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!
Listen on:
Episodes
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?
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?