Phil's Tax Hacks

Ep 99: Breaking Down Economic News in Bits and Pieces

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/ 
 
Watch the video podcast: https://youtu.be/0fKc8iPYNdg 
 
What we discuss on this episode: 
1:35 - 2021 is still a challenge.
2:06 - The housing market may have peaked.
7:06 - Unemployment numbers have fallen.
8:56 - What kind of recession was caused by the pandemic?
12:43 - Industries are still not back.

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 the biggest lesson from watching his family?
4:07 - How did Phil end up in the financial business?
5:57 - What is it like to have a financial advisor who is also a CPA?  
8:14 - Who in the industry influenced Phil?
10:15 - If Phil had a magic wand, what would he change in the industry?
12:09 - What’s the most gratifying thing in his job? 
16:04 - What’s Phil’s favorite hobby?

Ep 97: Why You Need Retirement Customization

Retirement is not one-size-fits-all. Just like your bank account, family size, job, and home, you have a number of factors to add up to create a unique situation. On today’s podcast we talk through some of the areas of your retirement that you need to make sure is decided based on your needs and goals.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-97-why-you-need-retirement-customization/ 
 
Watch the video podcast: https://youtu.be/Wx3794GHO2g 
 
What we discuss on this episode: 
0:53 - We all face unique factors in our retirement.
1:30 - How important is a planned retirement age?
4:08 - What is your risk tolerance?
9:13 - What’s your family history of longevity?
13:10 - What’s your legacy?
 

Ep 96: The SECURE Act 2.0

The SECURE Act was passed in 2019, but is now facing possible amendments being added for the SECURE Act 2.0. On today’s episode of the podcast, we talk through these proposed changes and what that means for you.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-96-the-secure-act-2-0/ 
 
Watch the video podcast: https://www.youtube.com/channel/UCGS8K5-iPEy6b7fu4pLNLtA 
 
What we discuss on this episode: 
1:35 - The SECURE Act is facing possible new amendments.
1:59 - The RMD age could change again.   
6:11 - Employers could auto-enroll you into a 401(k).
8:08 - Catch-up contributions could increase.
11:19 - Matching funds on student loan payoffs are being proposed.
13:58 - A database will be created to find older 401(k)s.

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?