Winning at Life with Gregory Ricks

Gregory Ricks' amazing Podium Theory of the Federal Funds Rate continues it's flawless streak since the Fed began liftoff in 2015. James Parker gives you an audio comparison of the new Fed Chair Jay Powell versus his predecessor Janet Yellen.

The news of the Trump foundation be questioned for financial reasons is a good chance for Gregory Ricks to address the two biggest rules of using funds in a charitable foundation: is there self dealing, and is it tax avoidance?

The next Gregory Ricks Live is coming up Tuesday, July 10th, 6:30pm.

There's one type of IRA that can be funded without the owner having earned income: the Spousal IRA. Gregory Ricks explains the Spousal IRA is unique as it allows funds from a working spouse to be put to work on your behalf. Often, a Spousal IRA is used for couples who are getting a late start on retirement savings, and can really help tuck away a lot of pretax money for those playing catch up.

Gregory addresses a report on a huge bet on 10 year treasuries dropping a quarter point. It could be a huge move by a small player, or a small move by a big player, and Gregory Ricks thinks the impact of this bond play is overblown.

Netflix continues it's meteoric rise as it nears $400 per share. Netflix is bigger that most media networks, and is quickly approaching the titan status of the Disney empire. Gregory sees media continuing to evolve into the hands of Netflix, and leaving everybody happier: networks, advertisers, and viewers

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The Fed raises the interest rate as expected, and the market pretty much had it baked into the cake already.

Mark from Kenner needs help climbing out of a giant hole of credit card debt. Gregory gives Mark a few ways to attack the debt, and recommends against borrowing from his 401k.

Gregory elaborates on some strong financial opinions from Stephanie Pomboy of Macromavens. She says the real story behind the Fed's effect on the economy isn't the interest rate hike as much as quantitative tightening. A recession will come, and it's usually preceded by a stock market nosedive.

Long Beach could be getting its first casino. A development includes a 300 room hotel and pretty good sized gaming floor. The Mississippi Coast's gaming continues to grow.

Gregory corrects the records on misleading annuity commercials. Annuities have been around for thousands of years, but recent evolutions of this classic financial tool means annuities can be vastly different. Variable annuities have some big problems, while fixed annuities fit better under a risk averse model.

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The summit between Kim Jong Un and Donald Trump was historic for a number of reasons, and you could easily make this case that economics is why this 70 year old Korean War may finally come to a formal end. If peace finally comes, business and trade should get the credit.

Learn how to take advantage of your life insurance's death benefit before you die. Gregory explains there's several ways to access the cash value built up in your life insurance policy, and he has some nifty ways you can use that to minimize or avoid taxes on your retirement income.

Keith in Pearl River has heard of borrowing against your life insurance policy, but how does that actually work? Gregory explains some of the basics, and how Section 7702 in the tax code gives some real advantages to accessing the cash value of a life insurance policy.

You started a life insurance policy years ago to take care of your family should something happen. Now, your kids are all grown, the house is paid off, and there's enough assets built up that you don't really need it for your family's financial security anymore. Maybe you can sell it or cash it out, but Gregory shares a few other ideas on how you can use that policy to get the most money out of it with incredible tax efficiency.

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Gregory Ricks and James Parker reflect on 8 years of Winning at Life. The show has grown beyond expectations, and we've been able to help some good people along the way.

Lebron just lost in the NBA Finals, and he's losing on tax day, too. Gregory reports how Lebron probably took home less than half of the money he makes this year.

Mike in Bay St Louis calls in to ask Gregory how much he should charge for his rentals on the Mississippi Coast. Gregory walks through a few ways to set it up.

The Numbers are mostly positive, but cryptocurrency took a bit a gut punch over the weekend.

If you own a small business, maybe your kid should go to work for you. There's lessons to be learned, and maybe a lighter tax burden as well.

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Congrats! It's our 8 year anniversary for Winning at Life with Gregory Ricks.

The trustees for Social Security and Medicare release their annual report with projections for the future of our two biggest spending programs. Gregory talks about building multiple streams of income to minimize the effects of possible cuts.

When Bruce in New Orleans asked his insurance company for a homeowners policy on his rent house, they said he would have to get landlord's insurance, because the second house is owned by an LLC. Gregory shares some insight on getting the right insurance coverage for situations like owning a rental.

Harold in Marrero and his wife are thinking about taking his Social Security early, and he wants to know how much it will cut his benefit.

Jane in Destrehan asks Gregory if she could still be able to get homeowners insurance if she puts her house in a trust.

Dale in California asks Gregory his thoughts on a particular stock. Gregory checks the charts and isn't too enthused about it.

Wes Blanchard, Estate Planning Attorney on the Total Wealth Authority, details the importance of having your rental property in a will.

Steve on Facebook asks Gregory and Wes about which type of trust he should put his house?

John in Marrero asks Wes Blanchard about his issues with a bank branch moving his safe deposit box.

Josh in Covington asks about what happens to the mortgage on a piece of rental property once he switches ownership to a newly formed LLC.

Joe in Independence is switching jobs, but took out a loan from his 401k that will come due when he leaves. He's thinking about doing a cash-out refinance on his mortgage to cover the cost. Joe also has this issue with identity theft scammers hurting his record.

Frank asks Gregory Ricks and Wes Blanchard about how to properly gift the max amount of money to his kids every year when it comes to taxes.

Gregory Ricks and Wes Blanchard discuss how to know when you should put your house in an LLC or a trust. There's some big tax changes, and significant changes from an estate planning perspective.

James and Gregory talk about 8 years of Winning at Life, how it grew from humble beginnings, and how the future is bright.

Mike in Slidell is thinking about paying off his townhouse rental with money from a sale from another rental. Gregory stresses it's all about the numbers. If the net amount of return from that property is high enough, go for it.

Byron in the Bourg asks how his wife's state pension will affect her ability to draw from his record. It's another sad story of the Windfall Elimination Provision.

Mary in Houma asks Gregory if she can draw extra money from an annuity above what the income rider provides. Gregory says she probably can take additional distributions, but it will accelerate the time table for spending down. Mary follows up with a question about how Medicare premiums are taken from her Social Security benefit.

Transferring money between IRAs can be a mess if you aren't familiar with the 60 day rollover rules. Gregory gives some basics on how you should move money between plans.

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Warren Buffett quote: "You should leave your children enough that they can do anything, but not so much that they can do nothing." Gregory talks about how you need to train your kids to be ready to handle money. Gregory recommends seeking the advice and training of business coaches that can help you develop these skills yourself.

Gregory questions the rationale of having an international trade agreement wrapping together two countries as different as Canada and Mexico. There appears to be some significant changes to our trade agreements on the horizon.

The trustees for Social Security and Medicare release their annual report with projections for the future of our two biggest spending programs. Gregory talks about building multiple streams of income to minimize the effects of possible cuts.

Gregory talks about a couple where the husband got the max Social Security benefit, but the wife didn't have enough quarters for own record. She can still draw from her husband's record, but what if she turns it on early?

Gregory relays a client with four streams of income with tax efficiency on steroids. She combines a pension, Social Security, IRA, and another tax free stream.

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Vincent in New Orleans asks Gregory to explain the 1099 issued from his IRA distribution. He wants to know exactly what his tax bill will be for dipping into his IRA.

A self-described Whale Whisperer is accused of scamming around 40 investors out of $3.3 million. How did these otherwise successful people get duped by such a strange fellow? Learn how to identify scams, and do some homework on the person you are trusting with your money. A good start is investor.gov.

George in Gautier asks Gregory if he has any options for him and his wife to increase their Social Security benefits after they've been turned on for years.

Larry in Westwego asks Gregory if he can transfer some funds in an IRA to an HSA. Gregory explains the tax implications of dipping into the IRA, and that it can't be clean a rollover from the IRA to HSA. HSA's can only be used with High Deductible Health Plans and vested with earned pre-tax income.

The trustees for Social Security and Medicare release their annual report with projections for the future of our two biggest spending programs. Of course, the math is uglier this year than last, but isn't that always the case?

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Scammers continue to evolve with technology, and we explain the rise of synthetic identity theft. The thieves assemble a fictitous name to a child's unused Social Security number, build a record of credit for the synthetic identity, and then cash in. You should think about freezing your child's credit, and keep an eye out for signs of the scam.

Gregory explains how the Windfall Elimination Provision affects Social Security benefits for those who had a job that doesn't pay into the Social Security system. We hear a lot from teachers and other state employees with their issues on the show, but this can also affect those who worked outside of the country, or had other exemptions as well. Gregory reports on a piece of legislation aimed at correcting some of the problems with the Windfall Elimination Provision currently making its way through Congress.

The Windfall Elimination Provision calculator (and other useful tools) is at ssa.gov/planners/calculators/

Vincent in New Orleans asks Gregory to explain the 1099 issued from his IRA distribution. He wants to know exactly what his tax bill will be for dipping into his IRA.

Michael in Tickfaw, Louisiana asks Gregory if he meets the requirements to escape the Windfall Elimination Provision biting into his Social Security benefits. Gregory shows Michael how to know if he qualifies, because it sounds like he's pretty close to it.

JC in Metairie asks Gregory to explain how Social Security will claw back some of your benefit if you continue to work after turning it on early.

A hospital in Scotland becomes the first to offer a treatment program for addiction to gambling. Gregory can't fathom being addicted to Bitcoins.

Gregory gives the real truth behind Peak Gold, and explains how history and technology show that we still have a long way to go. Gold mining reality shows are an interesting display of how technology has changed the gold industry, and most of the gold above ground today has been extracted in the last 50 years.

Will Robert in Bay St Louis be hit with the Windfall Elimination Provision? He has had some jobs that didn't pay into the Social Security system, and some that did. Gregory guides him through the process of how to get around having your Social Security benefits bitten by the Windfall Elimination Provision.

George in Gautier asks Gregory if he has any options for him and his wife to increase their Social Security benefits after they've been turned on for years.

Brian in Kosciusko, Mississippi asks Gregory if his Railroad pension system is affected by the Windfall Elimination Provision. There's certain exceptions for some Railroad retirement systems, and Gregory shows Brian where to find some answers.

There's 101 people in America with over $1 million dollars in student loan debt. We share the story of Mike, who borrowed over $600K to get through dental school, and how he got swamped by the math.

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Scammers posing as Social Security were busted making robocalls asking you to enter your Social Security number via phone. Another man is busted for cashing in a deceased relative's Social Security checks; this time it's for about 17 years. Does Social Security not have a working system in place to know when people pass away?

When the solid jobs report had the Fox Business panel glowing with optimism, Stephanie Pomboy of Macromavens hands out some tshirts and sobering stats.

Gregory's client wanted to take some money from his investments to buy a piece of real estate, but was unaware of the timeline it takes to convert various investments into cash. Gregory walks you through the process.

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GDP growth for the first quarter is revised down a tick. Gregory thinks we can still get the annual GDP up to 3%, but 4% is a stretch.

Walmart announces a new plan to pay for employees' tuition. Meanwhile, Gregory reports on the closing of more locations for both Sears and Kmart. The retail evolution is moving swiftly.

George in Terrytown asks Gregory if his mom's pension from the state will affect her Social Security benefits from a deceased spouse's record. The Windfall Elimination Provision calculator is at ssa.gov/planners/calculators/

Gregory tells you what's going on with Tesla and the race to build a self-driving car. James reports that Tesla is filling the expensive Model 3 orders first, and may have only made one basic version of the Model 3: the one floating in space.

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