Phil's Tax Hacks

A 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/oE6gLViu1sE What we discuss on this episode: 0:37 - What should business owners know about retirement? 1:03 - Is a good business plan enough? 2:25 - Are you paying yourself first? 3:59 - Your Social Security may be lower. 5:19 - Are you planning to sell your business as your retirement plan? 9:00 - What do business owners need to consider from a tax standpoint? 10:57 - There are a lot of little things to being a small business owner.

Are you in the know or in the dark when it comes to your financial plan? Is your spouse the one making the calls or are you doing it together? Let’s talk about the steps you can take to get more involved in your family’s finances. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-74-getting-more-involved-in-retirement-planning/ Watch the video podcast: https://youtu.be/iNFtHkLgnHc What we discuss on this episode: 0:21 - How do we encourage women to be more involved in financial decisions? 2:51 - How would you handle the worst-case scenario? 5:22 - If you don’t know how to access your accounts, what would you do? 8:38 - Do you have the general idea of what’s happening with your financial plan? 10:29 - When should you DIY and when can you benefit from the support of a third party?

As you file your 2020 taxes, what do you need to be aware of to account for that unprecedented year? What changes were made and how should you prepare? We'll fill you in on the top tax tips. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-73-top-tax-tips-for-filing-in-2021/ Watch the video podcast: https://youtu.be/XTHpqM3TG0s What we discuss on this episode: 0:24 - Tax season has begun! 1:20 - Are the stimulus payments taxable? 2:53 - Any changes on the tax brackets? 3:51 - What do you need to know about charitable giving? 5:13 - What is the deal with RMDs in 2020 and 2021? 8:48 - Can you claim a home office after working from home? 10:44 - Why might a CPA be better than DIY? 12:46 - What is tax prep vs. tax planning?

Wondering 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 who is in the wrong? 8:09 - Was this a smart thing to do? 11:14 - Was this investing or gambling? 14:28 - What other companies has this happened to recently? 15:30 - Did the “little guys” win?

No one likes bad news and sometimes the good news doesn’t outweigh the bad. On today’s podcast, we talk about a few financial topics that come with good news and bad news. Read more and get additional resources here: https://philstaxhacks.com/podcast/good-news-bad-news-in-financial-planning/ Watch the video podcast: https://youtu.be/6j5R4FVKzeo What we discuss on this episode: 0:40 - Do you want the good news or the bad news? 1:28 - Bad news is you have debt, the good news is the interest is tax-deductible? 3:40 - The fund isn’t performing well…but the fees are low. 5:09 - Bad news: you don’t have enough money to pay for medical care, but there’s Medicaid. 7:49 - Social Security is running out of money, will it get fixed? 11:42 - The good news with the market is that a loss usually comes back eventually.

Have you stopped to reflect on yourself and your feelings when it comes to finances? When you meet with an advisor, it’s important to be true to yourself. Today on the podcast, we’ll ask the questions you should sit with when it comes to making financial decisions and a financial plan. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/know-thyself-how-looking-inward-can-lead-to-major-financial-impacts/ Watch the video podcast: https://youtu.be/wwNggc1nNaY What we discuss on this episode: 0:38 - What’s the winter weather felt like so far? 2:11 - Looking inward can lead to major financial impacts. 3:09 - What financial issues do I worry about? 5:14 - What do you desire most from a financial standpoint? 6:58 - Am I biased against something? 10:24 - What do you want to accomplish with your money?

What 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? 5:10 - What are the qualities of cash? 6:19 - What qualities does the market provide? 7:44 - What do you get from an annuity? 9:44 - Is real estate worthwhile to have? 13:50 - Do people put too much of their money in one area?

Retirement planning will be different for every person, but it’s interesting to look at the averages to get a general guide on where you stand. Today we’ll share some retirement statistics that will give you a good idea of how the average American prepares for retirement and where the shortcomings might be. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-68-retirement-statistics-that-might-surprise-you/ Watch the video podcast here: https://youtu.be/p4xSLm0Qs_k What we discuss on this episode: 0:37 – Happy 2021 2:15 – 17% of American workers very confident they’ll have enough in retirement 3:31 – Lottery as a retirement plan 7:27 – The average woman will live to near 85 years old 11:14 – 16.5% of the country’s population is over 65 15:00 – 90% of people over 60 believe a written retirement plan is important, but 20% actually do it

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: hitting the road. 11:50 - Front Porch Life: sticking close to home. 14:23 - College Life: filling your social calendar. 15:45 - God’s Waiting Room: enjoying the Florida life. 17:37 - Golf: plan for your pastimes. 19:18 - Follow your passions in retirement.

What financial moves should you make before the year is over? Have you talked with your financial advisor about these strategies? Let’s review the items that are most important at the end of the year. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-66-end-of-year-financial-planning/ Watch the video podcast: https://www.youtube.com/watch?v=2p7Vl6w2TvM&feature=youtu.be What we discuss on this show: 1:51 - Should we be maxing out retirement contributions as the year winds down? 3:17 - How does the CARES Act factor into your year-end planning? 6:43 - Did you explore tax-loss harvesting? 9:26 - Are you planning to make a charitable donation? 14:12 - What kind of purchases qualify for tax credits? 15:25 - Have you looked into a Roth conversion?

The 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 will change for high earners? 4:08 - What will happen with long-term capital gains? 4:45 - The step-up in basis may be eliminated. 6:39 - Under the new proposal, what added taxes would we have? 10:45 - At what point does the estate tax come into play? 13:24 - What would the first-time homebuyer’s tax credit be? 14:24 - The corporate tax rate would go back. 16:52 - What does it mean to equalize the tax benefits of traditional retirement accounts? 20:33 - Will the SECURE Act face potential revisions?

How 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 - What kind of credentials should the advisor have? 5:37 - How do you know if it’s time to find a new advisor? 10:58 - What could go wrong if we stay with the wrong advisor? 12:14 - How do you feel about it? 13:42 - What should you consider in the interview process? 18:47 - What are Phil’s Thanksgiving favorites?

We’ve all heard the saying, “the customer is always right”, but are they? When it comes to financial planning, you are going to see an advisor to hear their guidance and wisdom. So, if there’s a disagreement, are you right or are they? That's what we'll talk about on today's show. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-63-dont-assume-the-customer-is-always-right/ Watch the video podcast here: https://youtu.be/ZcCIc3MYb58 What we discuss on this show: 1:45 - Would you have the same response with your doctor? 2:28 - Is now the time to get out or in the market? 5:06 - How do you pick what to be invested in? 7:53 - I don’t need/want that. 10:31 - What happens when the client gets impatient or the market is down? 13:59 - Are you aligned with your financial advisor

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 be too diversified? 11:56 - What does a conversation about diversification look like?

How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-61-would-you-pass-this-retirement-preparedness-quiz/ Watch the video podcast: https://youtu.be/VSs7liueo0o What we discuss on this show: 0:21 - Ready to take the quiz? 2:21 - Do you know how much you have? 5:35 - Do you know how much you spend? 7:37 - What is your risk? 9:59 - Do you know what you’re paying in fees? 11:46 - What are your retirement income streams?

Many 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 401(k) loans good or bad? 5:41 - When does a 401(k) rollover make sense? 8:14 - Should you use target date funds? 10:50 - What should your contribution amount be? 11:52 - Which is better, the traditional or Roth?

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 - Mailbag: Should I share my inheritance with my adult son? 3:31 - Mailbag: Can I really get half of my ex-husband’s Social Security? 7:14 - Mailbag: Are these 401(k) estimates reliable? 9:33 - Mailbag: Do I have enough coverage in my long-term care policy? 11:32 - Mailbag: Should I move my investments to cash? 14:55 - Mailbag: Is a big tax refund good?

Are you understanding all of the options when it comes to Social Security? Or do you feel like retirement and Social Security always coincide? Today we take a look at this important piece of retirement income. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-58-reframing-the-social-security-conversation/ Watch the video podcast here: https://youtu.be/C_LugOpTQck What we discuss on this show: 0:36 - Let’s reframe your Social Security decision. 3:25 - How much money can you get from Social Security? 5:27 - It’s hard to predict your life expectancy. 7:00 - Are you still working? 9:59 - What are the taxes? 10:58 - What assets should you use first?

Whether you are less than a decade away from retirement or at the beginning of your career, it’s important to have a saving mindset. How can you make sure you are retirement ready? Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-57-retirement-ready-or-not/ Watch the video podcast: https://youtu.be/7sF9WLpknd0 What we discuss on this show: 0:25 - What’s one of the latest coronavirus-related hot ticket items? 1:24 - What can younger clients keep in mind when saving for retirement? 3:15 - Most of us don’t have a good savings mindset. 7:26 - We have to pay our future selves. 10:54 - Ramp up the discipline.

From the global bond market to living benefits, there are several important financial concepts you might not yet know about. Today’s episode will cover four things you should know when it comes to finances. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-56-financial-stuff-you-should-know/ Watch the video podcast here: https://youtu.be/evWGvRxgA_g What we discuss on this show: 0:27 - The market is currently back up. 1:20 - The global bond market is way bigger than people realize. 4:09 - Tax rates are very low right now. 5:17 - Living benefits could help provide for long-term care. 7:06 - The biggest impediment to our finances is our own emotion.

Ever 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 finances? 1:54 - As the election approaches, what should you keep in mind? 3:31 - Should you make some big financial moves now? 5:15 - How much risk are you exposed to? 6:31 - Do you know your options with Social Security? 9:45 - Should you be taking advantage of the Roth? 11:30 - Are you regretting retiring too early?

Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan? Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-54-do-you-need-a-trust/ Watch the video podcast: https://www.youtube.com/watch?v=mEKpQjU43uE&feature=youtu.be What we discuss on this show: 0:39 - We’re going to talk about estate planning gone wrong. 1:30 - How does your advisor potentially help with estate planning? 2:18 - What is an estate plan? 4:15 - What purpose does a trust serve? 7:05 - Real estate is a big reason why some choose to get a trust. 8:47 - What changed in 2020? 10:13 - When does a trust make it more complicated?

How should you approach your home from a financial standpoint in retirement? Pay it off? Downsize? Rent it out? Let’s talk about real estate and how it fits into your plan. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-53-this-one-is-on-the-house/ Watch the video podcast here: https://youtu.be/b_apvElPm8Q What we discuss on the show: 0:37 - Paying off the house as quick as you can or enjoy low rates and pay it off slowly? 1:47 - What is equity in a home vs. the value of a home? 3:16 - Why would you want a mortgage with additional liquid assets? 4:36 - There are two rules that apply to any decision. 5:17 - Should you downsize? 7:51 - Are rental properties a good investment? 11:09 - What are some estate and legacy planning mistakes that people make?

We all hear various financial rules from time to time, but are they legit? Or are they full of it? Which of these are good rules of thumb and which are better to ignore? On today’s podcast we discuss seven financial rules to see what’s what and help you better plan for retirement. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-52-are-these-financial-rules-legit-or-full-of-bull/ Watch the video podcast: https://youtu.be/Sb6dpmV2r90 What we discuss on this episode: 0:32 - Are these rules legit or full of it? 0:45 - Is the 10 percent rule legit? 1:37 - Is the 4 percent rule based on reality? 3:09 - What is the 25x rule? 4:50 - Do you only need 80 percent of your income in retirement? 5:43 - What’s the math behind the rule of 72? 6:48 - What does the rule of 2.67 mean? 9:06 - How does the rule of 100 relate to your age?

Many of the things you read or watch about finance will talk about the things you need to do to grow your portfolio. It’s not too often that you hear about the ways your retirement gets put in jeopardy, but it’s important to be aware of these mistakes. Today we’ll list five different errors people make that could ruin retirement so that you can make sure to do the opposite. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-51-simple-mistakes-that-could-ruin-retirement/ Watch the video podcast: https://youtu.be/4kypfPPFE1Y On today's show: 0:21 – Treating retirement as the destination. 2:30 – Believing that retirement will solve all your problems. 4:40 – Assuming spending habits 8:36 – You stop being active 9:50 – Investing habits don’t change with age.

We 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 planning for living a long life? 6:37 - What is a risk multiplier? 7:51 - How old is Phil’s oldest client? 9:06 - What is the probability one of you in a marriage will live to a certain age? 12:02 - How effectively does the average person plan for longevity? 12:56 - What happens if you need long-term care? 15:15 - Mailbag: Which account should you withdraw from first when you retire?

For some people, the idea of putting together a financial plan is pretty daunting. For others, the idea of building and designing a house is a lot more exciting. On today’s podcast, we consider what kind of building would go into creating a financial house. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-49-building-your-financial-house/ Watch the video podcast: https://youtu.be/T9sWzDtOLFg 1:11 - Did you ever build structures as a kid? 1:55 - What does it mean to build a financial house? 3:17 - What is the foundation of a financial plan? 6:38 - What are the walls of financial plan? 8:30 - The roof provides protection. 11:43 - What are the finishing touches? 1:11 - Did you ever build structures as a kid? 1:55 - What does it mean to build a financial house? 3:17 - What is the foundation of a financial plan? 6:38 - What are the walls of financial plan? 8:30 - The roof provides protection. 11:43 - What are the finishing touches?

What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-48-financial-planning-following-the-loss-of-a-spouse/ Watch the video podcast: https://youtu.be/qKlXF5Zd7gc On today's show: 0:40 - Losing a loved one is inevitable. 2:09 - What’s the biggest immediate concern financially? 3:34 - What challenges are the remaining spouse left to deal with? 5:44 - Did you realize the tax bracket may change? 7:53 - Are all of the beneficiaries and estate documents in place? 8:53 - Does your financial plan include a list of what to expect later on? 11:40 - Are your children privy to some of your financial information? 14:13 - Mailbag: Is it typical to work with a financial advisor who doesn’t talk about Social Security or life insurance?

As 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. 6:35 - How should you invest as you near retirement? 8:59 - When should you start Social Security? 11:29 - Are you confusing tax planning with tax prep? 13:11 - Do you understand your potential healthcare needs?

What 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 market crash? 2:10 - Understand how much risk you’re exposed to. 7:23 - Protect the gains as you go. 9:01 - Be sure you are diversified appropriately. 12:20 - Don’t try to time the market. 15:31 - Have a well-conceived plan in place.

What 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 the way. 5:17 - Geniuses understand what they do not know. 10:29 - Geniuses learn from the experiences of others. 12:40 - Mailbag: Should you have a trust?

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 thing but do another? 2:37 - How do change our mentality from always finding the “best” deal? 4:30 - Do you say you don’t want risk but your portfolio is full of it? 7:40 - Is your spouse actually taken care of if something were you happen to you? 10:31 - After the initial hurdle, it’s easier to maintain your plan over time. 11:54 - How are you preparing to retire?

Are you prepared for retirement? Reaching these milestones before you get there will ensure you transition to retirement with ease. Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-43-4-financial-pre-retirement-milestones/ Watch the video podcast here: https://www.youtube.com/watch?v=F9seLztVTbc Today's show schedule: 0:49 - Four milestones that signify you are ready for retirement. 1:37 - #1: You can budget confidently. 3:35 - #2: You have control over your spending. 8:00 - #3: Have an emergency fund. 10:13 - #4: Have no revolving debt. 12:39 - Bonus: Have a plan!

Are 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. Roth IRAs? 5:17 - The traditional is what more people have used. 6:32 - Is taking the tax benefit now worthwhile? 7:16 - Is now a good time to do a Roth conversion? 9:05 - Is there a specific person that fits best in one vs. the other? 12:09 - Mailbag: Should we leave a surprise inheritance or tell them ahead of time?

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 good plan? 3:22 - Should you just invest in mutual funds? 5:47 - Does Dave set unrealistic expectations about investment returns? 9:41 - Should you cut off your retirement savings while paying off debt? 13:01 - Do the baby steps work? 16:24 - Mailbag: Is 33 different mutual funds adequate diversification?

What are some of the big critical mistakes that people are prone to make when retirement planning? How can you avoid them? Find out on today’s episode. Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-40-critical-retirement-planning-mistakes/ Today's show schedule: 0:54 - What’s available in stores and what’s hard to find these days? 4:41 - Are bonds a safe investment? 7:06 - Has there been a shift in bonds due to coronavirus lately? 8:39 - Long-term care needs to be discussed. 12:18 - Don’t get caught thinking one particular tool is always bad. 14:01 - Having individual pieces and financial products does not equal a financial plan. 17:35 - Mailbag: Can you earn income while claiming Social Security benefits?

What do you call what just happened in the market? Do you know what tax loss harvesting is? Should you be rebalancing? Find out in today’s show! Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-39-financial-terms-you-should-know-during-a-pandemic/ Today's show schedule: 1:55 - What to call “what happened” in the market? 3:44 - What are the different shapes of the market and what do they mean? 4:59 - Does the market directly correlate with the economy? 6:38 - What is a depression? 8:43 - What is a VIX? 9:38 - What is tax loss harvesting? 12:35 - Do index funds help people avoid some of the problems? 17:26 - What is rebalancing and how often should we do it?

When you complete a crossword puzzle, every letter and word needs to be right in order to achieve success. Similarly, a financial plan has a lot of intersecting parts that need to be aligned in order to achieve your goals. Are you ready to play? Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-38-playing-the-financial-crossword-puzzle/ Today's show schedule: 0:45 - Financial planning is a lot like doing a crossword puzzle. 2:27 - Puzzle line #1: Determining how much income we need in retirement. 6:17 - Puzzle line #2: Determining the proper amount of risk. 10:33 - Puzzle line #3: Should you have life insurance? 13:42 - Puzzle line #4: Addressing long-term care expenses. 16:35 - Puzzle line #5: Taxes won’t stay the same as right now in the long-term. 19:32 - Puzzle line #6: How much can you realistically withdraw from savings? 21:02 - Mailbag: Selling the farm and about to retire. What should you do with the money?

As you try to make the best decisions, you may get a lot of bad advice--even from people with good intentions. How do you know who to listen to? Whose advice is bad and whose is good? We'll look at four common people we turn to and explain why you should be careful. Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-37-best-intentions-but-bad-advice/ Today's show schedule: 3:15 - Are you getting some bad advice from well-meaning family members? 7:39 - Are you afraid of using new technology? 11:59 - What are CPAs supposed to give you advice about? 17:18 - What should you do with financial information in the media? 20:08 - Should you listen to everything Dave Ramsey says?

What financial truths can you depend on to always be true? While some financial statements may be more opinion than fact, these financial truths are ones you’ll want to hang on to. Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-36-financial-truths-you-can-depend-on/ Today's rundown: 0:50 - Are Americans taking out their retirement funds too early? 4:10 - What are absolute truths in the financial realm? 4:56 - Is watching too much news or TV bad for your financial plan? 6:23 - Emotions can impact our financial decisions. 9:15 - The market will move up and down. 12:46 - We are not as risk tolerant as we think we are. 17:47 - There is no magic answer. 20:21 - Mailbag: When should I find a new financial advisor?

Due to coronavirus, the CARES Act has outlined several provisions to relieve the financial burden on the economy right now. If you are allowed to take money out of your retirement accounts without penalty, should you? Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-35-should-you-take-money-out-of-retirement-accounts-while-its-penalty-free/ Today's rundown: 2:03 - What should you do about tapping into retirement accounts? 4:50 - Are these provisions in the CARES Act helpful? 6:54 - Could this hurt your retirement? 7:56 - What happens when someone is furloughed? 10:26 - In “normal” times, does it work when people take out money from their retirement or 401(k) as a loan? 13:46 - What is the current state of the market and economy? 15:24 - When is the new tax deadline for 2020? 17:16 - Mailbag: If I sell rental properties, how should I invest the equity money once I sell them?

Retirement planning and financial goals can be tricky to navigate. Instead of getting lost and going down the wrong path, here’s what to look out for and how to head in the right direction in the financial world. Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-34-how-to-avoid-getting-lost-in-the-financial-world/ Today's rundown: 2:31 - In the News: What’s happening with COVID-19? 8:09 - What are the reasons people get lost in the financial world? 8:23 - Bad tools can make finances difficult to understand. 9:57 - Bad directions and bad advice can steer you in the wrong direction. 11:32 - Not paying attention can get you in trouble. 13:46 - What can you do to get back on track? 15:04 - Do you know where you want to go with retirement? 19:19 - Mailbag: How much long-term coverage is recommended?

How 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 - Adjustments may need to be made.

Depending on how far away you are from retirement, you may have a different thing to focus on with your retirement plan. What should you be doing right now and how has the current market volatility impacted that? Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-32-preparing-…up-to-retirement/ Today's rundown: 1:40- Mailbag: Is it wise to own gold? 5:06- Mailbag: Should you move everything to cash now? 8:07- What should you look at fifteen years before retirement? 9:37- Is right now an opportunity to invest for some? 12:01- Ten years before retirement, what do you visualize with retirement? 13:35- Are you feeling like the coronavirus will set you back a few years? 16:12- What should you do five years before retiring? 17:20- Do you have a strategic plan? 19:06- What do you do when you retire?

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? 10:54- Every situation is different, so how do you position yourself for this? 12:55- Did the oil trade war carry as much weight as the coronavirus in the market? 15:20- What can we do now?

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 - Level 2: Maybe I could retire, but the pay at work is good. 5:59 - Level 3: I’d like to retire soon, but I’m not sure when I can. 7:31 - Level 4: Retirement is really starting to look good. 8:07 - Level 5: I have to retire now. 11:54 - Mailbag: Rolled over a 401k to an advisor who put it all into American funds. Is this okay or should I invest it somewhere else? 14:45 - Getting to Know You: What’s the worst punishment Phil got as a kid?

While 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 emotions drive people to make financial decisions? 7:16 - What mistakes do people make with emotional decisions? 8:34 - Are there times to let your emotions factor in? 11:28 - Understanding what taxes look like long-term may mean addressing some emotional vs. logical decisions. 13:44 - Mailbag: Any problems with selling company stock in order to buy land?

Do you have financial and retirement goals set? How do you know if those goals are doable or simply unrealistic? Let’s talk about goal-setting and how we approach it with our clients to make sure they stay on track for retirement. Check out the show notes and get additional resources here: https://philstaxhacks.com/podcast/ep-28-how-to-set-realistic-financial-retirement-goals/ Today's show rundown: 1:30 - In the News: Student loan debt is at $1.6 trillion. 6:43 - How do you set financial and retirement goals? 7:06 - What general financial rules should you follow? 8:28 - How do you narrow down the specific goals for retirement? 10:03 - What are unrealistic goals people make in retirement? 11:47 - How do you get the most out of investments without losing anything? 14:04 - How can you know if a financial goal is realistic and achievable? 16:45 - Mailbag: Should you work with one financial advisor or work with multiple?

Chances 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 while consumers remain optimistic in 2020. 3:54 – The Coronavirus could be the trigger for the economy to drop. 6:02 – We’re talking about Roth conversions today because that’s been a hot topic with the current state of taxes. 7:08 – Let’s begin with what is a Roth conversion. 9:07 – Is this especially helpful if you’re a high-income earner? 10:02 – The assumption is you’ll be in a lower tax bracket in retirement but that’s not always the case. 10:56 – The common mistakes that Phil sees clients make with conversions. 12:37 – With the SECURE Act eliminating the Strech IRA, will this strategy become more popular? 14:55 – Is there a type of person that might not benefit from a Roth conversion? 16:15 – Are there ages that Roths make sense or is that too generalized? 17:50 – Cash Connection email question: I just looked at my Social Security breakdown and I’m blown away by how much more I’ll get at 70. I’m inclined to wait until then to start my Social Security even though I’m planning to retire at 67. What do you think? 19:50 – Getting to Know Phil: Are you native Michigander? Where did you grow up?

Financial 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 – Let’s break down the cost of this artwork versus what it was sold for before it was eaten. 3:16 – Time to talk about traits an advisor needs to have. Be on the lookout for these things with your current advisor or someone you’re considering working with. 4:04 – First trait: Areas of expertise – there are many stages of planning and you want someone that meets your needs. 5:43 – There are licenses that are going to determine where an advisor’s expertise is. 7:34 – Second trait: Trustworthy – so how can you determine whether an advisory has this trait? 8:38 – Third trait: Likeability – you want to enjoy the relationship. 10:39 – Fourth trait: Listening ability – an advisor should be meeting your goals and needs rather than pushing specific products. 11:53 – Remember that this is your retirement, not an advisor’s. 12:59 – Final Trait: Problem-solver – is the advisor finding problems you might even know exist and helping you find solutions for your retirement needs? 15:41 – Email Question: Due to a mutual friend, I have a chance to work with an advisor who primarily works with accounts of $5 million or more. I don’t have that much but I’d love to get the advice of a big-time advisor. Do you think this is a good opportunity? 18:12 – Getting to Know Phil: Are you a Valentine’s Day kind of guy?