Phil's Tax Hacks

Ep 95: Things That Don’t Matter…Until They Do

There 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 documents are important.
6:18 - Guarding against long-term care expenses.
10:45 - Do you have life insurance?
12:26 - What are your lifetime income streams?

Ep 94: What Retirement Are You Living For?

Have you started daydreaming about what retirement looks like? Let’s talk today about what it takes to make that retirement dream a reality.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast
 
Watch the video podcast: https://youtu.be/X7eECbIY9_A
 
What we discuss on this episode: 
0:45 - Summer time is vacation time.
1:40 - Retirement could include spending time with family. 
3:23 - How do you structure your spending and retirement income?
5:32 - People are ready to start traveling more.
8:40 - What makes people feel locked into a particular structure or plan?
12:11 - What kind of lifestyle do you want in retirement?
13:15 - Are you structured the right way when giving to charity?

Ep 93: 5 Things to Know About Decumulation

How hard or easy is it to spend your retirement savings? On today’s show we talk about the process and how to get it right.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-93-5-things-to-know-about-decumulation/ 
 
Watch the video podcast: https://youtu.be/xzRUgJBaV-g
 
What we discuss on this episode: 
0:24 - Today we are on location: on vacation!
1:19 - Let’s talk about decumulation.
2:06 - Do you have the proper support?
6:13 - Do you have the confidence in your plan, even with the risks?
7:30 - How do your taxes fit in?
8:42 - Having an income structure is key.

Ep 92: What is Your Spending Personality?

Do you know your spending type? What about your spouse’s spending type? How does that impact your financial plan? Phil talks us through the different types and how they pair with others.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-92-what-kind-of-a-spender-are-you/ 
 
Watch the video podcast: https://youtu.be/MGqTUBHOzeE 
 
What we discuss on this episode: 
0:30 - The 4th of July is here!
1:06 - Let’s talk about the four different types of spenders.
1:47 - The emotional spender.
3:46 - The YOLO spender.
7:23 - The savvy spender.
8:42 - The miserly spender.

Ep 91: Planning Through Uncommon Sense

Do 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 in taxes than we have to.
13:34 - Keeping costs low.
15:28 - Don’t put all your eggs in one basket.
17:42 - Don’t try to time the market.

Ep 90: Not Your Father’s Retirement

As we approach Father’s Day, we’re thinking about dear old Dad. Maybe he was your hero or maybe you never really knew the real him. One thing’s for sure, your retirement is certainly going to be different than his.
 
Read more: https://philstaxhacks.com/podcast/ep-90-not-your-fathers-retirement/ 
 
Watch the video podcast: https://youtu.be/WsGZ_zSVR-A 
 
What we discuss on this episode: 
0:17 - Let’s talk about Dad.
2:05 - Retirement is different these days.
7:06 - Retirement might be more expensive than expected.
9:04 - There is a lot to plan for in retirement. 
12:50 - You’ve got to fund for longevity.
16:02 - We’re living longer and are more active.
17:15 - Mailbag: Capture the gains or keep taxes low?

Ep 89: The Three Worlds of Money

Where 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 the three worlds of money?
1:32 - What are the pros and cons of the banking world?
5:14 - What do you get with the insurance world?
11:16 - We have to understand how all three worlds fit.
13:40 - Do you have the right tool for what you need?
16:46 - What’s the proper mix?
18:14 - Mailbag: How can I save and plan for a wedding?

Ep 88: 5 Words That Describe Retirement

The 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 you describe retirement?
2:09 - How was the study broken down? 
6:11 - What words does Phil hear from clients the most?
7:33 - How does the financial plan fit into your retirement?
9:22 - How can you find alignment with your spouse about retirement?

Ep 87: Playing the ‘What if?’ Financial Game

There’s a lot we can’t control, but we can prepare for what might happen in different “what if” scenarios. On today’s episode of the podcast, we discuss a number of “what if” scenarios (some more likely than others) to see how we could prepare for them today.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-87-playing-the-what-if-financial-game/ 
 
Watch the video podcast: https://youtu.be/IOSP7yQ2p-Q 
 
What we discuss on this episode: 
0:20 - Today we are playing the “what if…?” game.
2:00 - What if… interest rates double?
5:46 - What if… the U.S. gets involved in a major war?
8:34 - What if… college education becomes free?
12:15 - What if… we experience another economic downturn?
15:57 - What if…various taxes and inflation go up? 

Ep 86: Do Retirees Really Need Life Insurance?

Typically, we think of life insurance for a young family to care for your spouse and kids if the worst were to happen. Do you really need life insurance though once the kids are grown? Should you have life insurance in retirement?  
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/do-retirees-really-need-life-insurance/ 
 
Watch the video podcast: https://youtu.be/swozJJza9Ds 
 
What we discuss on this episode: