Winning at Life with Gregory Ricks

01:01 - You can now listen to the Winning at Life podcast on all Southwest Airlines flights via the iHeartRadio app without having to pay for Wifi!

02:23 - Research from Neilsen shows that people who are avid listeners of business podcasts like Winning at Life are more likely to buy liquor, wine, and beer than other podcast genres.

05:55 - What degree is the worst investment possible? Gregory has a list of the degree programs ranked at the top and bottom when it comes to return on investment. Science, math, engineering... always solid. Miscellaneous Fine Arts... not so much.

27:01 - The Numbers are mixed. Lululemon has taken off like a rocketship over the past year. It's up over 90% this and over 140% over the last 12 months. Is this a budding company growing into a major brand, or is this the peak of an soon-to-decline fad?

39:37 - Trevor from Ft Lauderdale (Coral Springs) calls in again. He had called over a year ago to get his finances straight. Now that he has his finances straight, should he buy a house? He has a volatile job that could take him elsewhere at any time.

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0:02:52 - Chris texts in a question from the Winning at Life app: is it better to max out my TSP or invest elsewhere? Gregory evaluates the different choices within a TSP like Chris', and stresses the importance of getting some tax diversity in the mix.

0:07:29 - Gregory explains how the beginning of almost any financial plan is an emergency fund.

0:13:08 - The next Gregory Ricks Live is coming up Wednesday! This is your chance to meet Gregory Ricks, and find out more about what Gregory Ricks and Associates can do for your financial future. Learn about how to decode volatility, Social Security planning, how to generate income streams, tax strategies, and estate planning.

0:14:51 - If you are drowning in credit card debt, you have to get that under control before you could ever even hope about saving for retirement. You need to get your debts settled and several streams of passive income to think about having successful retirement. Retirement isn't the end, it's just the beginning of the next phase of your life.

0:18:14 - What happens if you are unexpectedly unemployed late in life? If you have tax diversity built into your financial planning, you'll have more options than if you had everything in your 401k or IRA. If you're forced to retire early, what is your plan?

0:24:18 - Gregory and James joke about over-the-top radio announcers. Do they talk like that all day, or just at work?

0:35:53 - All 401k accounts have a Summary Plan Description. A TSP has a Summary of the Thrift Savings Plan. It's like a 401k for government workers, and even includes a Roth option.

0:42:23 - There are three ways to get money out of a TSP: a loan, an in-service withdrawal, and a post-separation withdrawal.

0:46:16 - Aretha Franklin died without a will. Wes Blanchard, Estate Planning Attorney of the Total Wealth Authority, explains how that could cause problems that will require large amounts of the estate to be unnecessarily squandered.

0:55:05 - 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?

1:03:13 - Walter in Carrier asks Wes Blanchard how specific a will needs to be.

1:05:32 - Patricia in New Orleans asks Wes Blanchard how she could buy out her daughter's ownership stake in her current house that's owned by a trust.

1:10:13 - Gregory asks Wes about a caller from a show last week where a woman's husband died intestate, and how he could guide someone through dealing with Community Property issues like forced heirship.

1:20:56 - The two most troublesome problems in the Estate Planning business is procrastinating clients, and clients not disclosing important information that negatively affects the outcome of an Estate Plan, according to a columnist. Wes Blanchard says he generally agrees on both counts, but understands why he often helps people who are late in life yet never made a will.

1:32:30 - Kevin Garnett claims he was scammed out of $77 million. In a lawsuit he filed against his former accounting firm, the 15-time NBA Allstar appears to be yet another professional athlete caught up in a shady advisor.

1:38:08 - Mike in Covington is having a hard time convincing his elderly father to move out of his paid-off but decayed home into a place much closer. Mike's mother is in a home on the northshore, and it would be much easier if his dad wasn't 50 miles away on the West Bank.

1:48:43 - Ryan in Biloxi asks Gregory about getting growth on the unused credit line from a reverse mortgage.

1:54:55 - Ed in Hammond plays the lotto. What does Gregory recommend if he wins?

1:59:51 - Should you bail out of the market before the election? John in Lacombe asks Gregory about getting his investments to safety until the election shakes out.

2:07:22 - Gregory decodes what's going on with the foreign trade tensions, and how China appears to be digging in for the long haul against reforming their tariffs. Most other countries are giving in and keep their economy rolling.

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01:19 - Elon Musk is in the headlines again for smoking what appears to be pot on the Joe Rogan podcast, and Tesla stock is taking a beating. There's a cool backstory to the Boring Company's flamethrowers.

13:29 - The media coverage of Tesla is a reminder how important it can be to maintain a positive public appearance.

25:34 - The jobs report shows strong wage growth, while the unemployment rate stays at historic lows. President Trump calls the economy a rocketship. Gregory still sees the biggest trade concern is with China.

31:19 - The markets were down for the day, while oil and gold seem to be settling in their current price range.

35:47 - Gregory explains how you need to be aware of certain age landmarks when it comes to Social Security retirement benefits and survivor benefits.

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01:12 - In 2015, a survey of Phd economists had the majority predicting a recession in 2018. A financial blogger at Zero Hedge said they would be wrong, simply because PhD economists are almost always wrong. He was right.

07:10 - Kevin Garnett claims he was scammed out of $77 million. In a lawsuit he filed against his former accounting firm, the 15-time NBA Allstar appears to be yet another professional athlete caught up in a shady advisor.

14:43 - Gregory says one of the big red flags to avoid is allowing your financial advisor to have custody of your money. They should not have custody, and they should not have signature authority to spend money or move money without your approval.

28:02 - The Numbers: a mixed market today. In a Congressional hearing on big tech yesterday, Twitter and Facebook showed up, but Google didn't. Interestingly, Google stock performed better today than Twitter and Facebook.

35:09 - The next Gregory Ricks Live is coming up Wednesday! This is your chance to meet Gregory Ricks, and find out more about what Gregory Ricks and Associates can do for your financial future. Learn about how to decode volatility, Social Security planning, how to generate income streams, tax strategies, and estate planning.

36:27 - Gregory explains when you can turn on survivor benefits, and how much early benefits will be cut.

39:14 - Retiring Super Early has a few BIG problems. Have you heard of the FIRE movement? FIRE - Financially Independent, Retire Early. In observing those who have had the financial means to retire in their 30s, 40s, 50s, there's a couple of big hurdles that ruin their finances. One is not being able to account for the exponential cost increases for healthcare, and the other is the ability to take income from your assets and still have the underlying principle grow.

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01:12 - Was there a steak in your Labor Day Weekend? Gregory and James review a report on what may be a positive economic indicator: Americans are eating more steak than ever before. Gregory updates you on his quest for the ultimate chicken sandwich recipe.

07:08 - Tropical Storm Gordon is headed for the Gulf Coast, and the radar looks like it's hitting close to Mobile.

9:02 - Scott in Mandeville asks Gregory for guidance on handling his mother's life insurance. Scott is the sole beneficiary on his mom's policy, and he wants all of the money to go to his sister who took care of their mother in her final years. How can you transfer a life insurance payout to a sibling with minimal taxes?

12:06 - A couple was asking Gregory about how the payout on their annuity should be set up. Gregory found the wife will be hit with the Windfall Elimination Provision from her State pension, and they weren't aware they are in a variable annuity.

15:22 - Caller of the Week from Saturday's Winning at Life Weekly Wrap: Charles in Mandeville asks Gregory Ricks how the taxes work if he's going to take an in-kind distribution on stocks from his IRA to settle his Required Minimum Distributions. Gregory explains in pretty deep detail how non-cash property owned by your IRA can cover your Required Minimum Distributions, and figuring the tax hit can be complicated.

24:20 - Jude Heath, CPA of the Total Wealth Authority, calls in to address the earlier question from Charles in Mandeville asking how the taxes on his IRA's in-kind distribution is taxed.

35:01 - You will be floored to hear how many Americans over the ages of 50 and 60 who still carry student loan debt. Gregory shares some sobering statistics on the emerging student loan debt crisis.

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0:01:18 - It's Labor Day Weekend! Gregory shares some history of Labor Day. In what may be a positive economic indicator, Americans are eating more steak than ever before. Gregory updates you on his quest for the ultimate chicken sandwich recipe.

0:14:32 - Charles in Mandeville asks Gregory Ricks how the taxes work if he's going to take an in-kind distribution on stocks from his IRA to settle his Required Minimum Distributions. Gregory explains in pretty deep detail how non-cash property owned by your IRA can cover your Required Minimum Distributions, and figuring the tax hit can be complicated.

0:23:47 - We review the major financial headlines of the week: the trade deal with Mexico, new record for longest bull market, new records for NASDAQ and S&P, GDP revised up to 4.2%. There's a lot of optimism about the economy in the financial news.

0:26:11 - For the pessimistic view of the financial world, David Stockman was on Wall St Week last night to continue making his case that a precipitous economic downturn is right around the corner. He's been saying this for years, and it still hasn't happened. It's hard to argue against Stockman's concern for the debt, deficits, and runaway spending by DC.

32:00 - Jude Heath, CPA of the Total Wealth Authority, calls in to address the earlier question from Charles in Mandeville asking how the taxes on his IRA's in-kind distribution is taxed.

43:54 - Lesha Nugent Freeland, Realtor of the Total Wealth Athority, has concerns about how student loan debt is delaying young adults from buying a house by around 8 years. Student loans can wreck your credit score, and it's immune to bankruptcy. You're stuck.

51:50 - If you're renovating, you have to inspect the house's foundation before you do some light construction jobs.

57:34 - Do you have to take out the windows to shore a house's foundation?

1:00:53 - Lesha Nugent Freeland shares some tips on what home modernization details to look for when buying a house. A local family was recently disappointed after they moved in to a house to find it never had a cable or internet connection. It costs thousands to install, and could've been taken care of on the front end at the seller's expense.

1:06:51 - Lesha talks about a local professor and her son who moved into a house with a disturbing history. It's interesting to see how a violent crime can affect a house's ability to sell.

1:14:42 - Has your zip code's home value's gone south this year? Lesha has the New Orleans area zip codes that had the biggest drop in home prices over the last year.

1:29:08 - Should you transfer all of your credit card debts to a single card or loan? Mike texts from the Winning at Life app asking Gregory how he can get out of debt now that his kid is graduating college. Gregory has guidance on several different steps to knock out debt.

1:34:25 - When can you draw a Social Security benefit from an ex-husband's record? Ann in Covington wants to know when she qualifies to draw a benefit. Gregory shows that she can turn it on at 62, but that might not be the best time to turn it on.

1:41:03 - Will continuing to work after I turn on Social Security help raise my benefit? Jay in Mandeville texts Gregory on how continuing to work affects his Social Security record.

1:44:20 - Louise in Metairie asks Gregory if her and her husband are doing the right thing with their spousal benefits from Social Security. They are both deferring to the max age of 70, and she is currently grandfathered in under the old spousal rules, and looks to be on the right path to both benefits maxed out.

1:47:35 - You will be floored to hear how many Americans over the ages of 50 and 60 who still carry student loan debt. Gregory shares some sobering statistics on the emerging student loan debt crisis.

1:52:48 - Larry on the Northshore adds to the student loan crisis discussion with his concern about the abundance of degree programs that are almost worthless in the job market. He made rules for his kids that he would pay for college if they choose an acceptable major.

1:56:10 - Dee in New Orleans asks if she can draw a benefit from her ex-husband's record. Gregory asks a few questions, and it look like Dee needs to go to the Social Security office ASAP, because she's going to get a raise.

2:00:55 - Matthew in Metairie has first hand experience in college educated employees not having basic skills for the workplace.

2:01:57 - Suzy in Slidell had a husband who died without a will, and now her home is co-owned by her kids. How does this affect her ability to sell the house? How can she get full control of her house back?

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00:32 - Drew Brees has invested in Untuckit, the shirt company who plans to use Drew's capital to expand. As part of a local promotion, Drew Brees also paid for a free Untuckit shirt for every kid in a few elementary schools in the area, including the one for our co-host James' kids.

03:47 - Financial news of the day: No trade deal with Canada yet, but talks are going well.

08:05 - Trump signed executive orders directing agencies to look into two policy changes: delaying Required Minimum Distributions on your IRAs and 401ks to age 72, and allowing small businesses to form co-ops for buying employee 401k plans. Gregory responds to some Trump audio from today's event.

19:59 - The Numbers finished mixed, but the S&P and NASDAQ sitting in record territory. Lululemon had a killer earnings report and wins the short sheet for the day.

30:11 - The 3 best days in the history of the S&P500 all happened in October. There's plenty of reasons to be optimistic about the market continuing to expand in the near future.

32:31 - The unemployment rate from those with at least bachelor's degree was 2.2%. Gregory warns that not all college degrees are created equal, and some degree plans are not worth six figures in debt.

34:48 - Gregory runs down some interesting random financial statistics to cap the show.

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01:12 - Yet another study confirms women are better drivers than men. There's a good reason men pay higher car insurance premiums than women.

05:50 - On one side, we have Trump criticizing Facebook, Google, and Twitter by name, and questioning the legality of how they run their business. On the other side, we have Bernie Sanders criticizing Amazon by name and questioning the legality of how they run their business. If both sides of the aisle are calling out major companies and threatening to control the way they do business, this can have a chilling effect on their stocks and the economy at large.

13:08 - When is it OK to buy a boat? Gregory Ricks shares some stories from clients who want to buy a boat in retirement, and it can be a big burden financially and a pain to deal with. If you're wanting to get a boat and go on a trip - maybe sail down the coast or island-hop in the Carribean - you may be better off leasing a boat temporarily rather than buying it.

27:35 - Gregory lays out some guidlines on where you should be financially before you make a big purchase like a boat, RV, or fancy car.

37:17 - Greg in Biloxi has a handful of rental properties the are paid off. He's thinking about borrowing against the properties and investing that money. Should he put that money towards picking up even more rental properties, or put that money to work on Wall Street?

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01:53 - How do Social Security Survivors benefits work? When you pass away, your Social Security record can provide benefits to your spouse, ex spouse, children, and even sometimes your parents! One of the primary concerns you should have when it comes to financial planning is: how are your loved ones going to be taken care of if something happens to you? We walk through the

08:18 - How does Social Security benefits for widows work? Your spouse can receive a benefit from your Social Security record, and we explain when and how that starts. Your ex-spouse may be able to draw on your record if the marriage was at least 10 years.

14:32 - Gregory previews a new addition to the Winning at Life nation: the WAL Podcast Library. This brings up a strong rebuke of barn doors.

17:01 - Julie from New Orleans is a widow asking Gregory Ricks if she qualifies for a survivor benefit. She's too young to turn it on now, so Gregory explains her options on when to turn it on, and how she can maximize the benefit on her own Social Security record and switch over later.

28:18 - Gregory was mentoring a fellow financial professional who recently started her own radio show in another state, and it reminded him of when this show first got started.

29:42 - Gregory Ricks Live is coming to Ruth's Chris in Metairie September 12. This is your chance to meet Gregory Ricks, and find out more about what Gregory Ricks and Associates can do for your financial future. Learn about how to decode volatility, Social Security planning, how to generate income streams, tax strategies, and estate planning.

33:41 - The Numbers were mostly positive. The S&P, NASDAQ, and Russell2000 all hit a record high closing.

38:28 - Snapchat is the biggest loser of the day on the Winning at Life Numbers page, and if you click through to see the full chart, you'll see it's been on a downtrend since the initial pop at the IPO. So many high profile IPOs get tons of media attention when it jumps up on the first day or two of trading, but if you follow up on some of these IPOs down the road, they often wind up in the ditch.

42:56 - Tim in Lutcher asks Gregory if he could convert some of his 401k assets into a Roth IRA.

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0:01:17 - Money really can buy happiness. A new study shows a strong correlation of money and happiness. It doesn't have anything to do with accomplishments, either. If a person won the lottery or inherited money, the results are about the same as earned financial success. Gregory points out that the more money you have, the more options you have, and that's a huge contributor to achieving real happiness.

0:16:35 - Emile watching on Facebook Live asks Gregory: should he continue contributing to his 401k at work, or redirect that money to a Roth IRA? Gregory walks through the different tax worlds in retirement investing, and stresses the importance of having having some tax free income in the mix.

0:24:45 - Robert in Houma went to a seminar for someone selling annuities, and wanted a second opinion from Gregory Ricks on some of the different financial tools mentioned. Robert asks Gregory about the process of how a fixed annuity works.

0:35:17 - Gregory teaches you how to decode whether the financial professional you're evaluating is a salesman pushing product. Having a fiduciary means they will act in your best interest, even if that means not working in alternative investments.

0:41:14 - Ray in Houma asks Gregory Ricks if his wife can draw a Social Security check based off the record of her ex husband who has since deceased. Easy answer: No. Once you're remarried, you can no longer draw a benefit from the record of a deceased spouse.

0:47:30 - What happens when a Reverse Mortgage is finished? Dwayne Stein, from the Total Wealth Authority and host of MortgageGumbo.com, explains how the options work in a Reverse Mortgage Maturity Event. There's several different events that can trigger a Maturity Event, including if you live outside of the residence for 12 months.

1:00:18 - What happens when you get a reverse mortgage and then change your mind? Gregory Ricks and Dwayne Stein explore scenarios that could play out if you get a reverse mortgage, but then decide later that this isn't a good fit.

1:13:40 - John in Violet asks Dwayne Stein and Gregory Ricks about some of the basics of reverse mortgages. What's the average lifespan of a reverse mortgage? How are the payments structured?

1:25:06 - Is the Fed going to raise rates twice before the end of the year? Gregory and Dwayne discuss the conditions the Fed reviews when deciding on rate hikes.

1:34:35 - The stock market breaks the record for the longest bull market in history! Strong fundamentals are behind the latest market rally, with profits beating expectations on average all year.

1:36:32 - Gregory illustrates how job statistics are painting an optimistic future of the economy in the near term. There are some concerns when it comes to international trade, and the stock market has been mostly sideways this year, so there's a chance another big rally is in the works.

1:42:16 - You probably have a million dollars and don't know it. When you think about how much money you would need to generate your Social Security benefits per couple without a spend down, it's about a million dollars. The decision on how you can maximize your Social Security benefit is a million dollar decision.

1:47:16 - John in Jackson asks Gregory if he should use some of his liquid assets to pay off his mortgage.

1:54:57 - Bill texts in from the Winning at Life app if there's any restrictions on a reverse mortgage for his guest house that doesn't have central air.

1:57:53 - How much can you contribute to your HSA? Robert texts in a question from the app about the annual funding cap on a Health Savings Account. Gregory walks through the different caps on HSAs depending on your age and marital status.

2:02:04 - What should you do with an annuity maturing soon? Cheryl emails a question to Gregory about how to handle her annuity when it matures early next year. Gregory walks through the factors you need to consider when deciding the fate of your maturing annuity.

2:05:04 - Can you get interest from the unused portion of a HELOC. Jim texts in a question about getting interest on a line of credit, but the story from earlier in the show was a line of credit from a reverse mortgage, not a HELOC.

2:08:17 - David asks Gregory if filing for bankruptcy is a good way to get his debt under control. He has a huge student loan debt, and a pretty big credit card balance. Gregory points out that student loan debt is basically immune to bankruptcy, and he'd probably be better off just bucking up and paying down the debt over time.

2:11:32 - Can savings apps like Acorn really help you start saving more money? Gregory

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