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Winning at Life Daily Wrap: 04.26.18
April 26, 2018 09:42 PM PDT
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There's an international wine shortage! Gregory explains how this happened, and the business side of the wine industry.

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.

Scott in Mobile texts in from the Winning at Life app to recommend HiYa: an app to weed out scammers.

Doug on the Northshore calls in and shares how he likes to deal with phone scammers.

Really? Wells Fargo is in trouble again? The Feds are looking into 401k rollovers, and if they were recommended with fees in mind.

Dennis Gartman was on Fox Business, and we review his audio making a pretty solid case on why he's bearish.

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Winning at Life Daily Wrap: 04.25.18
April 26, 2018 10:00 AM PDT
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If an employer offers a 12% match on your 401k, is there any down sides to that? Gregory answers this question from Ronda in the Facebook Live comments. She contributes the match, PLUS a little more. Gregory's concern is that if you have all of your retirement savings in a pre-tax status, you're setting yourself up for some tax consequences you may not like when you take income from those assets. In a 12% match on the 401k, once you get to the full matched amount, it becomes even more important to look for ways to reduce your taxable income in retirement.

Gregory had an interesting case he was working on in his office where a pension, 401k, and Social Security, and a tax-free income source will combine to get a solid income stream with minimal taxes.

Jay in New Orleans says she doesn't really need her Social Security now, so does it make sense to turn it on at age 62 and invest it all? She is also concerned that Social Security could be greatly reduced sometime in the near future. Gregory asks some questions about her financial situation, and shows her how the math on waiting until 70 could be a better way to maximize your 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.

The Number highlighted 10 year treasuries hanging in above 3%.

Ford says they are cutting some brands and focusing on SUVs, crossovers, Mustangs, and trucks.

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Winning at Life Daily Wrap: 04.24.18
April 25, 2018 08:21 AM PDT
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James recorded a phone scammer pretending to be the IRS. Gregory Ricks has the story of Amazon getting its cloud service hijacked for a few hours this morning. Quite a few people were redirected to dummy sites and phished. Some lost crypto currency. Not much damage was done though, so it looks like it may be a dry run for something bigger.

Oil is climbing back to levels it hasn't seen since before the price collapsed in 2014. Ten Year Treasury bonds are finally hitting 3% again.

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.

Starting early is a huge advantage to investing for retirement. Gregory runs through the math on what small sums saved monthly can do if it has time to work. If you save $50 a month, you will be ahead of half of your fellow Americans when it comes time to retire.

Gregory Ricks shares his summary of where the cryptocurrency world is heading, and it's not pretty.

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Winning at Life Daily Wrap: 04.23.18
April 23, 2018 07:21 PM PDT
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Why do we have a women only event? 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.

Mel in Slidell asks Gregory if his girlfriend's state pension from being a teacher will affect her Social Security payments, even though she's always had a side job? Gregory gets him up to speed on the Windfall Elimination Provision for Louisiana state pensioners.

Gregory and James review a call from Saturday's show where Mary in Belle Chase asks Gregory Ricks if Social Security automatically reevalutes her earnings record every year. She has continued working after turning on her payments, but hasn't seen much of an increase. How does that work?

Rick in Pascagoula is working full time and has just started his Social Security retirement benefit. Is there any kind of earnings threshold where they withhold money? Do his new tax contributions get factored into his benefit?

Norman from Garyville asks Gregory Ricks how Social Security penalizes you for working if you turn it on before full retirement age.

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Winning at Life Daily Wrap: 04.21.18
April 22, 2018 11:48 AM PDT
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Gregory Ricks responds to reports of reforms to the fiduciary regulations. Since the Department of Labor's new fiduciary rule has been halted, some advocate a less-stringent reform. The SEC voted to tighten the rules on some stock brokers. Learn how to ask the right questions of the person who is handling your money.

Mary from Belle Chases asks Gregory Ricks if Social Security automatically reevalutes her earnings record every year. She has continued working after turning on her payments, but hasn't seen much of an increase.

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.

Emile asks a question in the Facebook Live comments: "When Gregory said social security income is based on good 35 years. How does the history adjust to your current highest paying job or can it go on the history of the longest work history at a lower salary?"

Jude Heath, the CPA of the Total Wealth Authority, is in studio for an hour to talk taxes. This tax season got a few extra days, thanks to the weekend, a holiday, and a website crash.

We review a call from the Winning at Life Daily Wrap with Jude Heath's ideas thrown in this time. Larry called in from Long Beach, Mississippi with a good problem. Even though he's in his mid 50s, he has no retirement savings, but a new business venture is now pulling in about $15,000 a month. Now that he has the extra income, how does he play catch up? Gregory starts with making sure his business is structured properly, and getting some retirement savings built up through his company plan.

Jason from Metairie wants to cash out his old life insurance policy. How will his payout be taxed? Where should he put the money? Is buying some term coverage in the mean time a good strategy?

The Supreme Court is considering a case about online sales tax collection. In this battle between the Dakotas (somehow), the result will absolutely reverberate throughout the retail world online and offline.

Some changes in the Trump tax reform changed entertainment write offs for businesses. If we had a suite for the New Orleans Pelicans playoff game today, how could we write some of that off? Henry calls from Metairie to ask Jude Heath and Gregory Ricks some questions about business and travel tax deductions.

John in Pascagoula asks Gregory Ricks and Jude Heath about how the childrens' benefit from his deceased wife's pension is taxed.

Gregory Ricks and James Parker report the story of the Southwest flight where the engine blew up and had to make an emergency landing.

Nelson calls in from Covington, Louisiana to ask Gregory Ricks his opinion about doing a Roth conversion on his IRA to take advantage of the tax situation.

Tom in New Orleans asks Gregory Ricks about how a self-employed investor can best utilize a SEP.

Randy in Metairie has some old savings bonds he found that were bought back in the 80s. How does he figure out the value of these things, and how would he cash them in? SHOULD he cash them in?

Janelle asks Gregory how she should address her property tax assesment somehow doubling in one year.

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Winning at Life Daily Wrap: 04.20.18
April 21, 2018 06:48 AM PDT
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North Korea says they will suspend their nuclear program to have talks. It's a historic move politically, but also means this battle of tariff proposals between the US and China is getting results. This could mean we avoid a trade war AND open up Chinese markets for US trade.

The financial consequences of a NFL team's first round draft bust is worth about $10 million. The Saints recent draft success has been improving their money and talent.

Gregory shares a client case with a pretty flexible pension through Mississippi FERS. He can do a full or partial lump sum, and have COLA increases on his payout. Gregory walks through the math and other considerations on how they decided how to best utilize the pension options. There's also some tax issues to keep in mind.

Well Fargo has agreed to pay another fine to the CFPB, although seeing as how the CFPB gets to keep half the money, something smells shady. It looks like a business can do shady things and avoid criminal prosecution if they simply pay this agency a kickback. Does it create a conflict of interest that a supposed consumer protection agency stands to gain financially the more consumers are violated?

Larry in Picayune calls in to ask Gregory's opinion on how he should start saving money on behalf og his young children. Does he need to invest that money, or just leave it in a regular savings account or what?

Gregory talks about having some fun earlier today at Nola Motorsports Park.

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.

Larry calls in from Long Beach with a good problem. Even though he's in his mid 50s, he has no retirement savings, but a new business venture is now pulling in about $15,000 a month. Now that he has the extra income, how does he play catch up? Gregory starts with making sure his business is structured properly, and getting some retirement savings built up through his company plan.

Nick calls from Hammond to ask Gregory's opinion on using a life insurance policy as a tax-efficient source of income in retirement.

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Winning at Life Daily Wrap: 04.19.18
April 20, 2018 07:57 AM PDT
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Just because you retire doesn't mean your taxes go away. Find out from Gregory Ricks how the IRS hits your retirement income streams like Social Security, IRA distributions, income from your 401k, and investment gains. Gregory goes into more detail on how stock dividends can be taxed, and what factors can affect that amount.

A couple in Gregory's office working out their retirement plan had the husband's pension continuing for the spouse at 75%. Gregory cautions against that income drop for the wife, because they also lose one of their Social Security checks as well. If anything, you want to find ways to give yourself a raise throughout retirement to account for inflation and ballooning healthcare costs.

We review a great call from Saturday's show. Lori in Alabama asks Gregory Ricks and Dwayne Stein their opinion on if a mortgage refinance would help solve her situation.

Gregory decodes how your Social Security benefits are taxed. Once you pass certain income limits, the tax exposure for your Social Security jumps up. There are even 13 states that can tax your Social Security benefits.

http://www.WinningAtLife.com

Winning at Life Daily Wrap: 04.18.18
April 18, 2018 09:34 PM PDT
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Cryptocurrencies take a big hit as $100 million in Bitcoin gets unloaded in a couple days.

How does the average person spend $10k? The answer is quite different between Millenials, Gen X, and Boomers.

Gregory Ricks previews his upcoming trip to the iHeart Country Festival next month in Austin.

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.

Brad in Houma has been saving money in his kids' accounts, but he's not getting any return at the bank. Should he invest that money elsewhere, and try to get some gains? Gregory gives Brad a few ideas on how to properly assign money jobs, and putting aside money for the kids doesn't have to be put to work.

Joseph in Madisonville has a loan against his 401k, and wrecked his car. He is hitting his emergency money to get a new car, so what should he pay off first? A loan from his 401k? Replenish his emergency fund? Or accelerate his mortgage payments?

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Winning at Life Daily Wrap: 04.17.18
April 18, 2018 06:28 AM PDT
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It's Tax Day, but the IRS website that takes direct payments crashed today, so Treasury Secretary Steve Mnuchin says we have an extra day to file electronically.

Gregory Ricks shares some additional thoughts on Bob Breck's advice from Saturday's show. Bob stressed the importance of considering taxes if all of your money is in a 401k or IRA.

How is hush money taxed? If you get money from a non-disclosure agreement, do you have to report that to the IRS? Is it taxable? Can it be a tax write off as a business expense for the guy cutting the check?

Donna from Kenner has an Health Savings Account, and it seems like a great way to save some pre-tax money that could ultimately be used in retirement. She has around $20k saved in her HSA, and asks Gregory if that's too much or too little? Gregory warns against getting aggressive with investments within an HSA, and treat it like emergency money.

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.

A roofer in West Monroe repossed his work for non-payment according to a local report. Pay your debts, folks.

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Winning at Life Daily Wrap: 04.16.18
April 18, 2018 05:57 AM PDT
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Where is the market going from here? Is it time to get back in, or continue to get out? Gregory Ricks and James Parker discuss some audio clips from Stephanie Pomboy of Macro Mavens on how she's still leaning toward selling.

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.

Did you know how your retirement income is taxed changes from State to State? There's 13 states that tax Social Security benefits, and while we aren't hit with the SS tax at the state level, you would be surprised which states are. Mississippi and Louisiana have a few differences worth considering if you're retired and looking to move.

Netflix is exploding. Their subscriptions and revenue are doing so well you almost forget about the cash burn rate. Netflix is an amazing story from a business perspective, and has quickly embedded itself into the social fabric as well.

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