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 Aug 20, 2020
Thursday Aug 20, 2020
We all want to live a long and good life, but what does that mean from a financial standpoint? What kind of financial plan do you need to prepare and how can you plan appropriately for an unknown lifespan?
Read more on the topic here: https://philstaxhacks.com/podcast/ep-50-the-financial-risks-to-living-longer/
Watch the video podcast: https://youtu.be/kef-ksH57ds
On today's show:
0:55 - Dunkin’ Donuts is planning to close hundreds of stores.
3:10 - What’s the average lifespan look like?
5:22 - Are you planning for living a long life?
6:37 - What is a risk multiplier?
7:51 - How old is Phil’s oldest client?
9:06 - What is the probability one of you in a marriage will live to a certain age?
12:02 - How effectively does the average person plan for longevity?
12:56 - What happens if you need long-term care?
15:15 - Mailbag: Which account should you withdraw from first when you retire?
Thursday Aug 13, 2020
Thursday Aug 13, 2020
For some people, the idea of putting together a financial plan is pretty daunting. For others, the idea of building and designing a house is a lot more exciting. On today’s podcast, we consider what kind of building would go into creating a financial house.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-49-building-your-financial-house/
Watch the video podcast: https://youtu.be/T9sWzDtOLFg
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?
1:11 - Did you ever build structures as a kid?
1:55 - What does it mean to build a financial house?
3:17 - What is the foundation of a financial plan?
6:38 - What are the walls of financial plan?
8:30 - The roof provides protection.
11:43 - What are the finishing touches?
Thursday Aug 06, 2020
Thursday Aug 06, 2020
What happens to your financial plan once one spouse passes away? Is your plan organized and prepared or will the surviving spouse be left with a mess? Let’s talk about all the financial decisions you’ll be faced with during this difficult life event.
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-48-financial-planning-following-the-loss-of-a-spouse/
Watch the video podcast: https://youtu.be/qKlXF5Zd7gc
On today's show:
0:40 - Losing a loved one is inevitable.
2:09 - What’s the biggest immediate concern financially?
3:34 - What challenges are the remaining spouse left to deal with?
5:44 - Did you realize the tax bracket may change?
7:53 - Are all of the beneficiaries and estate documents in place?
8:53 - Does your financial plan include a list of what to expect later on?
11:40 - Are your children privy to some of your financial information?
14:13 - Mailbag: Is it typical to work with a financial advisor who doesn’t talk about Social Security or life insurance?
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?