Winning at Life with Gregory Ricks

Gregory's flight had an aborted landing at the New Orleans airport, and they had to go wait out the bad weather in Jackson. It's a pretty harrowing experience, but the airline seemed to handle it OK.

PT Barnum's financial advice from the 1880s stands the test of time well. Gregory and James discuss some of the timeless pieces of financial guidance, starting with: live below your means.

JB in Covington calls in and asks Gregory what all info she needs to have to get him to make her a financial plan. She's working with Wes and Jude of the Total Wealth Authority, and needs Gregory's services as well.

Gregory expands on PT Barnum's advice railing against smoking tobacco and drinking alcohol. It sounds like health advice, but Barnum warns about poor health above choosing the correct vocation.

Barnum also warns against buying things on credit and getting into personal debt.

Jude Heath, CPA of the Total Wealth Authority, chats with Gregory about how to handle the IRS when you get behind on your taxes. The tax resolution commercials you hear on the radio and see on TV aren't a total scam, but there's better ways to go about cleaning up your tax record, and there's no substitute for having your own CPA.

Jude Heath breaks down the financial dilemna created by the wedding of Prince Harry to the American Megan Markle. The royal family has been steadfast about keeping their financial details under wraps, but American law may get the IRS in the Queen's business. Plus, things could really get complicated if she's still an American citizen when they start having kids.

Jude responds to the story of the financial professional who messed up the Required Minimum Distribution from her own IRA.

The Supreme Court strikes down a ban on sports betting, making it legal in Mississippi! Before the decision to allow sports betting came down, MS had already passed the legislation necessary, and Gulf Coast casinos could be taking bets by football season. This could be a game changer for the Mississippi Coast.

Robert in Slidell asks Gregory if his wife is eligible to draw off of his work record, or hers, and which should she use?

Eric in Biloxi wants to know if his wife's spousal Social Security benefit is correct, because the amount is not half the size of his check.

John in Marrero is a widower, and asks Gregory if he can draw from the widow's benefit while his Social Security record grows.

Larry in Marrero asks Gregory for some idea on how he could transfer a piece of property to his son.

Kenneth in Biloxi asks Gregory about how the math looks when you turn on Social Security early. Gregory walks through the numbers, but also reminds Kenneth that the larger benefit could help out his wife after he's gone.

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How much does it REALLY cost to own a home in retirement? While it can be nice to have your home paid off in retirement, it may be better to have the cash on hand instead of plowing it into your house.

An expert advisor on retirement planning admits to messing up her own distributions from her IRA. When it was time for Required Minimum Distributions, she opted for a Qualified Charitable Distribution option, but when all of the checks don't find their targets, problems start.

Someone leaves a busted up Maclaren in the Nevada desert. It had been part of a cross country supercar rally. If someone is walking away from a $300k car like that, they are living in a completely different world than the rest of us.

Meet the father of the offshore oil industry: Doc Laborde.

Is early retirement really worth financial hit? Gregory and James review a few scenarios that could help your money last if you decide to retire early. Cutting expenses and getting even a small income from a passion project can be the boost you need to stop working early.

Gregory gives the real truth behind Peak Gold, and explains how history and technology show that we still have a long way to go. Gold mining reality shows are an interesting display of how technology has changed the gold industry, and most of the gold above ground today has been extracted in the last 50 years.

Jim in Baton Rouge asks Gregory if he's ready to retire. Giving his current assets versus his standard of living, retiring now at age 57 is pretty close, but working five more years would really put him in a safer situation.

Gregory and James welcome the new sponsor on Winning at Life: Spectacular Tubers! Spectacular Tubers is a chain of restaurants that specializes in baked potatoes and sandwiches, with a few locations from Baton Rouge, Grammercy, and Gonzales. SpectacularTubers.com.

A man with early dementia is reportedly robbed of over a million dollars by his caretaker-relative and a crooked insurance salesman. Gregory suspects that while no financial safeguards are 100% foolproof, you can sure prevent a lot of financial abuse with proper legal structuring and well designed trusts.

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The Supreme Court strikes down a ban on sports betting, making it legal in Mississippi! Before the decision to allow sports betting came down, MS had already passed the legislation necessary, and Gulf Coast casinos could be taking bets by football season.

A Tesla car on autopilot smashes into a stopped fire truck at 60mph. Elon Musk has an interesting spin on the accident. Gregory warns that autopilot won't be rully reliable for a few years, and you'd be crazy to not oversee it. James worries he'll be late to work in the future because he has to wait on his car's operating system to finish updating.

Dennis in New Orleans asks Gregory how the taxes on his Social Security income is calculated. It gets pretty complicated trying to determine which income streams are counted toward your income base for Social Security inclusion.

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What websites does Gregory prefer for financial resources and business news. Yahoo Finance was one of the best financial hubs for a long time until Google Finance showed up. However, Google Finance has been through some changes over the last year that hasn't helped their standing. Ultimately, Gregory relies on market information most people don't have access to. Gregory and James discuss some other websites used to keep up with your money.

Gregory stresses the importance of Beneficiary Designations, and keeping them up to date. These forms are often neglected. Qualified accounts, annuities, and life insurance all bypass the will and need a current beneficiary designation.

Chuck in Mandeville asks Gregory about using Dividend Aristocrats. How should yields affect your decision to buy or sell a stock?

Sean in Kenner is wanting to know how he should take advantage of the retirement options through his employer. There's already contributions going to a pension and Roth IRA. How does Gregory rate his plan? Sean also wants to know how fixed annuities should be used in the mix.

Robert texts in from the Winning at Life app and asks Gregory who will be the big winners in the business world if North Korea agrees to peace?

Dwayne Stein our mortgage pro in the Total Wealth Authority and host of Mortgage Gumbo says this Korea meeting could ease rates a bit, but the Fed will be moving them up regardless.

Jose in Gretna plans on retiring next year. When should he turn on his Social Security and Medicare?

Wallace in Gulfport asks Gregory to explain what it means when a 401k fund is aggressive.

Dwayne Stein talks about how Reverse Mortgage rules have drastically changed in the last 10 years, and some of the older loans can have tighter math. Reverse Mortgages and refinances will be affected by rising interest rates.

Valerie calls in from New Orleans to ask Dwayne Stein what home buying programs are available.

Jonathan in West Virginia asks Dwayne Stein if the rate he is offered on a new loan sounds like a good deal.

Dwayne Stein talks about how the record setting levels of consumer debt can be linked to rising home values, but how long can both be going up?

Dwayne tells the story of a 72 year old on the Gulf Coast who is retiring, and is using a reverse mortgage from Mortgage Gumbo to turn on an income stream from his home.

Herbert on Facebook asks Gregory about paying off old debts. If a bill goes to a collection agency, is it better to pay the agency or the original business? Gregory gives guidance on how to find out.

Sports betting may be legal in Mississippi as soon as Monday, and we should have an answer before the end of the Supreme Court season through June.

In retirement, do you really need two cars? Gregory and James discuss what it means to have your own car at your disposal.

Ken in Harvey warns that if Louisiana legalizes sports betting, it would not be able to host NCAA events anymore.

Gregory reviews how your Social Security benefits can be affected if you turn on your benefit before Full Retirement Age while continuing to work. It's a little more complicated than it sounds.

James shares a glitch in the Matrix: he sends Mother's Day flowers a day early to avoid the upcharge on delivery.

Eddie in Slidell asks about how delaying Medicare can lead to higher premiums.

Matthew in Metairie asks Gregory about the pros and cons between a debt consolidation loan and a debt management system.

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Women spend an average of 44% of their adult life out of the work force. Men average just 28% of their adult life out of the work force.

James reports with more audio of the Google AI phone calls. Gregory gives his thoughts on where this new technology is going, and disagrees with the theory that personal car ownership will go away.

Gregory is thinking about holding a one night class on Social Security rules across the Gulf Coast.

Mike in Mississippi asks Gregory to explain the differences in a revokable and irrevokable trust. How do you determine which one to use?

Do you really save enough money for a couple to have only one car in retirement? Gregory leans toward everyone who can drive would be happier with their own car, and it doesn't have to be too expensive.

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Taxes are on sale right now. Knowing that taxes just got lowered AND are likely to go up in the future, how do you take advantage of taxes being on sale right now. Looking at what other countries like Italy pay for Social Security taxes is incredibly high.

Lou in Covington asks Gregory about converting a Traditional IRA to a Roth IRA to avoid Required Minimum Distributions.

Brian in New Orleans is self employed and is concerned he doesn't have a strong Social Security record.

Daney in Metairie has a crazy ex husband, and wants to know what Social Security benefits she may be entitled to under his record. There was a Bird Flu mention somewhere in there.

Greg in Rio, LA has a loan out against his 401k, and he's moving to a new job.

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In stressing the importance of knowing your risk tolerance, James relays his parable on gas station food.

A survey shows there's 20 things rich people do daily that poor people do not.

Gay in Hammond wants to know how working for the state as a teacher in both Louisiana and Mississippi affects her Social Security retirement benefit.

Lesha Nugent Freeland, Realtor of the Total Wealth Authority, answers some real estate questions and highlights a couple of featured properties.

Harley in New Orleans asks Lesha about buying his grandfather's old house. How do you quantify sentiment?

We review some highlights of Gregory helping callers of the week.

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Maestro Dennis Assaf reflects on the legacy of the Jefferson Performing Arts Society as their 40th season comes to a close.

Hear James and Gregory run through the list of regular things rich people do that poor people do not.

Hear highlights from Total Wealth Authority members: Jude Heath, Wes Blanchard, and Dwayne Stein, as they help callers.

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Do you know all of your options on when and how you can turn on your Social Security benefit? Our next Gregory Ricks Live is coming up Tuesday, May 8, 6:30pm at Ruth's Chris in Metairie. It is for women only and pairs together great wine, wisdom, and food. If you think Gregory Ricks could help you with your money, RSVP at GregoryRicks.com or 504.832.9200.

Gregory shares the story of how you can use some provisions in Section 7702 of the tax code to set up a stream of tax free income. It's not for everyone, but it's a powerful option for those overweighted in taxable retirement income.

Stan calls in from the Mississippi Gulf Coast and asks Gregory WHY does he have to take Required Minimum Distributions from his IRA? Stan also wants to know if he can take advantage of the tax free income plan from Gregory's story in the previous segment. After explaining some of the reasons the IRS has RMDs, Gregory goes into more detail about different ways to structure an income stream that's untaxed.

How do you know when you should get a prenuptual agreement? One financial advisor recommends his clients to a psycho therapist, who then analyzes their financial temperament. Gregory uses part of the financial temperament quiz on James.

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