Phil Putney - Podcast Details

Shows

$Phil\'s Tax Hacks$

Phil's Tax Hacks Shiny Object Syndrome: What Smart Investors AvoidWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment In the financial world, there’s no shortage of shiny objects, and most of them look a lot better than they actually are. Phil talks about the key signs of a reputable advisor and how to avoid the most common traps, no matter how enticing they may seem. When you focus on your long-term goals instea...

2026-01-2915 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Roth or Traditional at 55: Which 401(k) Makes Sense?Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment If you’re weighing a Roth versus Traditional 401(k), you’re not alone and the right choice isn’t nearly as simple as it sounds. Phil breaks down the key factors that should drive the decision based on your long-term goals. Instead of leaning on generic rules of thumb, the focus is on understanding the math and t...

2026-01-2215 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Would You Trade $600 a Month to Protect Your Spouse?Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment One of the biggest retirement decisions people make has nothing to do with the stock market, it’s buried inside their pension paperwork. In this episode, Phil walks through a common but high-stakes choice: trading monthly income for lifelong protection for a spouse. When you see the options clearly, the right decision usually becomes much easier...

2026-01-1515 min $Phil\'s Tax Hacks$

Phil's Tax Hacks “Should I Retire Early to Watch My Grandkids?”Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Daycare costs are out of control, and for many families, grandparents feel like the only safety net left. But should your retirement plan be the thing that fills the gap? Today, Phil walks through a real-life question that blends love, money, timing, and long-term consequences. Daycare may last a few years, but retirement can last 30, so the...

2025-12-2316 min $Phil\'s Tax Hacks$

Phil's Tax Hacks I’m 62: Should I File For Social Security Or Wait?Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Turning 62 might not feel like a milestone birthday until you realize the Social Security clock just started ticking. Filing now could put money in your pocket sooner, or it could cost you tens of thousands of dollars over your lifetime. In this episode, Phil breaks down how to think through one of the biggest retirement decisi...

2025-12-1813 min $Phil\'s Tax Hacks$

Phil's Tax Hacks What If I Retire With “Only” $1M?Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment It’s easy to feel behind when you compare your savings to your brother, your coworkers, or the YouTube guy claiming he retired at 38. But the truth is that “only” having $1 million doesn’t tell you anything without understanding your lifestyle, income sources, and retirement vision. Today, Phil explains why the comparison game is misleading and how defini...

2025-12-1116 min $Phil\'s Tax Hacks$

Phil's Tax Hacks 5 Red Flags When Looking for a Financial AdvisorWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment How do you know when an advisor just isn’t the right fit? Phil shares all the subtle (and not-so-subtle) red flags to watch out for when you’re evaluating a financial professional, whether you’re meeting with someone new or reconsidering your current advisor. A great advisor should make you feel informed, heard, and confident...

2025-11-2615 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Love, Marriage & Money: The Second (or Third) Time AroundWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Getting married in your 50s often means you’re combining lives but not necessarily combining finances. How do you build a retirement plan together when you’ve both already built your own? In this episode, Phil answers a listener’s question about navigating financial and emotional security in later-life marriages. Financial independence and emotional connection aren’t opp...

2025-11-2014 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Charitable Giving in Retirement: How to Give and Save on TaxesBook an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Giving Tuesday (Dec 2, 2025) and year-end donations are just around the corner. But before you hit that “donate” button, let’s talk about how to give with both your heart and your head. Today, Phil shares how to make generosity part of a smart financial plan, because generosity feels even better when it’s part of a bigger plan. Give with purpose, plan with wisdom, and let your generosity ripple far beyond this season. Here’s some of what we discuss i...

2025-11-1314 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Do Your Feelings Belong in Your Financial Plan?Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Most people think financial planning is about calculators, spreadsheets, and strategies. But that’s only half the story. The truth is, your feelings about money can have just as much impact on your retirement as the numbers do. Today, Phil explores the emotional side of planning. At the end of the day, numbers give us the framework, but your feelings help define the plan that truly fits you. Here’s some of what we discuss in this episode: ...

2025-11-0619 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The Truth About Managing Money with Multiple AdvisorsBook an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Some people believe having two financial advisors means double the wisdom, but it often means double the confusion. Phil explains why splitting your money between advisors can lead to conflicting advice, missed tax opportunities, and unnecessary complexity. He shares a real listener question about this exact dilemma and breaks down when it might make sense to have multiple specialists on your team. Here’s some of what we discuss in this episode: 🥚 Eggs in One Basket Myth: t...

2025-10-3013 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Retirement Healthcare Costs Just Jumped Again (2025 Update)Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Health care costs are rising faster than almost every other expense in retirement, and the latest numbers prove it. Phil breaks down Fidelity’s 2025 estimate showing that a 65-year-old couple retiring today can expect to spend around $172,500 on health care alone, not including long-term care. With Medicare premiums increasing and more retirees unprepared, Phil shares proactive strategies to stay in control of your retirement budget before medical expenses take a bigger bite than expected. Here’s some of what w...

2025-10-2315 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Where Should You Invest $1 Million in Today's Market?Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment If you suddenly had a million dollars to invest, where would you put it, and how would you decide? That was the question put to three financial advisors in a recent Financial Advisor Magazine article. Today, Phil reacts to their strategies and adds on several important layers that are often overlooked, but could make or break your plan. Here’s some of what we discuss in this episode: ⚖️ Risk vs. Reward: How personality drives portfolio choices 🤖...

2025-10-1617 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Is It Finally Time to Buy Bonds Again?Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment For years, bonds were the “boring” part of a portfolio, but with higher yields, many investors are asking if bonds are finally back. In this milestone 300th episode, Phil breaks down what’s really happening in the bond market, why values fell so sharply in 2022, and how rising rates are changing today’s opportunities. Here’s some...

2025-10-0918 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Reacting To Unfiltered Retirement Takes from YouTubeWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Forget polished advice. If you want the truth about retirement, read the YouTube comments. In this episode, Phil reacts to the fears, frustrations, and strategies that real people are posting online. He highlights the recurring themes that show up again and again: claiming Social Security early, bridging healthcare gaps and the psychology of money. He...

2025-09-2520 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The 5 Must-Do’s In Year One of RetirementWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Well, you’re retired. Now what? Some people subscribe to the “first year rule,” which says that the majority of your best retirement months will take place in the first year. How can you be strategic during that time and set the tone both emotionally and financially? In this episode, Phil walks through five essential steps for...

2025-09-1815 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The Truth About Downsizing in RetirementWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Downsizing in retirement seems like a no-brainer, but it’s not that simple. In this episode, Phil tests some of the most common beliefs about downsizing and whether they really hold up. Is moving to a smaller home always cheaper? Does it automatically lower your taxes? Will it actually simplify your life, or just trade one se...

2025-09-1116 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The Hidden Medicare Penalty You Might Be PayingWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Think Medicare is free at 65? Think again. Many retirees are shocked to learn about IRMAA- the Income-Related Monthly Adjustment Amount- a hidden surcharge that can quietly add thousands of dollars a year to Medicare costs. In this episode, Phil explains how IRMAA works, who’s most at risk, and which types of income can trigger it.

2025-09-0414 min $Phil\'s Tax Hacks$

Phil's Tax Hacks How to Change Careers at 55 Without Ruining RetirementWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment After years in the corporate world, you’re ready for something different. Something hands-on, flexible, or more meaningful. But the big question looms: will it wreck your retirement plan? In this episode, Phil dives into the financial and personal realities of changing jobs at 55, showing how to make the leap thoughtfully while still protecting your long-t...

2025-08-2819 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Inflation Is Still Wrecking Retirement ConfidenceWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Inflation may no longer dominate headlines like it did in 2022, but it’s still a top concern for many Americans planning for retirement. A recent Schwab survey shows how inflation affects confidence and preparedness for the future. In this episode, Phil explains why the psychological impact of inflation often feels worse than the actual numbers and ho...

2025-08-2114 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The Real Numbers Behind the Big Beautiful BillWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment When it comes to tax law changes, even official government summaries can get the details wrong. In this episode, Phil revisits the “Big Beautiful Bill” (BBB) discussion from a few weeks ago with important clarifications and corrections. After discovering that early government summaries included incorrect numbers and unclear explanations, Phil dug deeper using trusted tax research...

2025-08-1412 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Not Every Retirement Plan Fits Neatly In A BoxBook an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment No two retirements look the same, and often clients come in with circumstances that make a cookie-cutter plan impossible. In this episode, Phil looks at some examples of these more unique and challenging scenarios and explore the solutions you’ll need to successfully retire. If you're looking for a one-size-fits-all retirement plan, you’re not going to find it here, and that’s a good thing. Here’s some of what we discuss in this episode: ⏳ How age gaps...

2025-07-3115 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Separate Accounts, Shared Future: Planning Retirement With Separate FinancesBook an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment In this episode, Phil tackles a question many couples face: how do you plan for retirement when your finances have always been separate? Maybe one of you has a pension, the other a 401(k). Maybe you split expenses or handle totally different parts of the budget. Phil explains how to make separate money work for shared goals, whether it’s a second marriage, late-in-life partnership, or just how you’ve always handled your finances. Here’s some of what we...

2025-07-2417 min $Phil\'s Tax Hacks$

Phil's Tax Hacks What’s Missing from Dave Ramsey’s 9-Step Retirement PlanWant to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment Dave Ramsey is one of the most recognized voices in personal finance. His 9-step retirement plan is simple, direct, and built for mass appeal. But is it really the best path for your retirement? On today’s show, Phil shares his professional insight into each of Ramsey’s nine steps, from saving and investing to paying o...

2025-07-1721 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Let's Talk about the Big Beautiful Bill (BBB)Want to learn more about financial planning? Please subscribe to our channel and you won't miss a video ➟ https://bit.ly/33RO6mV Book an appointment with Phil to get your customized planning process started ➟ https://www.afswealthmgt.com/schedule-appointment The Big Beautiful Bill has officially passed, and Phil is here to bring you everything you need to know from a tax and retirement planning perspective. He dives into what really matters, starting with why the headlines and quick Google searches can be dangerously misleading. He walks through what the bill actua...

2025-07-1022 min $Phil\'s Tax Hacks$

Phil's Tax Hacks A 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Why 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Is 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks How 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks What 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Tariffs, 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks How 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks What 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Target 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Understanding 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Could 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Be 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Retirement 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Financial 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks It’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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks All 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Is 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Tax 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Tax 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Finance 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Understanding 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks The 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Retirement 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Mailbag: 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Strategic 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Understanding 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Till 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Mastering 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep 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 min $Phil\'s Tax Hacks$

Phil's Tax Hacks Ep #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 min