Phil's Tax Hacks

Ep 52: Are These Financial Rules Legit?

We all hear various financial rules from time to time, but are they legit? Or are they full of it? Which of these are good rules of thumb and which are better to ignore? On today’s podcast we discuss seven financial rules to see what’s what and help you better plan for retirement.
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-52-are-these-financial-rules-legit-or-full-of-bull/ 
 
Watch the video podcast: https://youtu.be/Sb6dpmV2r90 
 
What we discuss on this episode:
0:32 - Are these rules legit or full of it?
0:45 - Is the 10 percent rule legit?
1:37 - Is the 4 percent rule based on reality?
3:09 - What is the 25x rule?
4:50 - Do you only need 80 percent of your income in retirement?
5:43 - What’s the math behind the rule of 72?
6:48 - What does the rule of 2.67 mean?
9:06 - How does the rule of 100 relate to your age?

Ep 51: Simple Mistakes That Could Ruin Retirement

Many of the things you read or watch about finance will talk about the things you need to do to grow your portfolio. It’s not too often that you hear about the ways your retirement gets put in jeopardy, but it’s important to be aware of these mistakes. Today we’ll list five different errors people make that could ruin retirement so that you can make sure to do the opposite.  
 
Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-51-simple-mistakes-that-could-ruin-retirement/ 
 
Watch the video podcast: https://youtu.be/4kypfPPFE1Y
 
On today's show: 
0:21 – Treating retirement as the destination.
2:30 – Believing that retirement will solve all your problems.
4:40 – Assuming spending habits
8:36 – You stop being active
9:50 – Investing habits don’t change with age.
 

Ep 50: The Financial Risks to Living Longer

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?

Ep 49: Building Your Financial House

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?

Ep 48: Financial Planning Following the Loss of a Spouse

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?

Ep 47: Classic Pre-Retiree Mistakes to Avoid

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?

Ep 46: Survival Guide - Preparing for the Next Market Crash

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.

Ep 45: Investing Like a Genius

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?

Ep 44: Do You Say One Thing Then Do Another?

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?
 

Ep 43: 4 Financial Pre-Retirement Milestones

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!