Phil's Tax Hacks

Avoiding Scandal: Lessons from the James McDonald Fraud Case

In this episode, we explore the case of James McDonald, a former CNBC analyst, whose risky investment strategies with client money led to serious legal and financial repercussions. After being on the run for three years, he’s been arrested.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
0:45 – Article Recap
3:03 – Know who you’re working with
6:20 – Impact on industry
7:10 – Preventative measures
 
For more, visit us online: http://philstaxhacks.com
 
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The S&P 500 and The Mag 6?

The S&P 500 is often thought of as a broad market index, but today's reality is quite different. In fact, the index is heavily dominated by a few tech companies- Nvidia, Apple, Microsoft, Amazon, Alphabet, and Meta. These six companies alone make up more than 30% of the S&P 500's market cap, which can be misleading for investors who believe they are diversified simply by investing in the S&P 500. 
Tune in as Phil and Marc discuss the implications of this market shift and how to make informed decisions that align with your financial goals.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:36 – Looking at the S&P 500
5:00 – Understanding your investments
10:57 – Making decisions aligned with your goals
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Be Careful Who You Listen To (Getting The Right Financial Advice)

When it comes to your financial future, who you listen to can make all the difference. In this episode, Phil shares the story of a long-time client who was swayed by a pushy insurance agent into making a potentially detrimental financial decision. Despite having a well-thought-out plan and a balanced portfolio, the client was convinced to move all their assets into annuities by an agent who played on their fears about market volatility.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:08 – Client story
6:09 – Working with an advisor who understands your needs
8:51 – Having a comprehensive plan
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Retirement Planning “Aha” Moments

Have you ever experienced an "aha” moment that changed your perspective on something important? These are the moments when the light bulb goes off, and everything starts to make sense. This week on Phil’s Tax Hacks, we talk about some revelations that clients experience when working with a financial advisor.  
 
Here’s some of what we discuss in this episode:
0:00 – Intro
4:29 – Some common doubts and hesitations from clients
9:01 – The importance of trust between advisor and client
11:13 – Starting planning early and making informed decisions
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

To Trust Or Not To Trust... Are They Right for You?

To trust or not to trust… that is the question we’re tackling in this week’s episode. Trusts are often surrounded by misconceptions. Many believe they are only for the wealthy or that they complicate financial planning. But what’s the truth of the matter? Should you have one?
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:17 – Reasons to have a trust
11:06 – Downsides of a trust
15:37 – Making an informed decision
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Financial Fees - Getting to the Bottom Line

When it comes to managing your finances and planning for retirement, one of the most dreaded topics is fees. Whether you're investing in mutual funds or working with a financial advisor, fees are an inevitable part of the process. In this episode, Phil takes a deep dive into the world of financial fees, breaking down their types and explaining their impact on your investments.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:12 – Investment vehicle fees and advisor fees
3:05 – Considering net of fees
5:34 – Advisor fees and the value they bring
10:08 – Considering factors beyond fees
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

It’s Time To Talk Crypto

Cryptocurrency has been a buzzword for over a decade, but what exactly is it? In today’s episode, Phil is here to answer your questions. Fresh from a conference focused on this digital frontier, he shares his insights on what crypto is, its underlying technology, and its potential place in your investment portfolio.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:55 – What is cryptocurrency?
7:01 – How has cryptocurrency gained legitimacy
10:58 – Should you own cryptocurrency?
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

All In One Basket? The Risks of Sector Investing

We know you shouldn’t put all your money into a single stock. But what about putting a lot of it into a strong market sector, diversified among different companies? Would it ever make sense to do that? In today’s episode of Phil’s Tax Hacks, we’re answering that question.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:11 – The reality of sectors
3:40 – The importance of a financial plan
6:42 – Working with multiple advisors
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

The IRS Gave Us A Gift (Or Did They?)

In today’s episode, we’re going to discuss the ongoing confusion surrounding inherited IRAs and Required Minimum Distributions (RMDs). The SECURE Act introduced a 10-year rule for withdrawing inherited IRA funds, replacing the old stretch IRA rules that allowed beneficiaries to spread distributions over their lifetime. However, the IRS has yet to finalize the regulations on whether beneficiaries need to take annual RMDs if the original account owner had already started them.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
1:09 – The SECURE Act changes/confusion around RMDs
5:16 – The potential consequences of delaying distributions
7:54 – Proactive planning with your financial advisor about IRA distributions
 
CNBC Article:
https://www.cnbc.com/2024/04/19/irs-waives-required-withdrawals-from-some-inherited-ira-for-2024.html
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts
 

Long-Term Care and Life Insurance: The Basics You Must Know!

While you dream about the leisurely days ahead of you in retirement, it’s also important to think about some of the less glamorous items, including insurance. So, what types of coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition?
We’re going to walk you through the fundamentals in this two-part series. While we covered the basics you must know about health insurance in our last episode, today’s episode will focus on long-term care and life insurance.
 
Here’s some of what we discuss in this episode:
0:00 – Intro
2:33 – The reality and “why” of long-term care
6:40 – What does long-term care cover?
8:20 – Running the math with long-term care
11:36 – Alternatives to traditional long-term care
14:04 – Do retirees need life insurance?
16:05 –  Determining how much life insurance you’ll need
 
Get Your Copy of The Tax-Smart Retiree
https://www.amazon.com/Tax-Smart-Retiree-Guide-Thriving-Golden-ebook/dp/B0D356X36Q
 
For more, visit us online: http://philstaxhacks.com
Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts