Phil's Tax Hacks

How do we incorporate our values into our financial plan? On today’s episode, we discuss some common values and how they fit into your overall retirement plan.    TIMESTAMPS:  0:25 – Happy Valentine’s Day! 1:44 – Family 2:46 – Faith 6:22 – Education 9:05 – Career 12:13 – Charitable giving 13:44 – Having fun!   ADDITIONAL INFORMATION: https://philstaxhacks.com/

You can’t predict a lot of things: how long you’ll live, the next market crash, healthcare costs, tax rates. But you still have to plan for these things. On today’s episode, we’ll explore how you should handle planning for the things you can't predict.    TIMESTAMPS:  2:01 – When will the next market crash be? 4:59 – What will healthcare costs be? 6:51 – What are tax rates going to look like?  9:5...

Most of us have some biases when it comes to money. Are you afraid of risk? Are you thinking far enough into the future? On today’s episode, we discuss the different types of money biases and whether they could be costing you financially.   TIMESTAMPS:  1:11 – January market closing 1:39 – Morning Star study 2:26 – Key Points of study 2:50 – Present Bias 4:48 – Overconfidence 5:51 – Loss Aversion...

What role do our kids or grandkids play in our retirement plans? A lot of people want to save for their children and help them with big expenses like college. Doing so is great, but you have to incorporate that into your plan.   TIMESTAMPS:  1:46 – College expenses 4:58 – Trouble with the job market 7:10 – Grandkid expenses 11:42 – Special needs expenses 14:12 – Generational wealth   ADDITIONAL IN...

Winning a football game is a lot like planning for retirement. As you enter the red zone, you don’t want to fumble the ball. When you’re getting close to retirement, you certainly don’t want to fumble your retirement. On today’s episode, we’ll discuss how to keep your retirement protected as you enter the retirement red zone.   TIMESTAMPS:  1:39 – What is the financial red zone? 2:36 – Being cauti...

A lot of economic predictions are floating around about 2022. On today’s show, we’ll ask Phil his opinion on these predictions regarding GDP, inflation, the housing market, and more.    TIMESTAMPS:  0:38 – Settling into the New Year  2:15 – The GDP growing by 3.9% 4:58 – Will the housing market cool off?  7:30 – Inflation won’t end anytime soon  9:17 – 2022 will see significant inflation  11:11 –...

Millions of people are leaving their jobs. They are pausing work, retiring early, or changing career paths. What is “The Great Resignation” and how could it impact your retirement plan?   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-116-how-the-great-resignation-could-impact-you/   Check out the Forbes article:  https://www.forbes.com/advisor/retirement/...

2022 is almost here! On today’s episode, we’ll finish our 22 money resolutions for 2022. How many of these can you accomplish?   Read more and get additional financial information:  https://philstaxhacks.com/podcast/ep-115-22-money-resolutions-for-2022-part-2/   What we discuss today:  1:00 – Check your credit 2:48 – Check your fees 5:12 – Share your knowledge 6:45 – Donation opportunities 7:44 –...

As we ring in the new year, what are some money resolutions we should be thinking about? From reducing your debt to getting more organized we’ll discuss the first 11 of 22 resolutions for 2022.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-114-22-money-resolutions-for-2022-part-1/   What we discuss today:  1:16 – Reduce your debt 2:07 – Boost retirement...

Are you thinking of retiring early? Is a budget necessary in retirement? Today, we are opening up the mailbag to answer some listener questions about retiring early, risk, pensions, budgets, and more.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-113-mailbag-retiring-early-risk-and-more/   What we discuss today:  1:42 – “What key things should we know a...

A lot of people feel behind when it comes to saving for retirement. What are some ways we can catch up? Even if you don’t feel behind these are great tips to keep in mind to save a bit more as you get closer to retirement.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-112-retirement-late-bloomers/   What we discuss today:  0:54 – How do you know you are...

If your advisor seems to only be interested in discussing investments and growth, it may be time to take a step back and make sure all of your retirement pieces are being addressed. On today’s show, we will discuss 5 areas advisors can drop the ball and how you can stay vigilant in protecting your retirement plan.   Read more and get additional financial information: https://philstaxhacks.com/podc...

Although you may never ask something unreasonable of your advisor, it’s important to know where that line is. It will help you manage your expectations. On today’s episode, we will discuss 4 unreasonable things to ask of or expect from your financial advisor.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-110-4-unreasonable-requests/   What we discuss t...

Retirement planning is not all about finances, we also need to think about our lifestyles and what activities will make us happy from day to day. Today, we’ll discuss what it means to live the dream and hopefully inspire you to plan out your unique goals.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-109-living-the-dream/   What we discuss today:  0:44...

We want confidence and stability in our retirement plans but overconfidence can cause us to make financial mistakes. Today we are discussing some common areas of overconfidence in financial planning and how we can manage these areas.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-108-overconfidence-in-financial-planning/   What we discuss today:  0:55 –...

Do you know the tax consequences on your retirement accounts? Today, we will be discussing 5 different types of accounts and the tax pros and cons with each.    Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-107-tax-consequences-pros-and-cons/   What we discuss today:  1:00 – Tax-deferred 3:11 – Tax-free accounts 6:00 – Taxable accounts 7:47 – CDs 9:43 – L...

Everyone is different when it comes to risk tolerance. A lot of us think we are risk-averse, but we may be taking on more risk than we realize. On today’s episode, Phil is going to discuss risk aversion and how it affects our retirement plan.   Read more and get additional financial information: https://philstaxhacks.com/podcast/what-is-risk-aversion/   What we discuss today:  0:28 – Enjoying the...

Finances can cause a lot of stress for couples. However, planning together is crucial to your overall financial plan. On today’s episode, we will highlight a few areas that couples need to focus on as a team.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-105-financial-planning-as-a-couple/   What we discuss today:  0:55 – The many hats Phil wears 2:03 –...

We all tend to procrastinate from time to time, even when it comes to our finances. However, there are many things that we don’t want to put off addressing in our financial plan. On today’s episode, Phil will discuss 5 financial decisions that people tend to put off and whether it is okay to do so.   Read and get additional financial information: https://philstaxhacks.com/podcast/ep-104-can-you-pu...

If the recent tax proposals were to pass, how would it affect your financial plan? Some things we may want to look out for include changes in capital gains and Roth conversions. Phil talks about who could be most impacted if these proposals became a reality.    Read and get additional financial information: https://philstaxhacks.com/podcast/ep-103-what-do-you-need-to-know-about-the-recent-tax-prop...

There may be a few gaps that we might not notice when we are working on our retirement plan. So, to better prepare you for the future, we will be discussing some of the gaps you need to keep an eye out for and how you can address them.    Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-102-5-ways-to-mind-the-gap/   Watch the video podcast: https://youtu....

Are you worried you’re missing some red flags in your financial plan? Let’s talk through what you need to know and where you should better prepare.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-101-red-flags-in-your-financial-plan/   Watch the video podcast: https://youtu.be/-8SUd_vExGo   What we discuss on this episode:  0:27 - Marc has a new studio...

Let’s talk about one of the primary benefits of aging: wisdom. Phil shares some of the key things to consider in order to make wise decisions as you age and near retirement.   Read more and get additional financial information: https://philstaxhacks.com/podcast/ep-100-age-wisdom/   Watch the video podcast: https://youtu.be/-x5lDhWYZPw     Key Points:  0:13 - It’s our 100th episode! 1:36 - What has...

How can what’s happening this year shape our financial plans moving forward? We talk through several current events in the economy and what impact it could have on the future.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-99-breaking-down-economic-news-in-bits-and-pieces/     Watch the video podcast: https://youtu.be/0fKc8iPYNdg     What we discuss o...

To get to know Phil a bit more, we ask a few questions to find out how he got to where he is today. From his influences and hobbies to what he likes most about the job, today’s podcast is all about what makes Phil tick.   Read more and get additional financial resources here: https://philstaxhacks.com/podcast/ep-98-what-makes-phil-tick/     Watch the video podcast: https://youtu.be/tdzheuWPHY0    ...