Winning at Life with Gregory Ricks

01:27 - The FAA has grounded the new Boeing 737 Max 8 and 9 model planes. In the aftermath of this week's crash in Ethiopia, Boeing lost around $25 billion in market value, and if some of these airlines cancel their orders for future Max 8/9s, Boeing is in real trouble.

13:16 - Federal Reserve Chairman Jerome Powell was on 60 Minutes, and we can't figure out why. The questions were overwhelmingly negative, and this new idea that the Federal Reserve Chairman should be chatting it up on TV is a bit reckless.

17:38 - The latest Brexit deal failed to pass, and the audio from the UK Parliament is unusually rowdy compared to what we see in our Congress.

25:54 - Doug in Covington is turning on his Social Security retirement benefit a couple years early. How much will it be taxed? What's the earnings limit before the clawback kicks in?

36:44 - Gregory and James discuss online banking security tips.

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01:26 - We preview the tax topics on the agenda for our guest: Jude Heath CPA of the Total Wealth Authority. How to avoid an audit, the UK is losing billionaires, Sweden is trying to pass a big tax cut, and the State of New York is auditing all wealthy people who move to Florida. Gregory also talks about tax incentives vs rax credits.

13:09 - You may want to be at Gregory's next Wine, Wisdom, and Food experience at Ruth's Chris on March 19th. If you've been piling up assets, and want to know how to get as much out of your investments as possible, learn how Gregory could help you get there. Are you working with the right person to take you into the next phase?

25:37 - Sometimes, delaying Social Security to get the max benefit isn't the best plan. Gregory details a retiring couple's situation, and how delaying Social Security to age 70 isn't supported by the math.

32:59 - Caller of the Week: Cody from Livingston Parish asks Gregory if his military retirement package will have any negative affect on his Social Security retirement benefits. Cody may be in the clear, but his mom may be hit with the Windfall Elimination Provision.

37:21 - Gregory elaborates on the discovery processes he uses to learn about his clients, and topics he prefers to cover in a first meeting: income planning, investment planning, tax planning, healthcare, and legacy planning.

44:03 - Jan in Marrero asks Gregory if the retirement pension check she receives from her deceased ex-spouse's railroad pension, will her Social Security retirement benefit be affected?

46:03 - Cindy in Gulfport asks Gregory what will happen if she delays turning on her Social Security survivor's benefits for a year.

51:57 - David in Hammond wants to know if he can roll his wife's pension buyout lump sum into an IRA or something to manage the tax hit. Gregory and Jude see this often, and help David understand what the process will be like.

57:32 - The State of New York has a task force that audits high-income earners who leave the state to make sure they really ARE moving their primary residence elsewhere.

1:05:15 - Gregory and Jude discuss the consequences the UK is facing since they passed massive taxes on their ultra-wealthy. About a third of the UK's billionaires have left the country. If James were to become ultra-wealthy, where should he move?

1:14:05 - Are you a Independent Contractor or an employee? We look at how the IRS defines the difference between a company's employee that gets a W2, and a contractor who gets a 1099.

1:26:24 - Financial News: The unemployment rate ticked down to 3.8% last month, while wage growth shot up 3%. Meanwhile in Europe, their economies are stalled, and they are ramping up some stimilus packages. When Hannity and Elizabeth Warren agree to break up the big tech companies, you know it's a bad idea.

1:38:34 - James checks the definition of Retirement on Wikipedia, and Gregory picks it apart.

1:48:57 - Fred in New Orleans has a financial guy that steers him away from annuities. Gregory points out that many brokers can't sell fixed annuities, and Fred may be missing out on getting investments on a less-risky path.

1:57:03 - Freddie in Metairie has a newborn baby, and wants Gregory's thoughts on saving for college with a 529 Plan. Gregory explains the basics on a 529, but also shares some strong reasons why using a Roth account for higher education could be a better deal.

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01:09 - The next Gregory Ricks Live is March 19, and it's always more popular when the markets are going a little haywire. Reserve your seat for our wine, wisdom, and food experience and find out if you should be working with Gregory Ricks and Associates.

03:17 - While things have been humming along just fine over here in the US, Europe's economic growth is almost at a stand still. It doesn't help us much if they can't keep up.

06:04 - After jacking up taxes on the ultra-wealthy, about a third of the UK's billionaires have left the country. It had 93, but 28 have chosen to move, with 10 going to Monaco. In the US, the ultra wealthy are most attracted to New York and Miami.

13:33 - Cody from Livingston Parish asks Gregory if his military retirement package will have any negative affect on his Social Security retirement benefits. Cody may be in the clear, but his mom may be hit with the Windfall Elimination Provision.

23:18 - Sometimes, delaying Social Security to get the max benefit isn't the best plan. Gregory details a retiring couple's situation, and how delaying Social Security to age 70 isn't supported by the math.

32:10 - Gregory talks about some of the ways people can use deferred compensation to save big money on their taxes.

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00:48 - It's Mardi Gras weekend in New Orleans, and the city is in near chaos. Many businesses are closed, roads are blocked off, and there's people in the streets far more than usual.

02:57 - An Isreali-made lunar probe is heading to the moon after being sent into space by a Space X rocket. It's quite a historic leap for private-sector space exploration, and a win for Elon Musk. There's another Space X test flight that just docked to the International Space Station.

07:45 - The first Gregory Ricks Lunch and Learn on Estate Planning was a success, and we already have the overflow crowd with the reservations half-full for next month's luncheon.

12:45 - Gregory is offering a free book for those serious about investing for retirement, with a focus on creating tax free income streams.

36:42 - Gregory reports on the waiting lists for surgery in UK, and our country's healthcare would have similar issues if we nationalized healthcare as well. Couple that with free education promises, and there's no way we can afford these programs without severe negative consequences.

43:37 - The GDP growth for the full year of 2018 is 2.9%. Gregory gives his thoughts on where economic growth is headed in the future.

1:04:50 - The new Northshore office of Gregory Ricks and Associates is already a busy location for both new and current clients.

1:06:17 - We review the caller of the week from the Winning at Life Daily Wrap: Paige in Thibodaux asks Gregory about the changes in her usual tax write offs.

1:18:31 - Staying at Holiday Inn as your primary residence doesn't sound like such a crazy idea after reading yet another profile on a retired couple that bounces from town to town using this method. There may be over 100,000 people doing this these days.

1:24:10 - A proposed wealth tax looks like a policy that has been tryied by a dozen countries in Europe, with 8 of them repealing it as a failed policy.

1:29:05 - We review a call from John in Jackson: what's Gregory's thoughts on using assets to pay off my mortgage early?

1:33:48 - James shares a report on big name retailers closing stores: Foot Locker, JC Penny, Victoria Secret, and the Gap. Between the four of them, they will close 465 stores in the near future. There's going to be some openings at the mall.

1:37:37 - Dell in Brandon asks Gregory about how to handle the Required Minimum Distribution on an Inhreited IRA from her mom.

1:43:09 - Gregory reviews 5 financial trends that could affect how you invest. What if a medical issue forces an early retirement?

1:54:59 - The IRS aggregates all traditional IRAs to determine the taxes on your distributions. If you have a mix of deductible contributions and after-tax money, your tax exposure is pro-rated to the aggregate percentage of each.

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01:36 - Yesterday was the first Gregory Ricks Live Lunch and Learn focused on the topic of Estate Planning, and it was a packed event with an overflow crowd already signed up for the next Estate Planning event scheduled for next month. Gregory explains how the different parts of Medicare work.

14:34 - The core question for Estate Planning is: if something happens to you, are your affairs going to be handled in the way that's best for your family? Will your assets be handled the way YOU want?

18:42 - Gregory talks about the process of keeping up with all of these financial disciplines including Estate Planning, Social Security rules, Medicare updates, IRAs, and tax strategies. It involves reading books, studying at conferences, and being constantly faced with unique situations from clients.

24:15 - One of the most common curve balls thrown at a financial plan is being forced to retire early.

27:42 - We review our favorite call from Saturday's Weekly Wrap: Matthew in Metairie calls in for help from Gregory. His wife was locked out of her Social Security account after getting tripped up by some security questions. Gregory had a similar experience, and figured out pretty quickly that Social Security was using info available from a credit bureau to formulate their security questions. When the wife has another chance to finish the process, she may find it helpful to have a a full report from a credit agency as a reference to help her through the process.

33:34 - Paige in Thibodaux asks Gregory about the changes in her usual tax write offs.

39:55 - Staying at Holiday Inn as your primary residence doesn't sound like such a crazy idea after reading yet another profile on a retired couple that bounces from town to town using this method. There may be over 100,000 people doing this these days.

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01:04 - In previewing today's guest, Gregory and James talk about how the dip in interest rates on mortgages has created a short term opportunity for those in need of a mortgage for purchasing a home, getting a current mortgage refinanced, or those thinking about a reverse mortgage.

04:28 - The next Gregory Ricks public event is a Lunch and Learn about Estate Planning, and is filled to capacity. Gregory has responded to the demand by scheduling another Estate Planning Lunch and Learn next month, and the overflow crowd already has it halfway full. Finding good help with Estate Planning must be in short supply.

12:12 - Louis in Folsom calls in as a cypto enthusiast to talk about Fidelity announcing a plan to custody some financial investments involving Bitcoin.

27:15 - Matthew in Metairie calls in for help from Gregory. His wife was locked out of her Social Security account after getting tripped up by some security questions. Gregory had a similar experience, and figured out pretty quickly that Social Security was using info available from a credit bureau to formulate their security questions. When the wife has another chance to finish the process, she may find it helpful to have a a full report from a credit agency as a reference to help her through the process.

30:54 - Judy in Metairie has a self-directed IRA paying monthly dividends from an energy investment, but as the monthly checks are getting smaller, she wants to know if she can get out. Gregory has seen similar situations with some energy investments, MLPs, and REITs, and recommends she goes straight to the invested company (not the IRA custodian) to ask directly how to unwind her involvement.

36:24 - Rusty in Hattiesburg has money piled into an IRA, and wants to know how to turn that into a monthly income stream rather than annual lump sum Required Minimum Distributions. Gregory explains a few options, and likes the idea of stretching the time table to make the money last to age 100.

44:09 - Dwayne Stein of MortgageGumbo.com and the Total Wealth Authority is our guest for the hour, and his office is seeing a herd of enthusiastic buyers come through the door as interest rates continue to fall ahead of the spring buying season. Refinances are more attractive lately as well.

55:57 - Gregory asks Dwayne's thoughts on why Reverse Mortgage applications are showing a slow down. Dwayne sees that most of his Reverse Mortgage clients are driven by life's circumstances with little regard to what the current interest rates may be.

1:09:38 - Roy in Mandeville asks Dwayne about his situation: he has 7 years left on his mortgage, and wonders if a Reverse Mortgage could make his payments go away. Dwayne says he can likely make the payments go away, and get a little more money out of it, as well.

1:13:21 - John in New Orleans asks Dwayne Stein and Gregory Ricks on how a Reverse Purchase works.

1:22:02 - Butch in Houston has a new girlfriend moving in, and is thinking about adding on to his house to accomodate her kid. Dwayne explains his options on how to finance the project.

1:37:17 - Gregory explains how his proprietary Guided Planning System can serve as a roadmap to get your to your financial destination.

1:42:03 - Ken in Mandeville asks Gregory if his wife can increase her spousal benefit from his Social Security record by waiting past her Full Retirement Age.

1:47:04 - Gregory explains some reasons why converting your IRA to a Roth IRA might NOT be a good idea.

2:00:43 - Cindy in Gulfport asks if it's too late to do a Roth contribution or conversion for 2018.

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01:08 - Healthcare spending accelerates with age, even for those who are relatively healthy. Gregory shares some approached

07:10 - A caller who didn't want to come on the air asks about the retirement investing implications of having a much younger spouse. He's 47, she's 29. What more can she do to save for retirement? Do the rules change when there's a big age spread?

11:23 - Before you get into any investment, know where your exits are. Gregory stresses seeking investments with a balance of liquidity. Too much liquidity isn't optimum, but locking up your money is often worse.

21:54 - Gregory Ricks is hosting a Lunch and Learn event for those who need some answers when it comes to Estate Planning. Wes Blanchard, the Estate Planning Attorny of the Total Wealth Authority, will be there to lay out some basics, and answer questions from attendees. It will be a smaller event (16 people max) with a box lunch provided. Contact the office for your reservation: 504.832.9200

24:22 - Steve in Houma is 65, and a no-risk investor. He likes the idea of doubling his money over the next ten years. Using the rule of 72, is there someplace he can get a no-risk return of 7%?

31:53 - Gregory goes into a little more detail about how to structure your investments into different jobs with different levels of return and liquidity.

36:49 - We review predicitons from the previous month on whether or not there would be another partial government shutdown. Gregory was right, James was wrong.

44:44 - Jude Heath, CPA of the Total Wealth Authority, joins us for the hour and talks recommends interviewing your next potential CPA before deciding if he's the right one to handle your taxes.

46:40 - Alex in Kenner is facing some hefty Required Minimum Distributions from his traditional IRA in about 6 years, and he's asking Gregory and Jude about some advice he's received encouraging him to convert some of that IRA to a Roth IRA. Gregory and Jude say that may not be very effective in reducing his overall tax bill.

52:20 - A caller asks off-air if he can claim his elderly mother as a dependent. She has moved in with him, and he covers most of her living expenses.

54:56 - Jude has been recommending the Mile IQ app for those who itemize their tax deductions, and they now have commercial

57:39 - John in Abita Springs and his wife attempted to start a business last year that didn't work out. How can he take a loss on the remaining inventory for tax purposes? Jude says since John doesn't itemize his deductions already, it's unlikely he will get any tax benefits, but he should liquidate the inventory and know for sure.

1:03:12 - Jim in Bridge City asks when his wife can draw a spousal benefit on his work record with Social Security

1:06:39 - Jude Heath's CPA firm has a online portal to help clients organize and submit their tax documents.

1:12:47 - Gregory and Jude talk about the options for those who are behind on their taxes. Commercials often tout some sort of programs with promising sounding names, but as far as the IRS is concerned, it's all really just an offer-and-compromise. Jude also warns against those tax perpareres who promise to cut you a refund check the same day.

1:18:46 - Jack on FB Live asks Jude how he can lessen the tax hit on huge profits from a stock investment. Jude points out that Opportunity Zones may be what Jack is looking for.

1:23:04 - A phone scammer gets a little pushy with the wife of a former CIA Director. It does not end well for him.

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00:45 - A deal was reached to avoid a government shutdown, and Trump declares a national emergency to build his wall. At least the economy won't have to concern itself with another shutdown, but plenty of uncertainty remains. Parker is unhappy about the rampant spending increases being largely ignored by both parties.

12:20 - The number of folks seriously deliquent on their car loans is spiking in the US and Europe, and may be a warning of a slowing economy on the horizon.

19:11 - What does car-buying look like in retirement? Gregory shares some different scenarios retirees face for transportation, and Uber has provided a great new option in the mix.

21:44 - Tackling the high cost of college is one of the biggest financial challenges current generations face. If you absolutely need a degree to succeed in your chosen path, think about community college or paying-as-you-go even if it means you can't go to class full time.

34:48 - Complaints about smaller tax refunds going to the middle class miss the larger point that anyone in the middle class who takes the standard deduction most certainly got a tax cut, and the tax withholdings on your check were automatically reduced without the employee having to do anything.

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03:22 - Gregory Ricks is hosting a Lunch and Learn event for those who need some answers when it comes to Estate Planning. Wes Blanchard, the Estate Planning Attorny of the Total Wealth Authority, will be there to lay out some basics, and answer questions from attendees. It will be a smaller event (16 people max) with a box lunch provided. Contact the office for your reservation: 504.832.9200

13:46 - Steve in Houma asks Gregory if he can get a better return from CDs or a comparable fixed annuity.

24:35 - Highlight call from the Weekly Wrap: John in Pascagoula asks Gregory on how to convert some of his 401k into a Roth IRA. Gregory discusses tax bracket management in doing some strategic Roth conversions.

32:19 - Gregory talks about people trying to use trusts to hide assets from the government in an attempt to get help from Medicaid for health expenses. Gregory warns about trying this, and shares a story about a couple looking to change their revokable trust to an irrevokable trust, but not aware of the negative consequences.

37:37 - A phone scammer gets a little pushy with the wife of a former CIA Director. It does not end well for him.

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01:22 - There's 3 Gregory Ricks Live events coming up over the next few weeks, including 2 new Lunch and Learn events. One luncheon covers tax planning, and the other will help those with Estate Planning issues.

13:05 - Gregory explains some of the features on the Winning at Life app, including some new additions.

17:35 - Contribution limits on IRAs have increased, allowing you to put away more pre-tax money for retirement. Gregory encourages you to not put all of your retirement savings in a pre-tax basket, and instead aim for ways to create tax free income streams for retirement income as well. If you earn too much money to contribute directly to a Roth IRA, Roth conversions have no income limit.

34:24 - Estate Tax levels for 2019 are exempt up to $11,400,000, and anything over that is a 40% tax.

36:38 - Jim in Laplace calls to complain he paid more in taxes after the tax reform, and it looks like he was hit with the elimination of deductions.

39:41 - Steve in Baton Rouge asks Gregory how to evaluate the returns on his portfolio in retirement. It was easy to figure out before he started taking income from the pot, and Gregory explains how to evaluate the two moving parts of income versus returns.

44:53 - Chipper in Hammond asks Gregory about using 529 plans for college savings, and how the contribution limits work in Louisiana.

52:15 - Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, is our guest today, and has seen a surge of people coming in with succession issues created from a lack of proper estate planning. It's always easier to take care of these things in advance, rather than clean up the mess afterwards.

57:13 - Almost everyone needs some form of estate planning in case something happens, but who REALLY needs estate planning the most? If you're caring for someone with special needs, or you're in the crosshairs of the Estate Tax, you're one of the top of the list of people who could use some help. However, the most urgent need for estate planning comes from the terminally ill.

1:09:17 - Norma in Covington texts in from the Winning at Life app, and she asks Gregory and Wes's thoughts on how she could pass down her rental properties to her daughter.

1:17:23 - Mary in Bay St Louis asks Gregory and Wes about her options passing her house to her niece.

1:32:35 - Jason in New Orleans asks Gregory to explain how the Gift Tax rules work.

1:38:06 - Mark in Ponchatoula is retired on a teacher's pension, and was disappointed to find out his Social Security was being ate up by the Windfall Elimination Provision.

1:39:13 - John in Mobile has some nice gains last year from his money manager, but went underwater this year. How will he be taxed?

1:45:22 - Ward in Houma asks if he should put his new wife on the mortgage, or is updating his will good enough?

1:50:36 - John in Pascagoula asks Gregory on how to convert some of his 401k into a Roth IRA. Gregory discusses tax bracket management in doing some strategic Roth conversions.

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