Shows
Phil's Tax HacksA Market Strategy for Type A Investors: Why Doing Less Might Be Your Best MoveToday Phil’s talking about Type A personalities. If you’re driven, competitive, and goal-oriented then you’re part of the club that often struggles during difficult markets. When things get tough, your instinct is to work harder, push more, and fix the problem. But in investing, that instinct can sometimes backfire.
In this episode, Phil unpacks the tension between action and restraint when markets get choppy. He explores why high achievers often feel anxious during downturns, even when their long-term plans are sound.
Here’s some of what we discuss in this episode:
🧠 Why...2025-05-1518 minPhil's Tax HacksWhy The Psychology of Money Says Your Emotions Matter More Than MathToday Phil’s kicking off his new Financial Book Club with The Psychology of Money by Morgan Housel. This book isn’t just about money strategies. It’s about why we make the choices we make, even when they don’t seem to make sense. You might find that your mindset is a bigger advantage than any investment tip. If you’ve ever wondered why it’s so hard to stick to the “smart” plan, this conversation might hit closer to home than you expect.
In this episode, Phil explores four powerful ideas from the book, starting with the bold cl...2025-05-0817 minPhil's Tax HacksIs Tech Overweighted? Understanding The Current Market LandscapeThis week on Phil’s Tax Hacks, Phil and Marc dive into the current state of the stock market with a particular focus on the tech sector. They discuss the growing concerns around tech companies being overweighted in the S&P 500, and how recent news, including competition from a Chinese AI company, is shaking up the market.
Phil highlights key issues like price-to-earnings ratios, the potential risks of tech-heavy investments, and the challenges this new AI could bring to companies like Nvidia. We’ll also touch on the Federal Reserve's stance on interest rates and the impact of o...2025-02-0517 minPhil's Tax HacksHow Will Trump’s Executive Orders Reshape the Economic LandscapePresident Donald Trump wasted little time taking action once he returned to office, and people are wondering how these long list of Executive orders will reshape the economic and financial landscape. Join CPA and financial specialist Phil Putney as he breaks down the implications of these changes on inflation, energy costs, tariffs, and more.
Here’s some of what we discuss in this episode:
0:00 – Intro
2:07 – Addressing inflation & cost of living
3:43 – Energy
5:53 – Trade and Tariffs
9:42 – EV mandate
14:05 – DOGE
15:37 – Stock market
20:26 – Technology
For mor...2025-01-2323 minPhil's Tax HacksWhat Financial Advisors With Every Investor Knew (Part 3)We’ve finally reached the final part of our three-part series on what financial advisors wish every investor knew. Phil will discuss four more big things that will make planning for retirement with their advisor even smoother.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:25 – Know what you are paying
4:22 – Understanding that there will be some risk involved
8:03 – The risks that come with the internet
14:52 – The big name doesn’t necessarily mean the best fit
For more, visit us online: http...2024-11-2621 minPhil's Tax HacksTariffs, Tax Cuts & Immigration: Financial Forecasting For 2025This week, Phil and Marc dive into the potential financial impacts of tariffs, tax cuts, and immigration policies following the 2024 election. While early speculation should be taken with caution, they’ll discuss what could be in store for 2025. With changes in policy possibly affecting everything from taxes to housing, the duo breaks down what these shifts could mean for your financial future.
Throughout this conversation, Phil stresses the importance of sticking to your financial plan until the dust settles. As we move forward, it’s crucial to stay focused, maintain your long-term strategy, and be patient as we n...2024-11-1421 minPhil's Tax HacksHow Raising the Social Security Retirement Age Could Impact YouSocial Security is the backbone of retirement for millions of Americans, but big changes may be coming. There’s plenty of speculation about what might change to improve the solvency of the program, and one simple fix would be to change the retirement age. On this episode, we dive into the recently released proposal to raise the full retirement age from 67 to 69 and what it means for your benefits, your future, and your financial security.
Read the report from the Congressional Budget Office: https://www.cbo.gov/publication/60516
Here’s some of what we discuss in th...2024-10-1714 minPhil's Tax HacksWhat Makes Financial Planning at AFS Financial Group Unique?Every firm has distinct principles that guide its approach to financial planning. When searching for an advisor, you want to find someone who aligns with your needs. In this episode, we take you behind the scenes to explore the core values and unique processes that set AFS Financial Group apart.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:54 – Phil’s core values
2:34 – Being a CPA and financial advisor
5:11 – Education
8:51 – How does Phil measure success?
For more, visit us online: http://ph...2024-10-1013 minPhil's Tax HacksTarget Date Funds: The Good, The Bad, The UglyWhen planning for retirement, one of the most common investment options you'll come across is the target date fund. These funds are designed to simplify investing, especially for those who might not have extensive financial knowledge. But are they truly the best choice for your retirement savings? This week on Phil’s Tax Hacks, we’re bringing you the target date fund 101.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:00 – What is a target date fund?
4:41 – Misconceptions about target date funds
7:11 – Pricing
9:00 – Are target date fu...2024-08-2912 minPhil's Tax HacksUnderstanding Recent Market Volatility and Its Impact on Your RetirementIt’s been a wild start to August in the financial markets. You might’ve heard of the significant drops in the Nasdaq, which has left many investors feeling uneasy. In this episode, Phil and Marc discuss some reasons behind the recent global market volatility and what it could mean for your retirement plan.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:14 – What triggered recent global volatility
6:49 – Potential impacts on the U.S. economy
12:17 – Having a plan and long-term perspective
For more, visit...2024-08-0818 minPhil's Tax HacksCould Home Equity Conversion Mortgages Unlock Retirement Wealth?Is the Home Equity Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly.
So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today’s episode.
Here’s some of what we discuss in this episode:
0:00 – Intro
0:36...2024-08-0112 minPhil's Tax HacksThe S&P 500 and The Mag 6?The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500.
Tune in as Phil and Marc discuss the implications of this market shift and how to make informed decisions that align with your financial goals.
...2024-07-1816 minPhil's Tax HacksBe Careful Who You Listen To (Getting The Right Financial Advice)When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:08 – Client story
6:09 – Working with an advisor w...2024-07-1114 minPhil's Tax HacksRetirement Planning “Aha” MomentsHave you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor.
Here’s some of what we discuss in this episode:
0:00 – Intro
4:29 – Some common doubts and hesitations from clients
9:01 – The importance of trust between advisor and client
11:13 – Starting planning early and making informed decisions
For more, visi...2024-06-2718 minPhil's Tax HacksFinancial Fees - Getting to the Bottom LineWhen it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Investment vehicle fees and advisor fees
3:05 – Considering net of fees
5:34 – Advisor fees and the val...2024-06-1318 minPhil's Tax HacksIt’s Time To Talk CryptoCryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:55 – What is cryptocurrency?
7:01 – How has cryptocurrency gained legitimacy
10:58 – Should you own cryptocurrency?
For more, visit us online: http://philstaxhacks.com
Wat...2024-06-0619 minPhil's Tax HacksAll In One Basket? The Risks of Sector InvestingWe know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:11 – The reality of sectors
3:40 – The importance of a financial plan
6:42 – Working with multiple advisors
For more, visit us online: http://philstaxhacks.com...2024-05-3014 minPhil's Tax HacksThe Rise of Retiree Healthcare CostsThe future of retiree health care costs is on the rise. In fact, the Employee Benefit Research Institute released numbers for 2023 showing an 8% increase in retiree healthcare costs for the year. Stay tuned as Phil and Marc unpack these latest figures, which suggest that a typical U.S. couple may need upwards of $413,000 to cover their healthcare expenses in retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:20 – The 8% increase in healthcare costs in the U.S.
4:56 – Pros and cons of Medigap and Advantage plans
8:37 –...2024-04-2614 minPhil's Tax HacksIs Retiring at 65 Crazy?Is retiring at 65 crazy? One billionaire thinks so. In this episode, Phil and Marc unpack a recent Yahoo Finance article where BlackRock CEO Larry Fink challenges the conventional notion of retiring at 65 and encourages investors to consider delaying retirement.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:46 – The current state of Social Security
5:02 – The shift to self-funded retirement plans
7:44 – Early retirement planning and saving
10:37 – Increased life expectancy in retirement planning
12:53 – Getting a personalized plan for you
Yahoo Finance Ar...2024-04-1116 minPhil's Tax HacksTax Mistakes to AVOID in 2024 (Part 2)It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:15 – Waiting too long to strategize
4:08 – Engaging in wash sales
8:15 – Not taking advantage of tax breaks
9:45 – Forgetting deadlines
Fidelity Article:
https...2024-04-0414 minPhil's Tax HacksTax Mistakes to AVOID in 2024 (Part 1)It’s that time of year! With tax season right around the corner, it’s the perfect time to dive into some tax tips on the podcast. Tune into this two-part series where we dive into a fidelity article titled “8 Tax Pitfalls to Avoid,” and get Phil’s thoughts as a CPA.
Here’s some of what we discuss in this episode:
0:00 – Intro
1:43 – Missing investment income
3:30 – Selling too soon
5:33 – Poor record-keeping
7:56 – Forgetting losses
Fidelity Article:
https://www.fidelity.com/learning-center/personal...2024-03-2813 minPhil's Tax HacksFinance Fortress: Practical Strategies for Retirees Against Scams & FraudJust like any other threat, learning to recognize and avoid scams has become crucial for today's retirees. Join us as we discuss essential steps you can take to protect yourself against the increasing prevalence of scams and identity theft. Phil will offer real-life stories and practical advice to help you keep your finances safe in today’s digital age.
Here’s some of what we discuss in this episode:
1:35 – Real stories of financial scams
5:43 – Phishing, vishing, and smishing
8:20 – Examples of different scams
11:54 – Recognizing the signs of a scam
15:19 – Protections you can put in place to avoid being...2024-03-2123 minPhil's Tax HacksUnderstanding Annuities: The Good, Bad & UglyYou’ve probably heard some mixed opinions on annuities in your lifetime. But before you get swayed one way or another, it’s important to understand what exactly an annuity is and how they work. Listen in as Phil breaks down the difference between immediate and deferred annuities and offers insights into their benefits and drawbacks.
Here’s some of what we discuss in this episode:
1:08 – What is an annuity?
10:04 – When might an annuity be appropriate?
13:20 – The misunderstood features of annuities
18:31 – Working with a fiduciary that has your best interest in mind
For more, vis...2024-03-1421 minPhil's Tax HacksThe Retiree Dilemma: To Sell Or To Rent?Many retirees find themselves at a crossroads when deciding what to do with their existing property as they move into their dream home. Would it be best to sell, or should you consider becoming a landlord? Drawing from personal experiences and real client scenarios, Phil and Marc will explore the pros and cons of turning a home into a rental property in this episode.
Here’s some of what we discuss in this episode:
1:50 – Pros and cons of renting out a property in retirement
4:39 – Managing rental properties and dealing with tenants
9:41 – Understanding the potential downsides...2024-03-0716 minPhil's Tax HacksRetirement Planning Fear, Procrastination, and IndecisionNavigating financial decisions, especially as retirement approaches, can be a challenging terrain for many investors. Whether it's the anxiety around making the right choices or grappling with an overload of information, it can be tempting to push off important retirement planning conversations. It's a familiar scenario – putting things off to "next week," only to find that "next week" turns into a long period of indecision.
Here’s some of what we discuss in this episode:
1:31 – Struggling with paralysis analysis
2:58 – Procrastinating
4:40 – Information overload
7:32 – Is there a better option for you?
...2024-02-2911 minPhil's Tax HacksMailbag: Adjusting to Retirement, Company Stock & MoreIn today’s show, we’re going to answer some email questions from listeners just like you. These questions cover a range of topics from investing to retirement planning, and Phil is here to provide some expert insights.
Remember, while we offer general advice on the show, it's always best to consult with a financial professional to tailor solutions to your unique situation. Stay tuned as we explore common financial dilemmas and uncover some general strategies to navigate them effectively!
Here’s some of what we discuss in this episode:
2:48 – Adjusting to retire...2024-02-0819 minPhil's Tax HacksStrategic Planning for Retiree HealthcareIn today's episode, we're focusing on a critical aspect of retirement planning: healthcare costs. How well-prepared are you to handle medical expenses after you retire? Join Phil and Marc as they discuss the common pitfalls pre-retirees face when it comes to healthcare preparedness and offer insights into how to navigate the evolving landscape of healthcare options.
Here’s some of what we discuss in this episode:
1:44 – Gaps in planning
4:51 – Prescriptions
6:59 – Long-term care services
9:41 – What Medicare covers
12:34 – Long-term care insurance + alternatives
17:31 – Accounting for healthcare costs
...2023-12-0724 minPhil's Tax HacksUnderstanding Continuing Care Retirement Communities (CCRCS)As Baby Boomers and those on the cusp of retirement search for their next chapter, Continuing Care Retirement Communities (CCRCs) or Life Plan Communities emerge as a noteworthy option. In this episode, Phil sheds light on the key aspects you should consider when determining whether these communities are a suitable choice for your retirement.
Here’s some of what we discuss in this episode:
1:40 – Some background on CCRCs
5:28 – Questions to ask when considering a CCRC
11:31 – Personalizing your living space + contracts
15:25 – Is the CCRC accredited?
17:12 – When should someone consider a CCRC?
18:05 – Potential cons of a CCRC
...2023-10-1924 minPhil's Tax HacksTill Debt Do Us Part: Resolving Financial Tension Between Couples (Part 2)Welcome back to part two of our discussion on resolving financial tension between couples. In this episode, we'll explore five more common areas of financial tensions: emergency fund size, charitable contributions, handling inheritances, insurance needs, and financial management style. Stay tuned to learn how advisors like Phil work to resolve conflicts in these areas as they arise.
Here are some of the things we’ll address in this episode:
1:48 – How much should we have in the emergency fund?
4:39 – Getting on the same page about charitable contributions
6:09 – Disagreeing on how to use an inheritance
8:4...2023-08-1720 minPhil's Tax HacksMastering Retirement Cash Flow: Understanding Changing Expenses (Part 2)In this episode, we’re back to explore many of the expenses in your life that might drastically change (one way or another) in retirement. We’ll break those expenses down further to see which ones are the top priorities and analyze some of the other factors that impact your cash flow in retirement.
In part one of this series, we covered some of the must-haves in retirement planning, such as housing, healthcare, food, and clothing costs. In this episode, Phil will discuss the importance of maintaining your current lifestyle in retirement and discuss some other critical fact...2023-06-1519 minPhil's Tax HacksEp 185: Top Money Mistakes In Retirement (Part 2)In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part two of this two-part episode, we’re going to discuss the next 5 money mistakes that Phil often sees in retirement planning.
Here are some of the things we’ll address in this episode:
1:21 – Not having a clear retirement goal
4:22 – Not accounting for inflation in your retirement budget
10:50 – Failing to update your retirement plan regularly
14:28 – Assuming that you won’t live a long t...2023-06-0124 minPhil's Tax HacksEp 184: Top Money Mistakes In Retirement (Part 1)In the complex world of retirement planning, there are countless pitfalls one could fall into. In this episode, we've distilled it down to what we believe are the top 10 mistakes to watch out for. In part one of this two-part episode, we’re going to discuss the first 5 money mistakes that Phil often sees in retirement planning.
Here are some of the things we’ll address in this episode:
2:30 – Ignoring future tax implications of your retirement savings
5:51 – Starting Social Security too early
9:59 – Focusing on returns instead of income
12:01 – Being too aggressive or conservative
16:02 – Taking investing advic...2023-05-2520 minPhil's Tax HacksEp 178: A Comprehensive Dismantling Of 2023’s Top Social Security Myths (Part 1)Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you're eligible is the best decision for your financial future? In this two-part episode, we'll be debunking common myths about Social Security and answering the questions you've been curious about.
Here are some of the things we’ll address in this episode:
1:40 – Why Phil doesn’t recommend turning to the Social Security Administration for benefit strategies.
4:26 – Even if you’re a stay-at-home mom, you may still be eligible for Social Security be...2023-04-1321 minPhil's Tax HacksEp 167: SECURE Act 2.0 – Retirement Changes to Know (Part 2)In the first part of the series, Phil highlighted the age changes for required minimum distributions along with some Roth changes that were included. This episode will focus on an assortment of additional planning changes that you need to be aware of. Some of them are already active and a few will kick in over the next year or two.
Here’s some of what you’ll learn on this episode:
Catch-up contributions getting an inflation adjustment. (0:50)
The Starter 401(k) (4:44)
The ability to get a company match if you’re making student loan payments. (5:48)
Changes...2023-01-1920 minPhil's Tax HacksEp 161: Making Smart Decisions During Major Life EventsSome major life events catch us by surprise, and others are more anticipated. No matter the circumstance, it’s imperative to make wise financial decisions when navigating these life changes.
Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life.
Join us on today’s episode as we break down these major topics:
What to think about when you’re forced into retirement or change careers close to retirement. (2:00)
Keep an eye on these thi...2022-12-0119 minPhil's Tax HacksEp 160: Should You Follow the 60-40 Rule?People have used the 60-40 rule for investments for years. It typically works well enough, but is it most effective?
In this episode, we will break down the 60-40 rule and help you understand how to expand this concept to diversify your investments.
Join us on today’s episode as we break down these major topics:
What is a 60-40 portfolio? (1:41)
Phil’s thoughts on the challenges of a 60-40 portfolio. (2:36)
What alternative to bonds could you use in a 60-40 portfolio? (7:05)
For more, visit us online: http://philstaxhacks.com
Wat...2022-11-2217 minPhil's Tax HacksEp 159: Is the Grass Really Greener on the Other Side?Sometimes you need to find a new financial advisor. Other times, you might think you need a new advisor, but really, you’re just guilty of thinking that the grass is greener on the other side.
In this episode, we will discuss some possible scenarios, like business changes, mistakes made, and more. Let’s see how these scenarios could impact your decision-making and why you may not want to jump ship too quickly.
Join us on today’s episode as we break down these major topics:
If your advisor made a mistake, should...2022-11-1715 minPhil's Tax HacksEp 158: The Retirement Marathon: Finishing the RaceGetting through retirement can be a lot like running a marathon. In this episode, we will discuss some similarities between getting to the finish line in racing and retirement.
A lot of people assume that training for a marathon consists of long runs every day, when it actually involves a lot of planning. Most marathoners spend at least six months in training…mixing in days with light runs, some days with long runs that simulate the marathon, and other days with shorter, faster runs.
Planning for retirement is similar. You should have money invested in di...2022-11-1018 minPhil's Tax HacksEp 157: Common Questions About Taxes in RetirementWith tax season around the corner, we get a lot of questions about taxes. Many don’t understand that their tax strategy completely changes in retirement.
In this episode, we will cover some of the key points about your taxes in retirement.
Join us on today’s episode as we break down these major topics:
How should my tax strategy change as I transition into retirement? (1:14)
In 2026 taxes codes will revert to the Obama administration era of taxes if there are no changes. Will there be as many deductions in retirement with that code? (3:43)
How...2022-11-0319 minPhil's Tax HacksEp 156: What You Need to Know About Forced RetirementUnfortunately, there are times people are forced into retirement before they are ready. Today we are going to go over what that may look like and common questions people ask when faced with this difficult situation.
The first thing to know is that this isn't an uncommon position to be in so don't feel like you're alone. Dealing with a forced retirement is not always straightforward, so we do our best to cover all of the bases from pension options to healthcare. Let’s dive in!
Join us on today’s episode as we break down...2022-10-2719 minPhil's Tax HacksEp 155: Are Health Savings Accounts ‘Super Roths’?A great tool you could utilize for your financial plan is a Health Savings Account. Though it may be an underserved tool in some financial advisors’ tool belts, it has some amazing benefits.
In this episode, you will learn about HSAs and why they are sometimes referred to as ‘Super Roths’ (Spoiler alert: They are triple tax-free!). Listen to find out the ways to make the most of an HSA and some mistakes to avoid.
Join us on today’s episode as we break down these major topics:
What is an HSA? Is it tax-free...2022-10-2021 minPhil's Tax HacksEp 154: The ABC’s of BondsWhen we have bad markets, traditional investing points to bonds. What if they aren’t the safe and secure investment that everyone thinks they are? In our current 2022 market, you may be considering bonds yourself.
Today we are going to go over the ABC’s of bonds. There are many ways to get into bonds and we will go over the different options available and help you determine if they may or may not be something you should consider.
Join us on today’s episode as we break down these major topics:
Why are there...2022-10-1316 minPhil's Tax HacksEp 153: Fine Print FiascoWho reads the fine print? It’s one of those things most people skim over or ignore entirely. In this episode, we will go over some fine prints that can be easily missed.
Listen to hear real-life scenarios that were sent in for us to share with you. Should the fine prints be explained to us more thoroughly or should we be paying more attention? When we hear “no fees”, do we take that at face value? Let’s find out.
Join us on today’s episode as we break down these major topics:
Have you b...2022-10-0618 minPhil's Tax HacksEp 133: Can I Retire at 55?It’s a question more and more people are asking, especially as the workplace continues to change following the pandemic. But are you in a position to step away from a consistent paycheck at age 55? Phil will provide a great look at the reality of early retirement in today’s environment and apply some real-world examples to the discussion.
Watch the video podcast: https://youtu.be/cuahFzcAFlw
Key points:
1:09 – Background on this topic
3:20 – How many clients want this?
4:05 – Immediate challenges
5:14 – Retiring at 65
7:48 – Retiremen...2022-05-0526 minPhil's Tax HacksEp 123: What is the Most Important Part of Retirement Planning?The most important part of retirement planning is going to look different for everyone. On today’s show, we discuss some expert claims about the most important part of planning and whether Phil agrees or disagrees.
TIMESTAMPS:
1:00 – The most important part to you
2:14 – Deciding what to do with your time
3:57 – The best time to start saving is now
5:19 – How much income do you need?
6:53 – How much do you want to spend?
9:30 – Balancing risk and return
12:36 – Enjoying your retirement!
13:53 – Picking the right advisor
...2022-02-2416 minPhil's Tax HacksEp 117: What They’re Saying - 2022 Economic PredictionsA lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.
TIMESTAMPS:
0:38 – Settling into the New Year
2:15 – The GDP growing by 3.9%
4:58 – Will the housing market cool off?
7:30 – Inflation won’t end anytime soon
9:17 – 2022 will see significant inflation
11:11 – “The Great Resignation” in 2022
17:41 – Consumers, COVID, and price increases
ADDITIONAL INFORMATION: https://philstaxhacks.com/
2022-01-1321 minPhil's Tax HacksEp 116: How “The Great Resignation” Could Impact YouMillions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/
Check out the Forbes article: https://www.forbes.com/advisor/retirement/great-resignation/
What we discuss today:
0:29 – Welcome to 2022!
1:05 – “The Great Resignation” article
2:05 – 4.2 million people quit
2:52 – Has Phil had any clients retire early?
4:41 – Taking a break from Social Secur...2022-01-0619 minPhil's Tax HacksEp 106: What is ”Risk Averse”?Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.
Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/
What we discuss today:
0:28 – Enjoying the fall
1:27 – California’s new law
2:38 - $600 IRS Report
6:00 – Being risk-averse
7:14 – Risk of inflation
9:33 – Market risk
12:00 – Why...2021-10-1420 minPhil's Tax HacksEp 105: Financial Mistakes Couples MakeFinances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/
What we discuss today:
0:55 – The many hats Phil wears
2:03 – The Pension spousal benefit option
4:26 – Social Security strategy
6:35 – Plans for retirement
10:23 – Coordinating individual accounts
15:33 – Risk conversation
2021-10-0720 minPhil's Tax HacksEp 104: Can You Put Off These Financial Decisions?We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-put-off-these-financial-decisions/
What we discuss today:
0:39 – Catching up with Phil
1:59 – Deferring taxes
4:50 – Waiting to eliminate debt
6:48 – Legal and estat...2021-09-3016 minPhil's Tax HacksEp 103: What Do You Need To Know About the Recent Tax Proposal?If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality.
Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-proposal/
What we discuss today:
0:12 - Let’s talk about tax proposals in Congress.
3:23 - How could job creation be impacted?
6:23 - How will this affect your retirement?
...2021-09-2318 minPhil's Tax HacksEp 101: Red Flags in Your Financial PlanAre you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/
Watch the video podcast: https://youtu.be/-8SUd_vExGo
What we discuss on this episode:
0:27 - Marc has a new studio set-up!
1:05 - How is Phil?
1:32 - What red flags should you look for?
2:05 - Can you name...2021-09-0916 minPhil's Tax HacksEp 100: How Age & Wisdom Effect RetirementLet’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.
Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/
Watch the video podcast: https://youtu.be/-x5lDhWYZPw
Key Points:
0:13 - It’s our 100th episode!
1:36 - What has Phil seen in the industry?
2:39 - What’s the difference between now and 20 years ago?
5:57...2021-09-0217 minPhil's Tax HacksEp 98: What Makes Phil Tick?To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/
Watch the video podcast: https://youtu.be/tdzheuWPHY0
What we discuss on this episode:
1:09 - Who shaped Phil’s view of money?
2:48 - What’s...2021-08-1918 minPhil's Tax HacksEp 95: Things That Don’t Matter…Until They DoThere are a lot of things that don’t feel important, until you suddenly need them. What items do you need to be thinking about now, before it’s too late? On today’s podcast, Phil talks through the four things you want to take care of sooner rather than later.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/things-that-dont-matteruntil-they-do/
What we discuss on this episode:
0:25 - What’s lake life like for Phil?
1:24 - What doesn’t matter financially?
2:55 - Legal document...2021-07-2215 minPhil's Tax HacksEp 92: What is Your Spending Personality?Do you know your spending type? What about your spouse’s spending type? How does that impact your financial plan? Phil talks us through the different types and how they pair with others.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-92-what-kind-of-a-spender-are-you/
Watch the video podcast: https://youtu.be/MGqTUBHOzeE
What we discuss on this episode:
0:30 - The 4th of July is here!
1:06 - Let’s talk about the four different types of spenders.
1:47 - The emotional...2021-07-0113 minPhil's Tax HacksEp 91: Planning Through Uncommon SenseDo you ever think you’re doing it right but then find out it’s all wrong? Let’s talk uncommon sense in financial planning and what you should be doing.
Read more:
https://philstaxhacks.com/podcast/ep-91-uncommon-sense/
Watch the video podcast: https://www.youtube.com/watch?v=etE_AX6_E3M
What we discuss on this episode:
0:19 - What’s the latest with Phil?
0:57 - Cryptocurrency took a hit.
6:20 - Buy low, sell high.
10:30 - Paying more...2021-06-2422 minPhil's Tax HacksEp 89: The Three Worlds of MoneyWhere should your money go? First you need to understand the three worlds of money: banking, insurance, and Wall Street (or stock investing). On today’s episode of the podcast, Phil shares more about each world and striking the right balance of them in your financial plan.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-89-the-three-worlds-of-money/
Watch the video podcast: https://youtu.be/JpnFWdPuxzk
What we discuss on this episode:
0:27 - It’s getting hotter out here!
0:49 - What are t...2021-06-1021 minPhil's Tax HacksEp 88: 5 Words That Describe RetirementThe MIT AgeLab did a study a couple of years ago asking people for five words to describe what retirement looked like. They came back with 928 words, but on today’s episode of the podcast, we’ll talk through the top words mentioned. What does retirement look like or mean to you?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-88-5-words-that-describe-retirement/
Watch the video podcast: https://youtu.be/Cpk9i9U8bfw
What we discuss on this episode:
0:18 - How would...2021-06-0314 minPhil's Tax HacksEp 83: Financial Fact or Fiction?What’s fact and what’s fiction when it comes to these financial planning concepts? Phil sets the record straight in order for you to plan accordingly.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-83-financial-fact-or-fiction/
Watch the video podcast: https://youtu.be/DY69Ko0EGA8
What we discuss on this episode:
0:50 - Listen for Phil to say “run the numbers” on the podcast.
2:11 - “Your Social Security can be taxable.”
4:00 - “Your taxes will likely be lower in retireme...2021-04-2218 minPhil's Tax HacksEp 80: Are You Flirtin’ with Financial Disaster?How do you know if you’re flirting with financial disaster? On today’s episode of the podcast, Phil goes over four big areas where things can really go awry if they are not properly handled when it comes to your finances.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-80-are-you-flirtin-with-financial-disaster/
Watch the video podcast: https://youtu.be/0oH7x8MSQqY
What we discuss on this episode:
1:28 - Outdated legal documents.
5:14 - Incorrect beneficiary designations.
9:14 - The tax ti...2021-04-0118 minPhil's Tax HacksEp 79: When Crisis Meets OpportunityWhen faced with financial challenges, do you view them as a crisis or an opportunity? Phil shares how your financial advisor can help you navigate them.
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-79-when-crisis-meets-opportunity/
Watch the video podcast: https://www.youtube.com/watch?v=iwkKJtqOBhI
What we discuss on this episode:
0:31 - Is Phil a half empty or half full kind of guy?
1:40 - How do you feel about empty nest syndrome?
5:32 - Is there anything good a...2021-03-2518 minPhil's Tax HacksEp 77: Status of the American PensionWhile pensions used to be the standard retirement benefit offered by companies, that is becoming less and less common. On today’s episode of the podcast, Phil talks about what options you have with a pension, why you might still need to save for retirement outside of the pension, and what to look out for.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-77-status-of-the-american-pension/
Watch the video podcast: https://youtu.be/QxOntOo2jig
What we discuss on this episode:
0:48 - Michigan...2021-03-1116 minPhil's Tax HacksEp 76: Reasons to Never Assume in RetirementYou know what happens when you assume, right? We all make assumptions from time to time as humans, but what assumptions are you making from a retirement standpoint that you really shouldn’t? On today’s episode, Phil talks through the assumptions you might be making and how to adjust your thinking.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-76-reasons-to-never-assume-in-retirement/
Watch the video podcast: https://youtu.be/qyKo4Z42kj4
What we discuss on this episode:
1:11 - Do you assume you...2021-03-0416 minPhil's Tax HacksEp 75: Saving for Retirement as a Business OwnerA lot of small business owners put so much into their business plan and into their business, that sometimes they overlook themselves. One of their biggest assets and efforts is their business itself, but what about retirement? On today’s episode of the podcast, Phil and Marc talk about the kinds of decisions business owners face, sharing personal experiences and advice for business owners trying to save for retirement.
Read more and get additional planning resources here: https://philstaxhacks.com/podcast/ep-75-saving-for-retirement-as-a-business-owner/
Watch the video podcast: https://youtu.be/oE6gLViu...2021-02-2515 minPhil's Tax HacksEp 72: The GameStop Stock StoryWondering what just happened with GameStop stock? Wish you had jumped on that bandwagon? Phil gives some information on what happened and what he thinks about it.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-72-the-gamestop-stock-story/
Watch the video podcast: https://youtu.be/fRTjDrrucrU
What we discuss on this episode:
1:19 - What happened with GameStop stock?
2:42 - What is shorting a stock?
3:44 - What was different about GameStop?
5:57 - Who is in the right and wh...2021-02-0418 minPhil's Tax HacksEp 69: The Three Qualities of MoneyWhat are the three qualities of money that everyone wants? How can you get all of them within your portfolio? Phil talks through the key three qualities and what you need to make it happen.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-69-the-three-qualities-of-money/
Watch the video podcast: https://youtu.be/ZC_9a-K3b0g
What we discuss on this episode:
0:35 - Why are so many people interested in getting a camper?
3:46 - What are the qualities of money...2021-01-1419 minPhil's Tax HacksEp 67: Which Retirement Lifestyle Is Right For You?As we finish off the year, we’re all dreaming about a lifestyle that looks a bit different than this one. What are your retirement lifestyle goals?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/which-retirement-lifestyle-is-right-for-you/
Watch the video podcast: https://www.youtube.com/watch?v=YAgPduaRT74
What we discuss on this show:
1:11 - What are Phil’s end of the year plans?
1:54 - What’s your retirement lifestyle plan?
2:34 - Snowbirds: the two-house solution.
6:06 - RV Life...2020-12-1724 minPhil's Tax HacksEp 65: What to Know About Biden’s Tax ProposalsThe Tax Foundation released a detailed analysis of Biden's tax proposals and this week we look at a few of the items that caught Phil's attention. Are there tax changes ahead? Anything different you should do with your plan now? We'll try to help you answer those questions today.
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-65-what-to-know-about-bidens-tax-proposals/
What we discuss on this show:
0:20 - Let’s review Biden’s tax proposals.
1:39 - What will the Social Security tax look like?
3:05 - What w...2020-12-0325 minPhil's Tax HacksEp 64: Finding the Right AdvisorHow do you pick the right advisor? Often we get caught up in finding the right investments and making sure the portfolio is balanced. But what about finding the right person to help you facilitate that plan?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-64-finding-the-right-advisor/
Watch the video podcast here: https://youtu.be/qLffTFZSlm0
What we discuss on this show:
1:25 - How do you pick the right advisor?
2:30 - What’s your expectation for the advisor?
3:47 - W...2020-11-2520 minPhil's Tax HacksEp 62: Is Diversification Just For Suckers?Is your portfolio diversified? Should it be? What does true diversification look like? We’ll tell you on this episode.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-62-is-diversification-just-for-suckers/
Watch the video podcast: https://youtu.be/69LkNzJHE3w
What we discuss on this show:
2:00 - Is diversification for suckers?
2:50 - How does the average person define diversification?
5:14 - How does Phil describe diversification?
8:06 - How much should your portfolio be diversified?
9:13 - Can you...2020-11-1217 minPhil's Tax HacksEp 60: Answering Your 401(k) FAQsMany of us have a 401(k), but how much do you really know about it? What frequently asked questions does Phil get when it comes to investing wisely?
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-60-answering-your-401k-faqs/
Watch the video podcast: https://youtu.be/E5LyPiJcQW8
What we discuss on this show:
1:44 - What frequently asked questions does Phil hear about 401(k)s?
2:08 - Should you take the free advice offered through your employer’s plan?
3:43 - Are...2020-10-2915 minPhil's Tax HacksEp 59: Mailbag: Should I Move My Investments To Cash Right Now?Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/484/
Watch the video podcast: https://www.youtube.com/watch?v=xNd5iEw5tkY&feature=youtu.be
What we discuss on this show:
0:31 - Ever fight with technology?
1:45...2020-10-2218 minPhil's Tax HacksEp 55: Hindsight is 20/20 in Financial PlanningEver wish you knew then what you know now? That’s especially true in the year 2020. We discuss areas where hindsight could help and what to do about those financial decisions today.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-55-hindsight-is-20-20-in-financial-planning/
Watch the video podcast: https://youtu.be/qefGxAbekjs
What we discuss on this show:
0:34 - What does fall fashion look like for Phil and Marc?
1:35 - Do you wish you had done things differently with your fin...2020-09-2414 minPhil's Tax HacksEp 50: The Financial Risks to Living LongerWe all want to live a long and good life, but what does that mean from a financial standpoint? What kind of financial plan do you need to prepare and how can you plan appropriately for an unknown lifespan?
Read more on the topic here: https://philstaxhacks.com/podcast/ep-50-the-financial-risks-to-living-longer/
Watch the video podcast: https://youtu.be/kef-ksH57ds
On today's show:
0:55 - Dunkin’ Donuts is planning to close hundreds of stores.
3:10 - What’s the average lifespan look like?
5:22 - Are you...2020-08-2017 minPhil's Tax HacksEp 47: Classic Pre-Retiree Mistakes to AvoidAs you get closer to retirement, you might be prone to make these mistakes. We’ll talk through the key areas to be aware of so you can make better decisions as you near retirement.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-47-classic-pre-retiree-mistakes-to-avoid/
Watch the video podcast: https://www.youtube.com/watch?v=JfkNfw6YBc8
Today's show schedule:
0:18 - Phil and Marc talk summer heat and summer critters.
5:00 - We tend to make financial mistakes when we overreact...2020-07-2318 minPhil's Tax HacksEp 46: Survival Guide - Preparing for the Next Market CrashWhat will happen to your portfolio when the market crashes next? Will you be ready or will your plans be wrecked? Let’s run through a list of the lessons we’ve learned that can be applied to the next bit downturn.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-46-survival-guide-preparing-for-the-next-market-crash/
Watch the video podcast here: https://youtu.be/1nsZp3hbkQM
Today's show schedule:
0:14 - Phil shares about his summer so far.
1:34 - What are five different rules to survive a...2020-07-1620 minPhil's Tax HacksEp 45: Investing Like a GeniusWhat can we learn from geniuses? How can we apply those same principles when making investment decisions? On this episode of Phil’s Tax Hacks, we’ll discover what it means to invest like a genius as well as answer a question from the mailbag.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-45-investing-like-a-genius/
Watch the video podcast here: https://youtu.be/4eunf0wBC8g
Today's show schedule:
1:06 - Geniuses are highly adaptable.
3:23 - There will always be bumps along t...2020-07-0915 minPhil's Tax HacksEp 44: Do You Say One Thing Then Do Another?Are you risk-averse but then find out your portfolio is riskier than you want? Or do you say you want to retire but haven’t really prepared to do so? What other instances do you say one thing but do another?
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-44-do-you-say-one-thing-then-do-another/
Watch the video podcast here: https://youtu.be/JizfY4AgWo0
Today's show schedule:
0:24 - Phil is gearing up for their first camping trip this summer.
1:38 - When do we say one...2020-07-0215 minPhil's Tax HacksEp 42: Traditional IRA vs. Roth IRAAre you investing in a traditional IRA or a Roth IRA? Which one is better? What pros and cons should you be aware about? Find out on this episode.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-42-traditional-ira-vs-roth-ira/
Watch the video podcast here: https://youtu.be/ITCkfeqBp4c
Today's show schedule:
0:30 - Phil is back in the office, by appointment only.
2:51 - What is the deal with the market?
4:13 - What is the difference between traditional vs. Rot...2020-06-1817 minPhil's Tax HacksEp 41: Should You Follow Dave Ramsey’s Advice?From the debt snowball to perfectly following his baby steps, what does Phil think of Dave Ramsey’s advice? Is it something you should incorporate into your own financial plan or something to steer clear of?
Show Notes & Resources: https://philstaxhacks.com/podcast/ep-41-should-you-follow-dave-ramseys-advice/
Watch the Video Podcast here: https://youtu.be/zbxrhLXNu1Y
Timestamps:
0:23 - What’s the latest in terms of what’s opening up?
1:10 - Should we be wary of Dave Ramsey’s advice?
1:55 - Is the debt snowball a...2020-06-1119 minPhil's Tax HacksEp 33: Coronavirus Update - CARES Act and TaxesHow is the coronavirus impacting the market, your financial plan, and your taxes? Find out in today’s coronavirus update.
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-33-coronavirus-update-cares-act-and-taxes/
Today's rundown:
1:50 - Coronavirus Update: What is the market doing now?
4:44 - What is our new reality?
8:40 - How have Phil’s clients been?
10:16 - What will the stimulus package do for those on Social Security?
13:44 - With taxes pushed back, should you still pay quarterly?
20:28 - Adjustm...2020-04-0224 minPhil's Tax HacksEp 31: Coronavirus Market Update
Do you feel like your world just changed overnight with the coronavirus? How about your portfolio and your financial situation? Today we'll discuss the fallout in the market and what it means to retirement planning.
Read more and get additional resources: https://philstaxhacks.com/podcast/ep-31-coronavirus-market-update/
Today's rundown:
3:54- The market has dropped, but will it bounce back fast?
6:45- What are Phil’s clients concerned about
7:50- What strategies does Phil recommend implementing?
9:17- Are bonds a safer bet right now?
10...2020-03-1921 minPhil's Tax HacksEp 30: What’s Your Desire To Retire?How close are you to being ready to retire? Are your plans in place to act accordingly? Let’s talk about the different levels of desire to retire and what each means for planning
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-30-whats-your-desire-to-retire/
Today's rundown:
0:41 - Phil shares what’s been keeping him busy lately at work.
2:07 - Where do you stand in terms of retirement readiness?
2:18 - Level 1: I don’t see myself retiring; I love what I do.
4:58 - Le...2020-03-1217 minPhil's Tax HacksEp 29: Considering Your Emotions When Making Financial DecisionsWhile it may seem like your financial decisions are all about the numbers, emotions play a big part in what you do with your money! How much should you let your emotions decide and when should you turn more towards logic? We’ll discuss that on this episode.
Read more on this topic and get additional resources here: https://philstaxhacks.com/podcast/ep-29-considering-your-emotions-when-making-financial-decisions/
Today's show rundown:
0:54 - Phil shares his latest big purchase.
2:58 - In the News: Wells Fargo CEO banned from banking industry.
5:48 - What...2020-03-0516 minPhil's Tax HacksEp 27: Understanding the Pros & Cons of Roth ConversionsChances are you’ve heard a lot more people talking about Roth conversions over the past couple of years. That’s because tax rates are low and many individuals are choosing to pay now rather than waiting when they might be much higher. Is this a strategy that might work for you? Let’s try to cover everything you need to know before converting.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-27-understanding-the-pros-cons-of-roth-conversions/
Today's rundown:
1:49 – In the News: A study found CEOs and CFOs are pessimistic about the economy w...2020-02-2022 minPhil's Tax HacksEp 26: Traits Your Advisor Should HaveFinancial advisors come in many different forms with varying degrees of experience, but every advisor you choose to work with should have a set of traits that will give your retirement plan the best chance of success. We’re going to take a look at five you should make sure your advisor or future advisor possess.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-26-traits-your-advisor-should-have/
Today's rundown:
1:07 – In the News: A banana taped to the wall was sold for $120,000. Phil shares his thoughts on the purchase.
1:45 –...2020-02-1319 minPhil's Tax HacksEp 25: Will Retirement Age Continue to Rise?For a long time most people have targeted 65 for retirement, which is older than most countries, but that might even go higher in the next few years. Those ages are already rising in countries like France and Spain as they move towards 67. Should you expect a later retirement date? And how does that impact planning? That’s what we’ll discuss today.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-25-will-retirement-age-continue-to-rise/
Today's rundown:
1:34 – Betty White turned 98 years old and attributes it to vodka and hot dogs.
2:40 – IR...2020-02-0621 minPhil's Tax HacksEp 24: Managing Cash & Debt in RetirementDo you believe you need to be completely debt free to retire successfully? Or are you comfortable carrying some balances beyond your working years? Having a strategy for managing your debt along with the amount of cash you possess are two key pieces to a successful retirement.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-24-managing-cash-debt-in-retirement/
Today's rundown:
0:42 – It’s that time of the year for brutal weather.
3:01 – We’re talking about cash and debt and how they can get us into a retirement predicament.
3:30 – We...2020-01-2323 minPhil's Tax HacksEp 20: 5 Biggest Social Security MisunderstandingsMyths, rumors, and misunderstandings are pervasive in the world of Social Security. How do you know what to believe and what to ignore? On this show, we’ll clear up the top 5 misunderstandings about Social Security.
Show Notes: https://philstaxhacks.com/podcast/ep-20-5-biggest-social-security-misunderstandings/
Today's Rundown:
0:52 – Is Phil ready for Christmas?
2:26 – On to our main topic on Social Security Misunderstandings
2:39 – No. 1: Social Security is going broke
6:42 – No. 2 and 3: Starting early is best. Waiting as long as possible is your best strategy.
8:53 – No. 4...2019-12-1218 minPhil's Tax HacksEp 15: Retirement Constants That Will Affect EveryoneRetirement planning is all about finding the right mix of investments that fit your needs and your situation. There’s no such thing as a ‘one-size-fits-all’ approach, but there are factors that will impact every single on of us in retirement. Understanding these constants and planning for them will put your portfolio in a great position.
On this episode:
0:46 – We’re not happy about the officiating in the Lions’ game.
2:37 – What’s Phil’s opinion on how to handle health insurance costs?
6:02 – Here’s our main topic for today’s show: retirement constants....2019-11-0718 minPhil's Tax HacksEp #14: How to Live a Retirement Without RegretYou work hard and deserve the chance to enjoy your retirement to the fullest. No one wants to reach that next chapter with regrets on how you invested and planned along the way. Make the right decisions now and you won’t have that worry in retirement, and we’ll give you advice to rid your portfolio of regrets.
On this episode:
1:31 – In the News: Health insurance is a major issue in the upcoming 2020 election and every candidate has an idea of how they want to handle. What does Phil think about healthcare?
2:38 – We have...2019-10-2422 minPhil's Tax HacksEp #12: Preparing for Retirement During Your Final Decade of WorkBeing as prepared as possible before you reach retirement will ensure you’re able to enjoy the next chapter of your life to the fullest. To do that, you need to get your numbers in order, understand what you want out of retirement, and make sure you have healthcare covered. Let’s go through each of these items you need to take care of during your final years of work.
On this episode:
1:09 – Phil is getting ready to take a trip to Disney with the grandkids.
2:01 – In the news: Rates have dropped and they mig...2019-10-1020 minPhil's Tax HacksEp #11: What Can We Learn About Retirement from Flying?We look to many different places for help with retirement planning, but have you ever considered what flying can teach us about investing? You might be surprised to hear that there are a number of parallels between the two and we’ll lay them out for your on this episode.
Today's rundown:
1:22 – In the News: A new study shows 37% of households are ‘free and clear’ meaning they are mortgage-free.
3:10 – Introducing the show’s main topic on flying and retirement.
3:53 – First thing is the flight plan.
7:03 – We all handle turbulence differently, muc...2019-10-0316 minPhil's Tax HacksEp #9: Excuses We Make for Sticking With the Wrong Financial AdvisorEvery decision you make in regard to your finances goes a long way to determining how much you’ll get to enjoy retirement, but using the correct advisor will have a big impact on your planning process. Despite that, investors will often make excuses for working with someone that doesn’t fit their needs and goals. Let’s talk about some of the common excuses that are used.
Today's rundown:
0:45 – Phil just got back from a family vacation.
2:05 – In the News: Uber now experimenting with food delivery by drone.
3:47 – Email question: How important...2019-09-1917 minPhil's Tax HacksEp #8: Financial Planning With a Sense of UrgencyNo matter how well you plan, there are times in your life where things shaken up and force you to change course. All of a sudden you shift to planning with a sense of urgency. On this episode, we’ll discuss some of those scenarios and how you can prepare yourself.
Today's rundown:
1:51 – In the News: The SECURE Act could affect your retirement.
3:56 – Could changes coming to the RMD age signal changes in Social Security?
5:57 – Getting to Know Phil: What’s your greatest accomplishment in life?
7:14 – Moving to our main topic o...2019-09-1220 minPhil's Tax HacksEp #7: Are You Prepared in Case These Retirement Portfolio Disasters Strikes?You’ve been planning for retirement by saving and investing for years but how prepared are you for negative events? Portfolio disaster could strike at any time and you need to have a plan in place to deal with it. We’ll run through the most likely scenarios and what you should do to stay retirement ready.
Click here to see the full show notes.----more----
Today's rundown:
1:57 – News headline reaction: Will the financial advisor role become unnecessary with the advent of automation?
4:30 – Getting to know Phil: What’s the most danger you...2019-09-0517 minPhil's Tax HacksEp #2: Facing The Realities Of RetirementThe realities of retirement planning are different than they were even a decade ago. Let’s talk about some of the realities that affect how you need to plan…
Full show notes of today's episode: https://philstaxhacks.com/ep-2-facing-the-realities-of-retirement
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Other Retirement Facts:
2:47 People are living longer.
Back in the ‘30s, the average life expectancy was 60 for a man and 64 for a woman. Today, if you live to 65, you can expect to live another 20 years. 25% of us will live to 90.
And because people are living longer, they’re also working lo...2019-06-2018 minPhil's Tax HacksEp #1: Meet Phil PutneyMajor US stock indexes fell more than 6% in May, so we'll take a quick look back at last month and discuss what brought about these changes. And to continue with the news topics, we'll talk about recent updates on Brexit, and get Don's opinion on how we should take all of these news events into account in regards to our financal plans. We'll close out with an email question about the pros and cons of gifting assets.
Check out the full show notes here: https://philstaxhacks.com/podcast/ep-1-meet-phil-putney/
Other Retirement Facts:
1:45 Why Do a...2019-06-1112 minPhil's Tax HacksComing Soon - Phil's Tax Hacks (and other retirement facts)Just around the corner is a new podcast called Phil's Tax Hacks (and other retirement facts) with Phil Putney of AFS Wealth Management. As a CPA and personal financial specialist Phil brings almost three decades of experience to each show to help you better prepare for retirement. Learn about creating tax-efficient financial plans and making sure you're well-prepared for your financial future. This episode gives you a quick little preview of what's to come. Episode 1 launches in June 2019!
Check out the podcast website: https://philstaxhacks.com/
2019-05-2802 min