Phil's Tax Hacks
Financial, tax and retirement planning guidance from Phil Putney. Each week Phil will talk about the keys to building a sound financial strategy that can survive throughout the ups and downs of the market. We'll have plenty of tax hacks along the way and other retirement facts!
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Episodes
Thursday Jul 23, 2020
Thursday Jul 23, 2020
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?
Thursday Jul 16, 2020
Thursday Jul 16, 2020
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.
Thursday Jul 09, 2020
Thursday Jul 09, 2020
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?
Thursday Jul 02, 2020
Thursday Jul 02, 2020
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?
Thursday Jun 25, 2020
Thursday Jun 25, 2020
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!
Thursday Jun 18, 2020
Thursday Jun 18, 2020
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?
Thursday Jun 11, 2020
Thursday Jun 11, 2020
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?
Thursday Jun 04, 2020
Thursday Jun 04, 2020
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?
Thursday May 21, 2020
Thursday May 21, 2020
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?
Thursday May 14, 2020
Thursday May 14, 2020
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?