Winning at Life with Gregory Ricks

01:47 - The USMCA is the new trade agreement between the US, Mexico, and Canada. As more is learned about the details, the polarization grows.

07:34 - A report claims Americans are waiting longer to start their retirement benefits. Some of that behavior is influenced by the Full Retirement Age inching up, and boomers continuing to work well into their 60s.

14:34 - It's Gregory's birthday, and he opens his present on air. It's a Old Fashioned setup!

20:50 - The Numbers were historic today as the Dow sets a new all-time high. It's the 102nd record closing for the Dow since the election. Oil has shot up into the mid 70s.

30:38 - Industries Millenials are burning. Even slight changes in the tastes and behaviors of Millenials are rocking some mighty industries. Compared to previous generations, Millenials are not as fond of beer, mayonnaise, and yogurt, and their different behavior patterns tend to steer them away from golf, starter homes, and casual dining chains.

39:44 - Derrick in Covington: How should I save for my kid's college? Derrick asks if a 529 or Roth IRA is a better way to save for higher education costs?

41:23 - Juan in New Orleans is on Social Security Disability, and makes some money on the side as an Uber driver. Will his benefits ever run out? How much money can you earn while on Disability before you benefit is affected?

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01:08 - Quick preview of the show's headlines and topics for the day.

03:34 - Ferrari's recently announced new supercar is already sold out. Pricing starts at $1.75 million, and Ferrari is limiting production to 499. What an amazing business model you have when demand for your product far exceeds the supply.

13:34 - The House passed Tax Reform 2.0, and it heads to the Senate. It would make the individual tax cuts permanent, and create Universal Savings Accounts. Gregory prepares you for what to do if it becomes law.

18:00 - The Numbers were mixed, and the Dow sets a new all time high. Tesla's stock jumps on reports they finally met some production goals.

27:28 - Wage growth hits a 17 month high. Gregory reports on Amazon announcing a new minimum wage for their workers.

30:51 - Sears continues it's slow dismal circles around the drain. Gregory explains how the once-mighty Sears empire11:22 PM 10/2/2018 is whittling away.

35:19 - Billy in Raceland owns his home, but needs to move for work. Should he put his home up for sale now, or wait until he's found a new house first?

41:17 - Parents who are helping adult children can be hurting their retirement savings. It's always tempting to help your kids, but the average parent is spending twice as much on adult children as retirement savings.

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01:50 - We review the Caller of the Week: Gregory explains to John in Violet how the Required Minimum Distributions are calculated on an Inherited IRA. Gregory follows the call with a round up of what you need to do if you inherit an IRA.

8:59 - Jerome in New Orleans wants to know how he can prove he owns his businesses.

12:12 - Gregory continues to explain how business owners can get the correct information and paperwork with the government.

16:54 - The opening of the new New Orleans airport has been pushed back. What a mess that whole project has been, and it's not like the existing airport needed replacing in the first place.

23:29 - The Mississippi Gulf Coast is booming with over $167 million in new developments already permitted for the coast, and more on the way.

25:20 - The Federal Reserve raises its target funds rate as expected. This keeps Gregory's Podium Theory alive, and signals things are humming along nicely in the economy. The contrast in how current Fed Chair Jerome Powell sounds compared to former Fed Chair Janet Yellin is astounding. Gregory points out that conservative investors have some much better returns.

32:29 - Who was the best act at the iHeartRadio Music Festival in Las Vegas last weekend? Justin Timberlake was probably the consensus favorite, but the level of talent at the event was just through the roof. The Aria was a sleek and cool hotel and casino, the T-Mobile Arena was sharp. Lynyrd Skynyrd was better than expected, and

44:36 - Is it still a good time to get a mortgage? Dwayne Stein from MortgageGumbo.com joins the show and makes the case that right now could possibly be the lowest mortgage rates you will see for the rest of your life. No, it's not as low as it was a year ago, but rates should continue to rise and remain higher from here on out. If they get back to these levels, we probably have big problems.

46:50 - Dwayne Stein responds to a question from the Bob Massi show on what happens with a reverse mortgage when you go into a nursing home? The rules for ending a Reverse Mortgage early is a Maturity Event.

52:58 - Nick in Gulfport has been paying Social Security taxes at his job for the last 30 years, but his new job doesn't participate in Social Security in favor of a state pension.

59:22 - Bob in Harvey would like to get a better interest rate on his money in his savings account and still be able to easily withdraw it on demand? Gregory explains how your emergency money shouldn't be chasing yield, and liquid accounts aren't going to yield much.

1:11:05 - Johnny in New Orleans asks Gregory Ricks and Dwayne Stein how the elections will affect his investments. Will the economy slow down or take a dive if Congress changes hands?

1:18:04 - Gregory asks Dwayne what he sees on the front lines when it comes to student loan debt keeping people from getting a mortgage.

1:28:37 - Breaking news as two police officers were killed in the line of duty this morning in Brookhaven, MS.

1:32:08 - The Fed raising rates is right in line with what Gregory Ricks expected, and the rates should continue to go up at a similar rate. This is boosting ultra-conservative investors seeing their CD interest improving as they churn through renewals.

1:38:18 - Gregory follows up on the earlier question from Nick about the Windfall Elimination Provision.

1:45:50 - Thomas in New Orleans asks Gregory if CDs are more attractive now that they're interest is above 3% for a 5 year CD. Gregory points out that with a CD-like annuity, you could be getting more than 4% over 5 years.

1:55:51 - Brett texts in from the WInning at Life app to ask Gregory about his options to get out from under all this credit. Should he file bankruptcy?

1:58:26 - An anonymous texter from the app asks Gregory how he should handle his profits from cryptos.

2:03:17 - Text question: Is 3-5 months of expenses a good enough emergency fund?

2:04:29 - Brian in New Orleans asks if he should be investing into eSports? There's a huge amount of money being flooded into the eSports market, but Gregory wants to know where the exits are.

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00:33 - The Federal Reserve raises its target funds rate as expected. This keeps Gregory's Podium Theory alive, and signals things are humming along nicely in the economy. The contrast in how current Fed Chair Jerome Powell sounds compared to former Fed Chair Janet Yellin is astounding. Gregory points out that conservative investors have some much better returns.

16:38 - Gregory reviews a proposed law change allowing 401ks to buy annuities.

23:34 - What happens when you inherit an IRA? It's probably coming from a spouse or a parent, and those have completely different rules on how you're allowed to handle the money. Typically, around 70% of those who inherit an IRA cash it out within three years.

34:16 - Gregory explains to John in Violet how the Required Minimum Distributions are calculated on an Inherited IRA.

38:20 - Raymond in Houma thanks Gregory for his staff being so helpful on a phone call to the office the other day. He had a tough situation, and got answers to his questions.

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01:16 - Social Security is getting a 2.8% Cost of Living Adjustment, the largest in a while. Gregory explains how your Medicare premium increases can offset your Social Security benefit, and

08:41 - Gregory shares a story of a couple who wants to retire in 3 years, and their pensions will eat into their Social Security benefits, so things get complicated. Gregory says they are ready to retire now.

25:53 - If someone says their retirement isn't all it's cracked up to be, there's a good chance they don't have the financial ability to do much.

27:42 - A trust mill gets busted for posing as Estate Planning services, and taking advantage of folks. It's reported they were just using Estate Planning as a front to sell life insurance and annuities, and they weren't even attorneys.

42:08 - Kanye bought his wife Kim some stocks for Christmas last year, and it looks like it's up about 40%.

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01:29 - A new poll from Gallup shows a record low number of people consider the economy the top problem in the country. Gregory thinks the fact that the President is a complete outsider from both political parties partially explains why our booming economy isn't a bigger story.

06:49 - Need a new career late in life? Learn to code! Gregory encourages those who are looking for a new career to check out some of these coding schools. They seem to be cheaper and faster than college, and we should be seeing more of this style of education in the future.

14:49 - The Numbers were green all of the way around. Gregory's immediate response is on how the new Chinese tariffs are huge, and China's response is small. Bonds took a beating today, but it's understandable they may want to be pricing in next week's expected rate hike from the Fed.

25:30 - Can you set up a Roth IRA for your kid? Steve in Canada asks Gregory if he can get his teenage daughter a Roth IRA.

37:06 - This is the number one thing Millenials do wrong with their investments: they treat their 401k like a piggy bank. More than a third of Millenials dip into their 401k.

42:22 - Douglas in Biloxi encourages older folks thinking about switching to a tech career to make the leap. Douglas asks Gregory how to get his TSP money into a Roth.

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01:04 - Why you need to sign up for your account at the Social Security website NOW. Gregory strongly encourages you to go to SSA.gov, and gives some compelling reasons on how that can save you some problems, and what to check for. It can prevent a form of identity theft, and correct your earnings record.

16:04 - This year 44% of tax payers will pay nothing in income taxes. Gregory thinks we need more people paying into the system, and it should be because more people are participating in the system and making more money.

18:27 - Student loan debt that last pasts 30 is shown to have a profound negative effect on retirement savings. Gregory reacts to a new report than show a sharp divide in how much student loan debt is too much. Go to school, don't borrow the money.

28:29 - The Numbers are all red across the indices, with some extra attention for Amazon and Tesla

44:11 - The IRS will end its offshore amnesty program as participation dwindles. The program started in 2009, and allowed those with hidden income and assets overseas to avoid criminal penalties if they come clean and pay the taxes and a fine. It ends at the end of the year.

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0:01:07 - The charitable heroism of the Cajun Navy response to hurricane Florence is an inspiring display. From a financial standpoint, it's important to note that all of these brave volunteers can only help others if they have an emergency fund robust enough to cover the costs of making boat rescues on the other side of the country, AND be able to miss work. Gregory encourages you to be resolute about giving back.

0:15:17 - Sears latest earnings report is dismal, more stores are closing, and the CEO blames employee pensions are sucking up too many resources to properly keep the company up to date. Gregory shares a tough lesson in the business world: be careful what you start, you may not be able to stop it. Sears started this pension program with great intentions, and even though they ended it in 2006, there's still over 100,000 retirees drawing from the system, and less than 89,000 employees still working.

Jude Heath, CPA of the Total Wealth Authority, is our guest today.

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00:59 - Hurricane Florence is interrupting some college football games, including the postponing of the Southern Miss game this weekend. If you ever hear Winning at Life being preempted by sports on the air, you can always catch us on the app.

02:21 - We preview what's coming up on the Saturday show with Jude Heath: after 6 months, ZERO people have registered their short term rentals in Jefferson Parish. What's up with that? The industry disruptions from tech have already upended the taxi cab establishment, the hotel industry, and it looks like the medical field is about to feel some big shocks. The new Apple Watch unveiled this week has some medical uses, and watching the evolution is fascinating.

13:51 - Gregory lays out the many options you have when creating multiple streams of income for retirement. There is no retirement without income, and Social Security alone isn't going to cut it. You're going to have to build your own system of passive income streams, and Gregory thinks the bare minimum you need is 4. Gregory can help you get there.

35:33 - John in Picayune has a 401k from an old job with some after-tax contributions in it. How can he roll that into something with more control without screwing up the tax status?

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01:21- With a giant hurricane heading toward the Carolinas, it's a good opportunity to review your emergency preparation. One big change from days past is your smart phone. It could be a good idea to take pictures of some of your important documents, and get some pics/videos of your home and its contents for insurance purposes. This also reinforces the incredible importance of having an emergency fund ready to go.

10:05 - The man behind the biggest Social Security scam in history is sentenced to 27 years. He colluded with a some corrupt doctors and judges to push fake paperwork, and is reported to have squeezed more than $1 billion in taxpayer money. There have been no reforms to address his scam, and is probably going on all over the place.

12:02 - A couple working with Gregory changed their mind and wants to retire a couple years earlier than previously planned. Gregory reworks their financial plan, and makes it happen. If you want to have options like this, you will have to do what this couple did: build up multiple streams of income, have tax diversity within your investments, and the discipline to build up their assets.

18:45 - A Social Security reform package is getting some support from big names in the minority party of both the House and Senate, and would raise taxes and the earnings cap.

22:57 - Taxes on individuals are set to go up in 8 years, which means as it stands: taxes are on sale. This could be a very math-friendly time to do some Roth conversions and a few other approaches to get some tax diversity in the mix.

25:03 - In an effort to get your mind wrapped around what inflation is going to look like 30 years down the road at retirement time, Gregory gives you some context on what inflation has been like over the past 30 years. Aside from a few tech-driven exceptions, the purchasing power of the dollar has declined considerably.

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