Phil's Tax Hacks

Ep 62: Is Diversification Just For Suckers?

Is your portfolio diversified? Should it be? What does true diversification look like? We’ll tell you on this episode.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-62-is-diversification-just-for-suckers/ 
 
Watch the video podcast: https://youtu.be/69LkNzJHE3w 
 
What we discuss on this show:
2:00 - Is diversification for suckers?
2:50 - How does the average person define diversification?
5:14 - How does Phil describe diversification?
8:06 - How much should your portfolio be diversified?
9:13 - Can you be too diversified?
11:56 - What does a conversation about diversification look like?

Ep 61: Would You Pass This Retirement Preparedness Quiz?

How do you know if you’re ready for retirement? Whether you plan to retire soon or years from now, taking this quiz will help you understand what you need to do to prepare.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-61-would-you-pass-this-retirement-preparedness-quiz/ 
 
Watch the video podcast: https://youtu.be/VSs7liueo0o 
 
What we discuss on this show: 
0:21 - Ready to take the quiz?
2:21 - Do you know how much you have?
5:35 - Do you know how much you spend?
7:37 - What is your risk?
9:59 - Do you know what you’re paying in fees?
11:46 - What are your retirement income streams?

Ep 60: Answering Your 401(k) FAQs

Many of us have a 401(k), but how much do you really know about it? What frequently asked questions does Phil get when it comes to investing wisely?
 
Read more and get additional resources here: https://philstaxhacks.com/podcast/ep-60-answering-your-401k-faqs/ 
 
Watch the video podcast: https://youtu.be/E5LyPiJcQW8
 
What we discuss on this show:
1:44 - What frequently asked questions does Phil hear about 401(k)s?
2:08 - Should you take the free advice offered through your employer’s plan?
3:43 - Are 401(k) loans good or bad?
5:41 - When does a 401(k) rollover make sense?
8:14 - Should you use target date funds?
10:50 - What should your contribution amount be?
11:52 - Which is better, the traditional or Roth?

Ep 59: Mailbag: Should I Move My Investments To Cash Right Now?

Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/484/ 
 
Watch the video podcast: https://www.youtube.com/watch?v=xNd5iEw5tkY&feature=youtu.be 
 
What we discuss on this show: 
0:31 - Ever fight with technology?
1:45 - Mailbag: Should I share my inheritance with my adult son?
3:31 - Mailbag: Can I really get half of my ex-husband’s Social Security?
7:14 - Mailbag: Are these 401(k) estimates reliable?
9:33 - Mailbag: Do I have enough coverage in my long-term care policy?
11:32 - Mailbag: Should I move my investments to cash?
14:55 - Mailbag: Is a big tax refund good?

Ep 58: Reframing the Social Security Conversation

Are you understanding all of the options when it comes to Social Security? Or do you feel like retirement and Social Security always coincide? Today we take a look at this important piece of retirement income.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-58-reframing-the-social-security-conversation/ 
 
Watch the video podcast here: https://youtu.be/C_LugOpTQck 
 
What we discuss on this show: 
0:36 - Let’s reframe your Social Security decision.
3:25 - How much money can you get from Social Security?
5:27 - It’s hard to predict your life expectancy.
7:00 - Are you still working?
9:59 - What are the taxes?
10:58 - What assets should you use first?

Ep 57: Retirement Ready...or Not?

Whether you are less than a decade away from retirement or at the beginning of your career, it’s important to have a saving mindset. How can you make sure you are retirement ready?
 
Read more and get additional financial resources: https://philstaxhacks.com/podcast/ep-57-retirement-ready-or-not/ 
 
Watch the video podcast: https://youtu.be/7sF9WLpknd0 
 
What we discuss on this show: 
0:25 - What’s one of the latest coronavirus-related hot ticket items? 
1:24 - What can younger clients keep in mind when saving for retirement?
3:15 - Most of us don’t have a good savings mindset.
7:26 - We have to pay our future selves.
10:54 - Ramp up the discipline.

Ep 56: Financial Stuff You Should Know

From the global bond market to living benefits, there are several important financial concepts you might not yet know about. Today’s episode will cover four things you should know when it comes to finances.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-56-financial-stuff-you-should-know/ 
 
Watch the video podcast here: https://youtu.be/evWGvRxgA_g 
 
What we discuss on this show: 
0:27 - The market is currently back up.
1:20 - The global bond market is way bigger than people realize.
4:09 - Tax rates are very low right now.
5:17 - Living benefits could help provide for long-term care.
7:06 - The biggest impediment to our finances is our own emotion.

Ep 55: Hindsight is 20/20 in Financial Planning

Ever wish you knew then what you know now? That’s especially true in the year 2020. We discuss areas where hindsight could help and what to do about those financial decisions today.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-55-hindsight-is-20-20-in-financial-planning/ 
 
Watch the video podcast: https://youtu.be/qefGxAbekjs 
 
What we discuss on this show: 
0:34 - What does fall fashion look like for Phil and Marc?
1:35 - Do you wish you had done things differently with your finances?
1:54 - As the election approaches, what should you keep in mind?
3:31 - Should you make some big financial moves now?
5:15 - How much risk are you exposed to?
6:31 - Do you know your options with Social Security?
9:45 - Should you be taking advantage of the Roth?
11:30 - Are you regretting retiring too early?

Ep 54: Do You Need a Trust?

Is a trust something everyone has or just the really wealthy? Do you need it as a part of your estate plan?
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-54-do-you-need-a-trust/ 
 
Watch the video podcast: https://www.youtube.com/watch?v=mEKpQjU43uE&feature=youtu.be 
 
What we discuss on this show: 
0:39 - We’re going to talk about estate planning gone wrong.
1:30 - How does your advisor potentially help with estate planning?
2:18 - What is an estate plan? 
4:15 - What purpose does a trust serve?
7:05 - Real estate is a big reason why some choose to get a trust.
8:47 - What changed in 2020?
10:13 - When does a trust make it more complicated?

Ep 53: This One is On The House

How should you approach your home from a financial standpoint in retirement? Pay it off? Downsize? Rent it out? Let’s talk about real estate and how it fits into your plan.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-53-this-one-is-on-the-house/ 
 
Watch the video podcast here: https://youtu.be/b_apvElPm8Q 
 
What we discuss on the show: 
0:37 - Paying off the house as quick as you can or enjoy low rates and pay it off slowly?
1:47 - What is equity in a home vs. the value of a home?
3:16 - Why would you want a mortgage with additional liquid assets?
4:36 - There are two rules that apply to any decision.
5:17 - Should you downsize?
7:51 - Are rental properties a good investment?
11:09 - What are some estate and legacy planning mistakes that people make?