Winning at Life with Gregory Ricks

02:48 - Gregory reviews the story of a man in his late 60s who is fairly irate he didn't know he could be drawing a Social Security benefit off of his deceased ex wife's record before switching to his own.

14:07 - Chicago wants to try and fix its pension hole by issuing a different kind of bond that allows them to chase more yield with the principle. It could be disastrous if they incur significant losses.

19:38 - The economy keeps churning out strong numbers, which means we can expect the Fed to raise rates two more times this year.

26:28 - Stay connected to the show with the Winning at Life app! The Winning at Life app lets you listen live, listen on demand, watch the show, and connect to our social media accounts including Facebook, Instagram, Periscope, and Youtube!

30:37 - Stan in New Orleans has a flurry of questions that cover the basics on what he can do with his old 401k, and if taking income from the 401k would affect his Social Security.

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01:10 - Gregory's trip to Kansas was full of financial planning studying and great BBQ.

07:26 - Denisein Ocean Springs is on Social Security Disability, and her husband is about to turn on his Social Security retirement benefit at his full retirement age this year. What are her options? Would she get more by switching over to his record? Does waiting to switch give her a bigger benefit?

09:54 - The host of Mortgage Gumbo Dwayne Stein will be our guest on Saturday covering three issues. What happens when you need to unwind a reverse mortgage? How does the Fed raising rates affect your money? Should you apply for a refinance online, on the phone, or in person?

16:07 - The Numbers are generally down, but not by much. Tesla news continues to stream out, and its stock has rebounded a bit from recent drama. The Saudi idea of taking Aramco public has been withdrawn.

24:03 - There's no such thing as retirement without income.

25:56 - What happens when your Tesla runs out of power before you get home? Gregory relays a story from a colleague who got stranded in his Tesla SUV.

35:54 - Now that we are in the longest bull market in history, is it time to get out?

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0:01:19 - We review the top financial headlines of the week, and James tells the story of how he came home from a charity gala last night with two new guitars.

0:13:45 - Gregory goes into a lot more depth on how a 7702 plan works. How is it structured? How is it funded? How can it be used for tax free income? How is it different than a Roth IRA? Gregory gives some numbers on how a 7702 plan was set up.

0:18:46 - Do you need to have earned income to contribute to a 7702 plan? John in Violet asks Gregory if he can get some of his existed assets positioned for tax free income.

0:23:59 - Gregory in Metairie shares his appreciation for Gregory Ricks going into more details on the options in the life insurance world.

0:41:32 - So you want a bigger house, and you finally have some money to make that happen. How do you know if you should add on to your existing house, or move? And if you choose to move, how do you know if you should build a new house or get an existing one? This week's guest from the Total Wealth Authority, Lesha Nugent Freeland of Keller Williams Realty, has tips for when you are looking to upgrade your house.

1:02:54 - Adding on to your house may make it much harder to sell! Lesha Nugent Freeland shares the pain of a couple that added on a second story when grandma moved in to help out with the kids. Now the house is almost twice as big as every other house in the neighborhood, and a very unpopular mansard roof style doesn't help much either.

1:29:49 - You have 3 beneficiary options in your IRA. Gregory decodes the details of how to know which IRA beneficiary option fits your situation.

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00:40 - The financial world is clearing up from the initial uncertainty from the tariff hikes across most of the US trading partners. The EU has already come around, Mexico is expected to announce a deal soon, and both Canada and China sound like they want to work things out soon. Gregory and James recognize some of the classic negotiating tactics taught in business school, and it seems to be much more effective than the typical approach from a politician.

08:05 - In response to escalating tariffs and criticism from the United States, the Turkish President calls for a boycott of American products. Some have posted videos smashing their iPhones. Really?

14:35 - Aretha Franklin passed. Best singer ever? Gregory thinks this sounds like the debate over the best basketball player ever.

17:44 - What should you do with the extra income from overtime? Derrick in Picayune asks Gregory what he should do with the extra income he's been getting from working overtime: paying off his student loan, build up his emergency savings, or something else?

21:17 - Gregory shares some wisdom from Ben Franklin's workday schedule. Franklin kept notes on his daily routine that begins with waking up at 5am. Waking up early and getting started can make a big difference, and focusing on a daily goal is important as well.

36:34 - The Numbers are mostly green, with trade negotiations giving the markets optimism this tariff mess will end shortly. Walmart had a great quarterly wearnings report with huge growth in their digital sales and pickup services.

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01:07 - Tesla gets a subpeona from the SEC, and it's reported to be over the events that caused Tesla's stock to be halted last week. If you're a do-it-yourself investor, it's important you know what the laws say about sharing inside business information.

07:35 - Turkey has been selling off about half of their holdings in US debt. Gregory thinks it could be because they needed the money, and may not have much to do with them divesting from the US.

15:51 - Questions you should ask the trustee of your IRA Iheritance Trust. Does the Trustee know how to properly handle the titling on the IRA after it passes through the trust?

18:50 - Does the Trustee know about all of the issues that need to be resolved during the Shakeout Period? Does the Trustee know the Shakeout Period deadline?

25:13 - Ryan in Metairie asks Gregory to explain how the clawback rules work for those who turn on Social Security before their Full Retirement Age.

38:47 - Kobe Bryant cashes in on an investment into the sports drink Body Armor, after it was sold to Coca Cola. Gregory shares a report showing Kobe turned $6 million to $200 million.

40:26 - What can you do if your property is trying to be annexed? Charles is calling from an unincorporated area of the Mississippi Gulf Coast, and if his property gets annexed as planned, his taxes will go through the roof!

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00:53 - Gregory explains the different fees that may come with a variable annuity.

14:03 - How can you get started young for retirement savings? Donald in Slidell is 21 and setting up his first 401k. What guidance does Gregory have for a young guy just getting started in the working world who wants to get an early start on saving for retirement?

24:55 - A guy asks Gregory if he can get a spousal benefit from his deceased ex wife's record.

26:17 - Gregory helps a client understand how to arrange the beneficiary designations for her IRAs and other assets, and how to use a trust to make sure it all goes down correctly.

36:25 - You have 3 beneficiary options in your IRA. Gregory decodes the details of how to know which IRA beneficiary option fits your situation.

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02:01 - Winning at Life lost a friend of the show today. He was a good example of a guy who worked hard to develop his expertise, and used his success to help others. It's always impressive to see a guy who constantly stayed up-to-date in his field his entire career. Gregory stresses the power of constant self improvement, and how investing time in your own ability is crucial.

13:46 - Will a Saudi Prince bail out Tesla so it can go private? Gregory shares a report that the Saudi Sovereign Wealth Fund is estimated at about $2 trillion. Buying out Tesla for $80 billion would be nothing for them. Will they? Will it work?

22:34 - John Goodenough developed the lithium-cobalt breakthrough in battery technology 30 years ago. Now in his late 90s, he's working on the next generation.

26:41 - Do you need to have earned income to contribute to a 7702 plan? John in Violet asks Gregory if he can get some of his existed assets positioned for tax free income.

28:34 - Gregory goes into a lot more depth on how a 7702 plan works. How is it structured? How is it funded? How can it be used for tax free income? How is it different than a Roth IRA?

38:00 - Gregory gives some numbers on how a 7702 plan was set up.

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0:01:08 - The Space Force tasks will include protecting the banking system's reliance on GPS. All of our lives have become incredibly reliant on the technology floating above us in orbit. Gregory reacts to a guy from NASA saying: if our satellites get hit, there won't be milk in the grocery store in three days.

0:14:23 - Gregory talks about the two biggest catastrophes he thinks could happen. Some of this will be addressed by this new Space Force. It also gives you an idea how you would want to be prepared for emergencies.

0:19:34 - The ability to see what's coming could help you decide what investments to make. If you were able to see the dominance of cell phones 30 years ago, you would've known to jump in on those various tech stocks that are tied to cell phones.

0:25:11 - James in New Orleans is maxing out his 401k and still has extra money to invest at the end of the month. What are some of his other investing options for retirement?

0:33:30 - Do you need to have earned income to contribute to a 7702 plan? John in Violet asks Gregory if he can get some of his existed assets positioned for tax free income.

0:35:38 - How can you get started young for retirement savings? Donald in Slidell is 21 and setting up his first 401k. What guidance does Gregory have for a young guy just getting started in the working world who wants to get an early start on saving for retirement?

0:46:08 - Wes Blanchard, Estate Planning Attorny of the Total Wealth Authority, reacts to the story of a married couple of retired schoolteachers who left a painting behind worth $160 million.

0:57:01 - Lance in Biloxi is the executor of his elderly parents' trust, and wants Gregory's help making the best use of their assets to cover their long term care. Wes Blanchard and Gregory Ricks talk about some of the similar cases they've seen for Lance's situation.

1:03:38 - Wes and Gregory explain how capital gains are calculated for a house that's donated or inherited.

1:07:40 - How does the inheritance laws work for siblings that have no children? Johnny in Gentilly asks Wes Blanchard and Gregory Ricks how the property would be dispersed for him and his siblings, none of whom have children.

1:18:47 - Steven in Arabi is thinking about getting rid of his rental properties before starting Social Security so he doesn't get penalized for having income. Gregory explains that rental income is usually considered passive income that won't be subject to the early Social Security clawback.

1:22:58 - Carol in Folsom wants to amend her will. Can you handwrite an addition to your will and just have it added in? Wes Blanchard explains that's called a codicil, and a codicil must fit the format of the original will. It's not unusual to have

1:26:38 - Did Elon Musk tweets about Tesla break the law? Wes Blanchard and Gregory Ricks detail the fine line the Tesla CEO was walking with his bizarre behavior via Twitter this week that halted trading of Tesla stock.

1:29:57 - James reviews a quick list of financial news stories from Mississippi for the week, with new business deals bringing more jobs. Gregory helps decode how the tightening job market still has a ways to go before if we hope to see significant wage increases.

1:37:50 - Thomas from Gonzales needs help understanding his Social Security options. He has two ex wives of over 10 years each. He also has a pension that comes with a Windfall Elimination Provision offset on his Social Security retirement benefit. Gregory asks a few questions, and gives Thomas his two best options.

1:42:09 - JD in Ocean Springs has been working for a municipal system in Mississippi that doesn't participate in Social Security. He asks Gregory how the PERS retirement system pension could affect his Social Security benefits with the Windfall Elimination Provision.

1:48:28 - What is this Space Force really all about? The technology dependent on GPS is some of the most critical functions in our society. The technology pursuits that seek to make our satellites more secure, and the techonology pursuits that give us a more efficient alternatives for satellite usage, those will be the ones that a forward thinking investor would want to research and watch.

1:53:22 - The stock market was at $31.1 trillion in July 2018, and was at $7.6 trillion at the bottom of the 2009 low. Gregory walks you through the history on how long it has taken the stock market to double over the years.

1:57:49 - Phillip in Corinth is playing catch up on his investing for retirement. A Roth IRA sounds like something he would like to get into, and Gregory explains how Phillip can get some tax free retirement income in the mix.

2:02:30 - Paul calls from Dauphin Island to ask Gregory's opinion on his TSP options. Paul is enrolled under FERS, and has needs help with the different fund plans available in a Thrift Savings Plan.

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20 Things Rich People Do Every Day (that poor people don't).

22:42 - David in New Orleans wants to know if there's an age at which he can stop paying taxes.

32:21 - JD in Ocean Springs has been working for a municipal system in Mississippi that doesn't participate in Social Security. He asks Gregory how this could affect his benefits with the Windfall Elimination Provision.

00:44 - Elon Musk may be in hot water over his bizarre behavior yesterday in connection with Tesla stock being halted. There's still some missing details around the incident, and some analysts are making a pretty convincing case that Elon Musk ran afoul of the law. A big issue is whether or not Musk had really secured funding for a buyout as claimed in his tweet.

07:18 - A Congressman is charged with insider trading, and it looks in some ways like a textbook case. However, it looks like the Congressman himself didn't make any trades, but he passed along inside info before it was made public to his son, and a handful of people DID make trades based on that info.

23:02 - Gregory explains how and why stock indices have rules in place that causes a stock to be halted, or sometimes trading across a whole index could be halted.

28:51 - The Numbers are mostly flat today, and the fun part is in the short sheet.

32:28 - Norman in Garyville bought some gold biscuits in Dubai over the last 15 years or so, and it's turned out well. Those gold commercials rub him the wrong way, though.

40:43 - If you invested $1000 in Apple ten years ago, how much would it be worth today? If you invested $1000 in Tesla at their IPO eight years ago, how much would it be worth today?

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