Winning at Life with Gregory Ricks

The Supreme Court strikes down a ban on sports betting, making it legal in Mississippi! Before the decision to allow sports betting came down, MS had already passed the legislation necessary, and Gulf Coast casinos could be taking bets by football season.

A Tesla car on autopilot smashes into a stopped fire truck at 60mph. Elon Musk has an interesting spin on the accident. Gregory warns that autopilot won't be rully reliable for a few years, and you'd be crazy to not oversee it. James worries he'll be late to work in the future because he has to wait on his car's operating system to finish updating.

Dennis in New Orleans asks Gregory how the taxes on his Social Security income is calculated. It gets pretty complicated trying to determine which income streams are counted toward your income base for Social Security inclusion.

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What websites does Gregory prefer for financial resources and business news. Yahoo Finance was one of the best financial hubs for a long time until Google Finance showed up. However, Google Finance has been through some changes over the last year that hasn't helped their standing. Ultimately, Gregory relies on market information most people don't have access to. Gregory and James discuss some other websites used to keep up with your money.

Gregory stresses the importance of Beneficiary Designations, and keeping them up to date. These forms are often neglected. Qualified accounts, annuities, and life insurance all bypass the will and need a current beneficiary designation.

Chuck in Mandeville asks Gregory about using Dividend Aristocrats. How should yields affect your decision to buy or sell a stock?

Sean in Kenner is wanting to know how he should take advantage of the retirement options through his employer. There's already contributions going to a pension and Roth IRA. How does Gregory rate his plan? Sean also wants to know how fixed annuities should be used in the mix.

Robert texts in from the Winning at Life app and asks Gregory who will be the big winners in the business world if North Korea agrees to peace?

Dwayne Stein our mortgage pro in the Total Wealth Authority and host of Mortgage Gumbo says this Korea meeting could ease rates a bit, but the Fed will be moving them up regardless.

Jose in Gretna plans on retiring next year. When should he turn on his Social Security and Medicare?

Wallace in Gulfport asks Gregory to explain what it means when a 401k fund is aggressive.

Dwayne Stein talks about how Reverse Mortgage rules have drastically changed in the last 10 years, and some of the older loans can have tighter math. Reverse Mortgages and refinances will be affected by rising interest rates.

Valerie calls in from New Orleans to ask Dwayne Stein what home buying programs are available.

Jonathan in West Virginia asks Dwayne Stein if the rate he is offered on a new loan sounds like a good deal.

Dwayne Stein talks about how the record setting levels of consumer debt can be linked to rising home values, but how long can both be going up?

Dwayne tells the story of a 72 year old on the Gulf Coast who is retiring, and is using a reverse mortgage from Mortgage Gumbo to turn on an income stream from his home.

Herbert on Facebook asks Gregory about paying off old debts. If a bill goes to a collection agency, is it better to pay the agency or the original business? Gregory gives guidance on how to find out.

Sports betting may be legal in Mississippi as soon as Monday, and we should have an answer before the end of the Supreme Court season through June.

In retirement, do you really need two cars? Gregory and James discuss what it means to have your own car at your disposal.

Ken in Harvey warns that if Louisiana legalizes sports betting, it would not be able to host NCAA events anymore.

Gregory reviews how your Social Security benefits can be affected if you turn on your benefit before Full Retirement Age while continuing to work. It's a little more complicated than it sounds.

James shares a glitch in the Matrix: he sends Mother's Day flowers a day early to avoid the upcharge on delivery.

Eddie in Slidell asks about how delaying Medicare can lead to higher premiums.

Matthew in Metairie asks Gregory about the pros and cons between a debt consolidation loan and a debt management system.

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Women spend an average of 44% of their adult life out of the work force. Men average just 28% of their adult life out of the work force.

James reports with more audio of the Google AI phone calls. Gregory gives his thoughts on where this new technology is going, and disagrees with the theory that personal car ownership will go away.

Gregory is thinking about holding a one night class on Social Security rules across the Gulf Coast.

Mike in Mississippi asks Gregory to explain the differences in a revokable and irrevokable trust. How do you determine which one to use?

Do you really save enough money for a couple to have only one car in retirement? Gregory leans toward everyone who can drive would be happier with their own car, and it doesn't have to be too expensive.

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Taxes are on sale right now. Knowing that taxes just got lowered AND are likely to go up in the future, how do you take advantage of taxes being on sale right now. Looking at what other countries like Italy pay for Social Security taxes is incredibly high.

Lou in Covington asks Gregory about converting a Traditional IRA to a Roth IRA to avoid Required Minimum Distributions.

Brian in New Orleans is self employed and is concerned he doesn't have a strong Social Security record.

Daney in Metairie has a crazy ex husband, and wants to know what Social Security benefits she may be entitled to under his record. There was a Bird Flu mention somewhere in there.

Greg in Rio, LA has a loan out against his 401k, and he's moving to a new job.

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In stressing the importance of knowing your risk tolerance, James relays his parable on gas station food.

A survey shows there's 20 things rich people do daily that poor people do not.

Gay in Hammond wants to know how working for the state as a teacher in both Louisiana and Mississippi affects her Social Security retirement benefit.

Lesha Nugent Freeland, Realtor of the Total Wealth Authority, answers some real estate questions and highlights a couple of featured properties.

Harley in New Orleans asks Lesha about buying his grandfather's old house. How do you quantify sentiment?

We review some highlights of Gregory helping callers of the week.

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Maestro Dennis Assaf reflects on the legacy of the Jefferson Performing Arts Society as their 40th season comes to a close.

Hear James and Gregory run through the list of regular things rich people do that poor people do not.

Hear highlights from Total Wealth Authority members: Jude Heath, Wes Blanchard, and Dwayne Stein, as they help callers.

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Do you know all of your options on when and how you can turn on your Social Security benefit? Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

Gregory shares the story of how you can use some provisions in Section 7702 of the tax code to set up a stream of tax free income. It's not for everyone, but it's a powerful option for those overweighted in taxable retirement income.

Stan calls in from the Mississippi Gulf Coast and asks Gregory WHY does he have to take Required Minimum Distributions from his IRA? Stan also wants to know if he can take advantage of the tax free income plan from Gregory's story in the previous segment. After explaining some of the reasons the IRS has RMDs, Gregory goes into more detail about different ways to structure an income stream that's untaxed.

How do you know when you should get a prenuptual agreement? One financial advisor recommends his clients to a psycho therapist, who then analyzes their financial temperament. Gregory uses part of the financial temperament quiz on James.

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Smoothie King announces they are moving their corporate headquarters from the New Orleans area to Dallas. An annual survey shows people are waiting longer to turn on Social Security. The number one age is still 62 (ASAP), but the second most often start date is 65.

Jeff in Mobile asks Gregory about the costs of waiting to turn on Social Security. If you had the ability to invest the money you would receive from turning on Social Security before your Full Retirement Age, there is also an opportunity cost to waiting, as well as the missed checks. Gregory agrees, and shares a recent scenario he saw where the math leans toward turning on Social Security early.

Fred from Mandeville wants to know why his IRA has Required Minimum Distributions at age 70.5. Gregory explains to Fred that it probably has a lot to do with the government being able to recoup deferred taxes, and offers some options on dealing with taxes from your RMDs.

Gregory Ricks shares his thoughts on peace talks in the Korean peninsula, and how economic forces are shaping aspects of this attempt at ending a 65 year old stalemate.

Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

If you have any assets, and any heirs, a will can save a headache for your loved ones. Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, explains how a will opts you out of the default rules from your state. Among other legal quirks, Louisiana doesn't have transfer-on-death accounts at the local bank like neighboring states.

Joe in Metairie was turned down for a life insurance policy for a medical report he believes was inaccurate. Gregory shows him how he can address getting the record corrected, and stresses the importance of getting everything documented.

Art from St Rose asks Gregory if he can convert his IRA into a Roth IRA over the years in pieces to manage his tax exposure. Gregory Ricks explains how strategic Roth conversions can still be done, and also some changes to the law that may affect your decision.

John in the FB Live comments asks Gregory about his financial situation: John is 52 with nothing saved for retirement. Is saving $20 a week not worth the trouble, or a decent place to start?

Matthew in Metairie asks Wes Blanchard if his joint accounts at the bank will be immediately accessible by his spouse if he passes.

Michael in Raceland asks Wes Blanchard and Gregory Ricks about how he can pass along his assets without having to go through the succession process. Wes and Gregory talk through some options and generally agree that a will with a living trust is what Michael is asking for. Michael then asks Gregory his thoughts on Bitcoin.

When the First Quarter GDP growth comes in at 2.3%, the bearish voice seems to be louder than the bulls right now. Gregory and James review some bearish audio from Dennis Gartman on Fox Business explaining why he's getting out of the pool.

Gregory Ricks gives his summary on the latest news from crypto currencies, and there seems to be a whirlwind of problems from all angles on these currencies. Gregory thinks you may have better luck mining for actual gold than for bitcoin. The reality of taxes is about to hit some folks pretty hard. Between the volatility, heists, frauds, and delays, it doesn't look good.

Teresa in Covington and her husband are 10 years apart. How does this affect when they should turn on their Social Security benefit? Gregory walks Teresa through a few scenarios and options for married couples looking to maximize their benefits.

Cici in Gretna asks Gregory about her late husband's living trust. How does she go about transferring the property through the trust, and does she have to make a new trust going forward?

If an employer offers a 12% match on your 401k, is there any down sides to that? Gregory answers this question from Ronda in the Facebook Live comments. She contributes the match, PLUS a little more. Gregory's concern is that if you have all of your retirement savings in a pre-tax status, you're setting yourself up for some tax consequences you may not like when you take income from those assets. In a 12% match on the 401k, once you get to the full matched amount, it becomes even more important to look for ways to reduce your taxable income in retirement.

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There's an international wine shortage! Gregory explains how this happened, and the business side of the wine industry.

Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

Scott in Mobile texts in from the Winning at Life app to recommend HiYa: an app to weed out scammers.

Doug on the Northshore calls in and shares how he likes to deal with phone scammers.

Really? Wells Fargo is in trouble again? The Feds are looking into 401k rollovers, and if they were recommended with fees in mind.

Dennis Gartman was on Fox Business, and we review his audio making a pretty solid case on why he's bearish.

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If an employer offers a 12% match on your 401k, is there any down sides to that? Gregory answers this question from Ronda in the Facebook Live comments. She contributes the match, PLUS a little more. Gregory's concern is that if you have all of your retirement savings in a pre-tax status, you're setting yourself up for some tax consequences you may not like when you take income from those assets. In a 12% match on the 401k, once you get to the full matched amount, it becomes even more important to look for ways to reduce your taxable income in retirement.

Gregory had an interesting case he was working on in his office where a pension, 401k, and Social Security, and a tax-free income source will combine to get a solid income stream with minimal taxes.

Jay in New Orleans says she doesn't really need her Social Security now, so does it make sense to turn it on at age 62 and invest it all? She is also concerned that Social Security could be greatly reduced sometime in the near future. Gregory asks some questions about her financial situation, and shows her how the math on waiting until 70 could be a better way to maximize your benefit.

Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

The Number highlighted 10 year treasuries hanging in above 3%.

Ford says they are cutting some brands and focusing on SUVs, crossovers, Mustangs, and trucks.

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