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 May 07, 2020
Thursday May 07, 2020
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?
Thursday Apr 23, 2020
Thursday Apr 23, 2020
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?
Thursday Apr 16, 2020
Thursday Apr 16, 2020
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?
Thursday Apr 09, 2020
Thursday Apr 09, 2020
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?
Thursday Apr 02, 2020
Thursday Apr 02, 2020
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.
Thursday Mar 26, 2020
Thursday Mar 26, 2020
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?
Thursday Mar 19, 2020
Thursday Mar 19, 2020
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?
Thursday Mar 12, 2020
Thursday Mar 12, 2020
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?
Thursday Mar 05, 2020
Thursday Mar 05, 2020
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?
Thursday Feb 27, 2020
Thursday Feb 27, 2020
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?