Winning at Life with Gregory Ricks

As Tesla continues to miss its production targets and burn through cash, Elon Musk goes to Twitter to claim Tesla will be profitable by the end of the year. What do you think will happen first: Elon Musk will have Tesla profitable or he will have a colony on Mars? Meanwhile, Netflix looks unstoppable, and is now worth more than Fox, CBS, Viacom, and some of the other big boys in broadcasting.

As Gregory's financial business continues to grow, we learn how to deal with issues that affect many small businesses that are growing. How does Gregory handle the stresses of a growing company? How has Gregory's skill set evolved?

A viewer in Periscope asks Gregory to explain what it means to short a stock, and how do you make money shorting stocks?

The Consumer Financial Protection Bureau may fine Wells Fargo $1 billion for swindling 570,000 customers. If I took money from someone involuntarily by force or fraud, I would be arrested and sent to jail. If these bankers really did steal money from folks, why are we skipping criminal charges? You mean you can't rip off American consumers as long as the CFPB gets paid off? What kind of corrupt garbage is that?

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If you've been looking for a way to grow your business, have you considered advertising with Winning at Life? Radio has been declared to be dying, but has the highest reach of any medium. It beats TV, print, online, and on-air radio shows dominate the ratings for the world of streams and podcasts.

Rick Perry tells Stuart Varney that fracking and horizontal drilling has been helping America and slowing down Russia. Trump's softer tone on China relaxes the markets for a modest gain today.

Jay in Covington won a huge jackpot playing poker at the casino, and gets a 1099 for the $38,000 in winnings. What does the IRS expect from him? How does the withholding works? Gregory relays some thoughts from his personal experience on how casinos handle some of these poker rooms, and thoughts from his professional experience on how the IRS treats gambling wins.

Gregory helps Billy from Houma work out some of his options in using a Home Equity Line of Credit to pay for his daughter's tuition. In a rising interest rate world, having an adjustable rate can be a pain. Could it be better to lock in an interest rate now with a cash-out refinance to pay off the HELOC and cover the rest of the tuition costs?

Mike calls in from New Orleans to get Gregory's thoughts on a variable annuity offer. Mike did some of his own research, and is not impressed with the fees and features. Gregory confirms Mike's research as accurate, rails on variable annuities pretty hard, and then offers some better alternatives.

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Gregory Ricks and James Parker discuss reports of a lawsuit from Drew Brees against a jeweler in California. Are diamonds and jewelry useful investments? How do you keep from getting scammed?

Mike calls in from New Orleans to get Gregory's thoughts on a variable annuity offer. Mike did some of his own research, and is not impressed with the fees and features. Gregory confirms Mike's research as accurate, rails on variable annuities pretty hard, and then offers some better alternatives.

Gregory Ricks reviews some great audio from Larry Kudlow - who is now an economic adviser for Trump - about what's going on with China and the talk of tarrifs. Whatever changes can be made to our trade policy with China will reverberate throughout the markets and affect us all. Gregory also agrees with Kudlow's idea of making China follow some of the same trade rules as first world countries.

Our Realtor of the Total Wealth Authority Lesha Nugent Freeland is in studio for an hour covering some horrifying stories of issues with the home that were overlooked during the buying process.

A family in unincorporated Harrison County Mississippi recently moved into their newly built 6 bedroom dream home. Unfortunately, the contractor only put in a septic system for a three bedroom house. How can you avoid a mess like this? Lesha shares a few other stories of overlooked issues she has seen.

Lesha Nugent Freeland details a couple of featured properties that will be having an open house the next day.

Alan from Diamondhead asks Lesha about how the inspection process can miss some of these property issues.

Producer Angie asks Gregory Ricks about her mother-in-law's situation with part of her widows benefit from Social Security being reduced because she turned it on early.

Gregory helps Billy from Houma work out some of his options in using a Home Equity Line of Credit to pay for his daughter's tuition. In a rising interest rate world, having an adjustable rate can be a pain. Could it be better to lock in an interest rate now with a cash-out refinance to pay off the HELOC and cover the rest of the tuition costs?

Kevin in Covington is coming across some extra income. He wants Gregory's opinion on where he could best utilize the new money. Getting a raise means you need to take a look at your emergency savings, your current company plan, your mortgage, getting caught up on your credit cards, taxes, and other debts. Gregory walks through a few options with Kevin.

Jay in Covington won a huge jackpot playing poker at the casino, and gets a 1099 for the $38,000 in winnings. What does the IRS expect from him? How does the withholding works? Gregory relays some thoughts from his personal experience on how casinos handle some of these poker rooms, and thoughts from his professional experience on how the IRS treats gambling wins.

Butch is driving up I-55, and asks Gregory for ideas on how to raise some private capital for to renovate a resort in exchange for a piece of the ownership. Gregory gives him a few ideas on where to start.

Gregory Ricks gives you his take on the Chinese trade issues. Is there a damaging trade war between the world's two biggest economies on the way? Or, is this just what it looks like to have a tough stance on reforming some of our flawed trade deals? Should China play by the rules of a first world country?

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James relays a useful tip he learned at the cell phone repair shop.

Gregory Ricks gives you his take on the Chinese trade issues. Is there a damaging trade war between the world's two biggest economies on the way? Or, is this just what it looks like to have a tough stance on reforming some of our flawed trade deals? Should China play by the rules of a first world country?

Sherri from Bay St Louis asks Gregory Ricks to explain what it means to have a balloon note on your mortgage? Gregory walks her through the basics, and shares some stories on how a balloon mortgage can be used.

The WSJ reports the top 20% of income earners are projected to pay 87% of all federal income taxes in 2018. Tax planning is something you should really focus on if you're in the top 20%, and all it takes is a household with around $150k in annual income.

Producer Angie asks Gregory Ricks about her mother-in-law's situation with part of her widows benefit from Social Security being reduced because she turned it on early.

Bill in Pontchatoula has a old 401k from a previous job, a new employer offering a 401k, and a side business as an LLC. Gregory Ricks helps decode some of the options Bill could use to get on the right path.

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David Stockman, a former Reagan economic advisor, is saying the markets and the economy as a whole are going down the tubes, and this market downturn is just the beginning. Stockman focuses on the Fed, the stock bubble, and Trump's recent criticism of Amazon.

Gregory recounts a story about a young widow who is trying to put together an retirement plan, and has about 15 years left until retirement.

Cole calls Gregory from Hammond. He's 30 years old, and has his 401k still in the market. Should he ride the market down and not worry about it too much since he has the time? If he does get out, what does that look like? How does he know when to get back in?

Spotify has a shakey start that ends up just slightly down. Gregory responds to some coverage of the high profile IPO on Fox Business.

Gregory and James review some of the stocks on the short sheet that are not following the generaltrend line of the overall markets. There are always opportunities to find winning stocks in the markets, they just become harder to find when the indexes are all trending down.

Doug on the Northshore asks if he should do a reverse mortgage, HELOC, or a cash-out refinance on his mortgage. Gregory says a reverse mortgage is probably not the better option, because his wife is not old enough to be on the reverse mortgage. Gregory probes Doug's other financial options, and recommends he talks to Dwayne Stein at MortgageGumbo.com.

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We start the show by reviewing a great call from Saturday's show: Jim in Bush calls to ask Gregory how his IRA's Required Minimum Distribution is calculated.

The Numbers covers the biggest trading day loss to start Q2 since the 1930s.

Scott in Biloxi has fallen on hard times since he became unemployed. He calls Gregory to ask about dipping into his IRA to get by until he finds work. Which account should the money come from? How will I be taxes? How much are the penalties? Do you have other options?

Gregory teaches you a rare exception with 403b accounts. If a 403b participant has funds in a plan before 1987, they may delay Required Minimum Distributions until age 75. The Old Money Rule allows you to delay only the monies vested in the plan before December 31, 1986. Contributions after the cut off are subject to regular RMD rules.

James and Gregory preview the IPO for Spotify. It's a rare direct listing, and still holds the same risks as a typical IPO. Spotify has been around 12 years, and still hasn't turned a profit.

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Gregory explains how the rules for Required Minimum Distributions are calculated for a 401k after age 71 if you are still working at that job.

Jim in Bush calls to ask Gregory how his IRA's Required Minimum Distribution is calculated.

Dale calls in from the Northshore to ask Gregory how his IRA's Required Minimum Distribution is calculated.

Charles calls in from Mobile to ask Gregory Ricks about the tax implications of selling a house that he's lived in for less than two years. Jude Heath, the CPA of the Total Wealth Authority, adds to the guidance from an accounting perspective.

Jude Heath explains how keeping records on home improvement expenses for your home could lower your capital gains exposure when the house is sold. Keep in mind there's a 10 year statute of limitations on home expenses being applied to your cost basis, and review your records with your accountant before putting the house up for sale.

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The show starts with the Numbers segment, because some big companies are taking a beating like Amazon, Facebook, and poor old GE.

What happens when you inherit an annuity? Gregory Ricks explains how the taxes are figured, what your timeline looks like, and options on how to extract the money.

What happens when you inherit an inherited IRA? Gregory Ricks and James Parker discuss the rules for IRA distributions evolve when an Inherited IRA gets passed down a second time.

Scott from Mobile texts in from the Winning at Life app asking for Gregory and James' thoughts on Susan Rice being named to the Board of Directors at Netflix.

Gregory answers a follow up question about how payments are calculated on an inherited annuity.

The Mega Millions is up to $502 million. Gregory Ricks helps James break down how much "stupid money" he could blow from the jackpot, yet still maintain a millionaire cash flow for life from the remaining assets.

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Elon Musk's Boring Company plans to sell giant legos.

Charles texts from the Winning at Life app asking about his girlfriend's $100k in student loan debt. Gregory Ricks spells out what it's going to take to get that resolved.

Gregory recommends you live like a pauper through college, and continue to be frugal until you're out of debt. Be aware of the salary range of the student's major, the availability of landing the right job, and the total price tag of the degree.

The Numbers: Volatility continues in the stock market. 10 Year Treasuries are close to an interesting support level.

Mike in Alabama maxes out his 401k, and puts the excess contributions in an IRA. His broker says he needs to move his funds into a new IRA, because of some rule changes. What's that about?

Mississippi casinos scored $170 million statewide in gambling losses last month. What a business!

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Gregory and James start out the show with the Numbers segment, because the Dow is down about 1,700 points for the week.

Jackie in Houma is starting contributions to her first 401k at age 33. She wants Gregory's thoughts on how to choose which funds to use.

Maggie in Long Beach calls in to update us on her journey to get out of debt that started with a call last year.

Eddie in Thibodaux is also giving us an update on his situation. He called a few years ago asking Gregory's thoughts on buying or renting for his daughter while she attends LSU. Now, she's graduating. Should he keep it?

Kim in Slidell has a financial situation for Gregory that involves her daughter being an international runway model, but piling up debt. How do they get a handle on their money?

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