Winning at Life with Gregory Ricks

01:04 - How do you grade your 401k's performance? Just checking your 401k balance isn't enough to know whether or not your 401k investments are doing well, because it often includes your contributions mixed in with the returns. Gregory has some guidance on how to evaluate your accounts, and see if adjustments need to be made.

13:41 - What should you do if your IRA loses money? Matt in Hammond asks Gregory if he should be concerned that his IRA lost money the last two years.

17:38 - How much risk is right for your IRA? Lynn in New Orleans asks Gregory how aggressive she should be about high risk investment options in her IRA.

27:07 - The Numbers were positive across all indicies on the Numbers Page. Oil news still getting heavy attention. The Fed meeting on Wednesday has a big share of the attention from Wall St, too.

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00:59 - Tax cheats in the news are a good reminder that you should do everything you can do to keep your tax bill as low as possible, but DON'T BREAK THE LAW. Many of these stories involve the self-employed, because their tax compliance isn't as simple as a those who are a W2 employee.

04:47 - The attacks on oil tankers in the Straight of Hormuz have some folks pointing fingers at Iran, but the oil markets don't really seem to be phased by it.

14:32 - This week saw a great turnout for the Lunch and Learn event on Reverse Mortgages hosted by Dwayne Stein of MortgageGumbo.com. There was also a Wine, Wisdom, and Food event hosted by Gregory Ricks this week, and Gregory gives us a recap of what went down.

23:11 - This week marks the 9th anniversary of Winning at Life with Gregory Ricks. We revisit some classic calls and segments from years past to show how solid financial advice can be timeless.

34:26 - A proposal to pay off $50k of student loan debt for anyone in a household making under $100k a year has so many obvious problems, it's amazingly disappointing that anyone would support this.

44:30 - Jude Heath CPA helps us discuss how those who are W2 employees can be more tax efficient.

55:43 - Matthew in Bush asks if he can delay paying his payroll taxes until the end of the year, and invest that money in the meantime. Gregory explains why a W2 employee probably can't, and a self-employed person probably doesn't want to, either.

1:06:18 - What to do if you lose your tax breaks. Brian in Metairie has been reclassified from a 1099 contractor to an employee, thus losing a big chunk of tax write offs.

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05:14 - Kelvin in Kiln asks Gregory to clarify how an annuity works, because he's heard two different things. Both are correct, because there's several kinds of annuities, and Gregory breaks down the differences.

26:14 - Matthew in Bush asks if he can delay paying his payroll taxes until the end of the year, and invest that money in the meantime. Gregory explains why a W2 employee probably can't, and a self-employed person probably doesn't want to, either.

30:37 - When to sell your rental properties in retirement. Anthony in Albany is wondering how much of a financial hit he will take if he sells his rental properties.

38:31 - What to do if you lose your tax breaks. Brian in Metairie has been reclassified from a 1099 contractor to an employee, thus losing a big chunk of tax write offs.

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01:32 - Out of the years you plan to spend in retirement, how many of them will you still have the energy to do activities requiring some level of physical fitness? The earlier you retire, the more "energy years" you will have, and they require a different financial approach. Rambo 5 is coming out, and Stallone is 72 years old.

12:32 - Tariffs dominate the financial headline this week, with the trade war with China causing tremors on Wall Street, paired with Trump announcing new tariffs on Mexico's imports to the US until the illegal immigration situation improves.

20:25 - After China's threat to withhold rare Earth minerals from the US as a part of the ongoing trade dispute, a rare Earth processing facility is already in the works in Texas, making it the only rare Earth processing plant outside China.

32:29 - Gregory Ricks and Associates are sponsoring a private party with a rising star in Country Music: Dylan Scott. Dylan Scott will play a solo acoustic set on the rooftop of the NOPSI Hotel in downtown New Orleans with some love from the iHeartRadio Country stations WNOE and WYNK.

34:50 - Frank in Baton Rouge asks Gregory how his wife's Social Security benefits could be affected by her teacher's pension from the State? It sounds like she will fall under the Windfall Elimination Provision, and Gregory gives some guidance on how some people are able to avoid having their Social Security trimmed because of a public pension.

45:34 - Trump gives the Presidential Medal of Freedom to Economist Art Laffer. He is the creator of the Laffer curve explaining the relationship between tax rates and tax revenue, and is sometimes referring to as the Father of Supply Side Economics.

55:09 - A recent survey looks at the financial prioroties of Millenials. While Millenials are doing slightly better about retirement savings than previous generations at the same age, saving for a new home and paying off debt are a higher concern.

1:01:24 - Chase in Gulfport has $2,000 in extra income monthly to invest. Should he pay down his mortgage with that money, or is there better options? Gregory asks a few questions, and has some powerful investing options for that money, maybe even using a 7702 plan.

1:15:55 - Retirees are far more likely to wear comfortable shoes on a daily basis. You can binge watch a show until 4am if you're retired. There's a ton of small lifestyle changes that can really make retirement wonderful, but that's only if you have your finances in order.

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00:58 - Because of the different tax rates between California and Texas, Chris Paul brings home more money than Steph Curry, despite having a gross salary that's $2 million less.

04:31 - The Numbers were mostly positive, but it's hard to get too excited considering the general trend is still down for the last 5 weeks or so.

14:02 - Uber releases its first quarterly earning report since going public, and they nailed the analysts' expectations with a $1 billion loss for the quarter. The report also gives us a first glimpse into some stats about Uber that were previously not in the public domain before the IPO. Uber Eats accounts for about a sixth of Uber's revenue, and we also learned Uber Freight could be a big part of the business going forward.

24:41 - Trump announces new tariffs for Mexico, starting at 5% on all goods that come across the Mexican border, until the illegal immigration avalanche is stopped. The tarrifs will tick up another 5% each month until it either reaches 25% in October, or the Mexican government is demonstrably stopping these illegal immigrant caravans.

33:18 - Kevin in Mobile is a younger guy (32) putting away some money in a 401k, but what else should he being doing to save and invest for retirement? Gregory encourages Kevin to keep finding ways to save more money, and start seeking some diversity in how those savings will be taxed.

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02:57 - Gregory was right to curb your enthusiasm about the Uber IPO. The ride-sharing giant opened on the stock market with a small loss. Uber is losing tons of money, and has no plans on turning a profit anytime soon. Gregory and James speculate on the future of Uber, and how various disruptions coming to their business model make this an incredibly risky investment.

12:27 - Should you take Social Security early? Probably not, but there are a few situaions where turning on your benefit early makes sense.

33:12 - Keith in River Ridge asks about how deferring turning on his Social Security affects his situation. Various factors including your employment situation, marital status, and health issues should factor into your decision on whether to defer taking Social Security.

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01:17 - An update on the upcoming Uber IPO. This is the IPO with the largest operating loss in history, beating the record set earlier this year by Lyft. Having a record of consistently hemmoraging money isn't enough to scare off investors, even though IPOs haven't been very succesful lately.

13:35 - The Numbers were red all of the way around. More spooked selling from China talks, Uber


24:05 - If you're getting a late start in saving for retirement, the important thing is to start somewhere, even if you have to start small.

33:21 - Gregory talks about some upcoming events, and focuses on legacy planning and tax planning for those reaching for that next level of financial planning.

38:17 - A pair of Senators announce a plan to cap credit card interest at 15%. While their hearts are in the right place, their economics is not. Price controls will inevitably have some negative unintended consequences, such as forcing cost to go up elsewhere or supply shortages. Higher fees and tightening of credit standards will not help the people they intend to protect.

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03:25 - The Numbers were mixed, but more red than green across the short sheet. China trade talks are getting much of the attention, and there's some excitement about the upcoming Uber IPO.

09:35 - Gregory shares his thoughts on what's really going on with the trade negotiations between the US and China. Depending on what kind of deal gets done, this can market our markets blast off, or grind into a slowdown.

24:43 - Why you may want to avoid the Uber IPO. Gregory gives an excitement crushing preview of the Uber IPO.

35:48 - The federal student loan forgiveness program isn't so forgiving. Out of over 73,000 applicants to the Public Service Loan Forgiveness program, only 864 have been approved.

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00:54 - The markets were spooked by news the US-China trade talks have taken a big step back, with new tarrifs looming.

03:24 - Are Mining and Precious Metal investments a good idea? Alan in Gulfport asks Gregory his thoughts on where the mining industry is headed, because he is testing an investment option in his company's 401k.

06:52 - Doug on the Northshore heard a rumor that taking military retirement early could get you a bonus from Social Security. Doug also asks if he needs to turn on Social Security benefits a month before he retires.

12:47 - Rochelle in Hammond has nothing saved at age 50, and is self employed. How can she make up for getting a late start saving for retirement?

23:12 - Ryan in Biloxi asks Gregory how much Social Security benefits grow as you defer.

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01:13 - Gregory returns from his vacation with tales of adventures in Milan, Italy and in Austin at the iHeartCountry Festival. The food and wine experience in Italy is noticably different, especially considering dinner takes 2-3 hours most days.

14:23 - Gregory shares some of the ways Italy has a different mindset on economic issues like taxes and manufacturing.

19:17 - Gerard in New Orleans wants to turn on Social Security early, continue to work, and save some money from the dual income for retirement. Gregory warns early Social Security benefits may be subjected to a clawback based on your income, and the math frowns upon locking in a lower monthly benefit for life. If Social Security is your only plan, deferring to age 70 is probably your best bet.

34:02 - Gregory ranks the musical artists from the iHeartCountry Fest in Austin. The iHeartCountry event is now Gregory's favorite concert of the year for the last 3 years in a row.

38:13 - The numbers behind the Kentucky Derby scandal shows how millions of dollars were hanging in the balance for so many people. The unprecedented disqualification was financially massive.

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