcast transcription at https://inspirlang.com/mandopod

Youtube: https://youtube.com/c/inspirlang

Facebook: https://facebook.com/inspirlang

Instagram: @inspirlang

Twitter: @inspirlang

02:01 - Is your personality type more likely to be financially scammed? Gregory and James are surprised by a report that outlines the type of person that is most likely to be caught up in a financial scam.

13:36 - Gregory quizzes you on transactions that are prohibited under IRA rules.

18:29 - Clifford in Biloxi asks Gregory about how the taxes are figured for an empty piece of property he's about to sell.

24:05 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

27:45 Gregory describes how he has seen people get caught up in prohibited transactions with their IRAs. If the IRS catches one wrong move, they could blow up the IRA. When it loses its tax status it becomes like a giant lump of taxable income, and maybe even some penalties.

37:08 - Because you have full ownership and control of your IRA, you are considered a fidu

38:02 - Kelvin from Kiln needs Gregory's thoughts on how his brother should pass along his property. Should he use a trust, or is a will enough? Should he try and pass ownership to his heirs now, or handle that through estate planning?

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00:45 - In a startling coincidence, a USA Today column from today talks about the same rarely known ability of reverse mortgages to have gains

06:42 - James reports on the nation's 35 largest banks passing the Fed's stress tests, but Gregory points out the report doesn't tell us anything about the health of nearly 6,000 smaller banks.

14:57 - Gregory Ricks shows you the truth behind some Social Security myths. Although you will often hear people claim Social Security isn't an entitlement, Social Security IS an entitlement. It fits the definition of an entitlement to the letter, which has nothing to do with whether or not a beneficiary pays into the system. Raising the Social Security tax cap won't solve the funding issue. It'll only delays the crash about 6 or 7 years.

16:42 - We replay Lewis in Chalmette from Saturday, because he's talking about this exact same myth about raising the Social Security tax cap.

19:56 - John in Folsom needs Gregory's help figuring out his best option for Social Security. He's not to his full retirement age yet, but he is drawing a Social Security survivor's benefit based on the record of his deceased wife. When should he switch over to his record to get the biggest benefit?

24:52 - The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm. Come find out more about Gregory Ricks and what he can do for you.

31:56 - The Supreme Court strikes down forced union dues. Gregory Ricks responds to Judge Napolitano explaining the impact of the decision, and how the effects will reverberate through the financial world. This may be the beginning of the end for public sector unions.

36:39 - Gregory Ricks discusses how several popular companies are doing in the stock market these days. Netflix has had a huge 2018 thus far. Is it in a buying position? Tesla stock is still growing despite a tornado of production issues. FIZZ is on a strong rebound, but does it have staying power?

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01:24 - Senator Bernie Sanders makes over $1 million for the second year in a row. He has done a great job building up several income streams over the years, including royalties from a spoken word folk album.

04:57 - The divisive political climate you see on the news channels is not happening in the business world. As the economy keeps humming along, the partisanship seems to fade.

14:41 - Learn some hidden advantages of a Roth IRA. It can be used as an emergency fund of sorts, and you may be able to tap into a Roth IRA for some first time homebuying expenses.

17:59 - Dan in Mandeville wants Gregory's opinion on refinancing his house, and using some of that equity to buy a rental. Gregory reminds Dan to consider everything that can go wrong, keep a cushion, and then keep it growing. Rental properties can be a solid stream of income.

21:24 - Gregory Ricks crunches some numbers on how the compounding interest in a Roth Ira gets more powerful over time.

25:00 - Here's what you need to do if you're getting a late start saving for retirement. Find a way to live as far below your means as possible. Take advantage of employer plans if you can. You need to be saving as much as you can, and you need to start saving it now.

37:45 - Dell in Brandon, MS inherited an IRA from her mom. She was already taking Required Minimum Distributions, but the bank stopped issuing distributions on death. Now, it appears she owes some penalties and interest, and hopes Gregory can explain her situation and how to clean it up.

41:07 - 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.

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