May 1, 2025 • 18 mins
Feeling stuck or overwhelmed by your finances? You’re not alone—and you’re not out of options. In this episode of Ask Gregory, Gregory Ricks helps you reconnect with your financial goals by making them personal, achievable, and even enjoyable. From shifting your mindset about emergency funds (hello, “reserve accounts”) to choosing the best debt payoff strategy, Gregory lays out realistic, motivating steps anyone can take and ways to make financial goal setting fun! Whether you’re ready to start saving, stop stressing over credit cards, or just want to feel more in control, this episode gives you the motivation and tools to make it happen.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Gregory Ricks (00:00):
Hey, welcome. I'm your host, Gregory Ricks, a
financial advisor here to answeryour questions and help you win
with your money.
So let's, let's talk aboutheading into 2025. Many people
are setting new year'sresolutions, making it the
(00:23):
perfect time to add a financialgoal to your list. But saving
money and getting your financesback on track isn't easy. I'm
gonna help you with it. Soone of the common questions, why
is sticking to a financial goalin the new year so difficult for
(00:47):
many of us? Well, here's acouple stats for you from
Bankrate (00:51):
27% of adults in the United States have no emergency
savings—the highest percentagesince 2020. And also, inflation
is still impacting Americans'ability to save—63% say it is
(01:15):
causing them to save less moneythan they had hoped. So
let's, let's think about thatfor a moment. Emergency savings
is a problem for people, andthey're saving less from that.
But one thing that's importantregarding the saving less—well,
(01:36):
let's make sure we keep savingbecause I'll -- don't get
depressed over that. It's moreof an ebb and flow. And I'll
tell you, over the years, I'vehad that happen to me over my
adult life as well, where someyears I saved more, some years
I've saved less. There are someyears I had to stop saving—it
just went the other way for me.
Last year was one of my betteryears for savings, and there's
(02:01):
always going to be an ebb andflow on that. So don't let that
depress you. Don't let you…uh,get in the way that you give up
hope or quit. And that's onereason to keep a handle on that.
Another thing regardingemergency accounts I think is
important to think about thereand where some people struggle
(02:24):
conceptually with having anemergency account—and I was
spending some thinking time onthat one subject this week—and
what I came up with is maybe weshould change how we look at
emergency accounts, because somepeople think about, "Well, why I
(02:47):
can't use that money, I can'ttouch that money." I think
emergency money should have anebb and flow, meaning you might
need it, and it might not be foran emergency, but you might need
some of that money, and thenyou're going to put it back
later. I want to change thethinking, and I'm going to
change my terminology—and I'veeven got it in my notes right
here—the two words (03:09):
reserve account. I want you to start
thinking about emergency moneyas a reserve account. And it's
not our IRA, it's not our Roth,it's not our investment account.
It's a reserve account that mayhave some ebb and flow to where
(03:30):
we need money, but we want tokeep building it up. And at
some points, a reserve accountcan get pretty big because I'm
thinking of doing something withthe money. But it is a part of
life, and I don't want youto—and I think this can help
people because it's changing thethinking. It doesn't have to be
just for emergencies, but it has
to have money. 3 (03:53):
55 When you have an emergency, you have some
there, but it also might be fora future purchase, and it can be
a moving account value thathelps you. So start thinking of,
"Okay, I need to build me areserve account so I have money
on hand when I need it forvarious things." And it doesn't
have to be an emergency. 4 (04:12):
16 Next question would be
financial goals should we beaiming for? One of my thoughts
on that is—think about what youspecifically want to save for.
Because one way to simplify itis, what, what are we wanting to
save for? Is it for that reservefund? Is it for retirement? Or
(04:41):
could it be for paying downdebt? Some of you, it might
work for you that you couldcreate separate accounts for
those things and handle it thatway. Some people are like, "Oh,
that's way too much work." Ifyou've got your reserve fund and
adequate amount, but then youcould shift towards maybe paying
(05:04):
down debt or increasing orstarting to put money away for
retirement. Another thoughthere is that, "Well Gregory, I
don't have either." This is acommon question that's brought
up (05:19):
What do I do if I have neither? I think you probably
should work on both at the sametime. I would start with the
reserve fund and set a goal, atleast get it to that, then start
taking and putting some moneytowards retirement. Now, with
that said, if you're working foran employer and they match you
(05:40):
money—oh my gosh—you can't putthat off. It's kind of like,
okay, you got to do these twothings at once. You got to start
adding to your reserve fundevery month. But you got to take
advantage of that company match.
If you put in 4% and they matchthat 100%—that's free money.
You're passing that up. Youdon't get that back. It's
(06:01):
like missing out on compoundingthat has passed—that's behind
you. You look back, say, "Oh,look at that compounding back
there. Can I go back and getit?" No, you can't. It passed.
Like time—that second that justpasses—never coming back again.
So let's, let's not let that
happen going forward. 6 (06:22):
24 Last thought on that question
is (06:26):
Start small. Remember that something is better than
nothing. Even if it's 1% or lessthan that, start doing something
towards either your reservefund, saving for retirement, or
paying down debt. And eventuallyyou could get up to a more
(06:48):
healthy amount of contributionsin the future—is that 10 to 15%
when you get a raise, you get apromotion, or get things in line
like rid of debt. 7 (07:01):
16 From that standpoint, number two, as
far as one of our goals to thinkabout in regard to getting rid
of debt (07:16):
Think of it a little bit differently. Let's not make
it like, "Oh my gosh, I don'tknow if I can pay it all off
this year." Whether it's $1,000or you've got $30,000 in
revolving debt, I would preferyou over time to shift to where
if you charge something, you payit off at the end of the
(07:42):
month—then charging it—then payit off next month. Kind of a
pay-it-as-you-go system. I thinklife will be better, but first
we've got to get there, and thatis just a big ask. So one of
the things to start with is toconsider making it your goal to
(08:02):
avoid adding to your credit carddebt in 2025. You know, start
with something small andaccomplish that, and then you
can turn it into somethingbigger. Credit card debt in
the U.S. is $1.14 trilliondollars says the New York Fed.
(08:24):
So let's not add to that.
Think about that. So if we'vegot debt and it's one of our
goals—whether it's to create areserve fund, or increase that,
pay off debt, or saving forretirement slash investing—if
you're planning to attack debt,create a plan of attack for
(08:48):
paying off any debt you alreadyhave by picking a strategy like
the Avalanche Method.
That's where you pay off thehighest interest rate debt
first, then roll that paymentinto the next highest. Now my
favorite—and a method I usedyears ago to transform this—so
(09:12):
I'm speaking from the heart. Idid this. I used to carry a lot
of revolving debt, lived off ofit. Kind of early days of
business. I had to carry somedebt, but it was one point I
said, "I've got to make this goaway." So I went about using
the Snowball Method, where youtackle your debt from the lowest
(09:35):
balance to the highest balance.
So you pay off that lowest one,and then you take what you were
paying on that and apply it tothe next and next. And if you
came down to two accounts at theend—and I had this decision at
the end—I’ve got two left, andthey were pretty much equal.
Well, then I went after thehigher interest rate on the last
(09:59):
two that I had left. And thenby paying those off, I evolved
to paying as I charge. I do usecredit cards. I don't have a
problem with it. I don't likedebit cards. I believe debit
cards expose you to risk,because somebody gets your card
or access to—they have access toyour account. Where if somebody
(10:23):
gets my credit card number andbuys something with it—well
that's going to be on the bankor the credit card company. And
they are looking out for that.
I was on a trip—it wasinconveniencing me because I had
to change out a credit card.
Somebody had got my number,attempted to buy something out
(10:46):
on the East Coast. And theycaught it right away, and they
wanted—they had a discussionwith the credit card company. I
said, "Well, that's kind ofinconvenient." They said, "Well,
we could do it where you canstill use it, but you're not
going to be able to do onlinestuff or anything." So it
(11:10):
worked out, got it changed outand moved forward, and it wasn't
somebody getting money out of mypersonal account. So it’s a
benefit there to managing itthat way. Next thought—and once
again, I wanted to make thiseasy for you so you know—and
I’ve got a lot of resources foryou to increase financial
(11:33):
literacy. But here’s the problem
we all have (11:38):
from an early age, we’re taught it’s taboo to talk
about finances, which in part iswhy nearly 43% of Americans
can’t pass a high school levelfinancial literacy test. That’s
according to the FinancialEducators Council. Growing up,
my family didn’t talk about it.
People just didn’t talk aboutmoney. And in a lot of cases,
(12:02):
they still don’t. And I thinkit’s wrong. Even if you’re
struggling—talking about notdoing as well—talk about it. And
that’s why I think there shouldbe conversations with family
members that are moving towardsretirement. How’s that working
for you? What are your plans forretirement? Or how’s retirement
(12:25):
going? Tell me about you turningon Social Security—what did that
look like? How’d you make thatdecision? Have these
conversations and learn from it.
And you—you need to check in onthem and see how they’re doing.
If they’re going to run out ofmoney 10 years out or somewhere
(12:49):
down the line, when would youlike to know? Today would be a
good day to have anunderstanding of that. But a lot
of people don’t read and spendtime on that. And I go back to
like, just get a small bite. Howabout one—and I even make it
simple. I was going to say onearticle a week—well, read
(13:12):
something once a month. Listento a podcast. And I’m biased
towards my content and stuff andradio show, but if you’ve just
stumbled across this today, justtune back in from time to time.
But go to the website, grab anarticle, grab a book—there’s a
lot. Let’s see, I’m going tohold up here in front of the
(13:36):
screen—how about my book? I’llmake this easy for us. Like, you
know, I don’t want to spend $20,$30 on a book. I don’t know if
I’ll read it or whatever. I tellyou what—I’m going to make this
info@gregoryricks.com, or call
the office (13:56):
504-832-9200, we’ll send you the book, “Retirement
Deserves a Helpful Hand (14:01):
A Guide to the Destination You Deserve.”
Ask if you’d like a signed oneby me—put that in the ask as
well to make sure that happensfor you. But my team knows I’m
doing this today—they will getyou the book out there. So just
get some thinking time, a littlebit of reading time—not a big
(14:25):
ask—but just kind of say, youknow, 15 minutes or 10 minutes a
week from that. But when itcomes to building your financial
literacy, start somewhere. Evenif it’s a small investment of
time—whether it’s through abook, listening to a podcast.
What else? Here’s anotherquestion I’m being asked: What
(14:48):
else can we do to ensure westick to our financial
resolutions? And this is kind ofto keep it going. And what we as
humans need—we need somemotivation. And we need it to be
fun. We don’t need it to bestressful, or feel like we’re
being punished, or like, “Oh myGod, I just don’t want to”—like
(15:11):
doing a budget—“I can’t do thatevery month.” Here’s what I
like (15:16):
you can jot down some notes that you can see. Hang it
on a mirror or something—likesome goals. Don’t make it too
complicated or long. Make itsimple. Something that’s easy to
start with. But also do this tomake it fun—if you reach these
goals, what are you going to doto reward yourself? A trip, or
(15:40):
a happier life, lessstress—create a poster board
with some of these goals writtenin along with some pictures that
make that fun for you, if thathelps you reach your goal there.
Because what we want to do ismake it fun. Another thing you
can do is choose anaccountability partner. You
(16:02):
might have a friend, familymember, spouse—y’all work
together and help each other onthis. I’m biased—I think you
should have a relationship witha financial advisor or financial
professional that has your bestinterests in mind. But with that
said, you need to work withsomebody—have conversations with
(16:26):
somebody—that understands this,that’s very versed in
accomplishing financial goalsand helping you on that path.
Thanks so much for listening toAsk Gregory, where we answer
your financial questions. Youcan find us anywhere a podcast
can be found—and on YouTube andFacebook Live every Saturday
(16:49):
from 10 to 1. Subscribe, leave areview, and tune in next time!
Disclosure (16:55):
Investment advisory products and services are made
available through AE WealthManagement, LLC, a registered
investment advisor. Insuranceproducts are offered through the
insurance business Gregory Ricks& Associates, Inc. AE Wealth
Management does not offerinsurance products. The
insurance products offered byGregory Ricks & Associates, Inc.
are not subject to investmentadvisor requirements. Investing
involves risk, including thepotential loss of principal. Any
(17:17):
references to protection,safety, or lifetime income
generally refer to fixedinsurance products, never
securities or investments.
Insurance guarantees are backedby the financial strength and
claims of paying ability of theissuing carrier. This podcast
is intended for informationalpurposes only. It is not
intended to be used as a solebasis for financial decisions,
nor should it be construed asadvice designed to meet the
particular needs of anindividual situation. Gregory
(17:37):
Ricks & Associates is notpermitted to offer, and no
statement made during the showshall constitute, tax or legal
advice. Our firm is notaffiliated with, nor endorsed
by, the U.S. government or anyother governmental agency. The
information and opinionscontained herein, provided by
third parties, have beenobtained by sources believed to
be reliable, but their accuracyand completeness cannot be
guaranteed by Gregory Ricks &Associates. Please remember
(17:58):
that converting an employer planaccount to a Roth IRA is a
taxable event. An increase intaxable income from the Roth IRA
conversion may have severalconsequences, including, but not
limited to (18:06):
a need for additional tax withholdings or
estimated tax payments, the lossof certain tax deductions and
credits, higher taxes on SocialSecurity benefits, and higher
Medicare premiums. Be sure toconsult with a qualified tax
advisor before making anydecisions with your IRA.
Neither AE Wealth Management oradvisors providing investment
advisory services through AEWealth Management recommend or
facilitate the buying or sellingof cryptocurrencies. Third
(18:28):
parties and guests of the showare not affiliated with, nor do
their opinions reflect those of,Gregory Ricks & Associates or AE
Wealth Management. AE WealthManagement provides services
without regard to politicalaffiliation, and the views of
individual advisors do notnecessarily reflect the views of
AE Wealth Management. We areAsk Gregory.
Hey, welcome. I'm your host, Gregory Ricks, a
financial advisor here to answeryour questions and help you win
with your money.
So let's, let's talk aboutheading into 2025. Many people
are setting new year'sresolutions, making it the
(00:23):
perfect time to add a financialgoal to your list. But saving
money and getting your financesback on track isn't easy. I'm
gonna help you with it. Soone of the common questions, why
is sticking to a financial goalin the new year so difficult for
(00:47):
many of us? Well, here's acouple stats for you from
Bankrate (00:51):
27% of adults in the United States have no emergency
savings—the highest percentagesince 2020. And also, inflation
is still impacting Americans'ability to save—63% say it is
(01:15):
causing them to save less moneythan they had hoped. So
let's, let's think about thatfor a moment. Emergency savings
is a problem for people, andthey're saving less from that.
But one thing that's importantregarding the saving less—well,
(01:36):
let's make sure we keep savingbecause I'll -- don't get
depressed over that. It's moreof an ebb and flow. And I'll
tell you, over the years, I'vehad that happen to me over my
adult life as well, where someyears I saved more, some years
I've saved less. There are someyears I had to stop saving—it
just went the other way for me.
Last year was one of my betteryears for savings, and there's
(02:01):
always going to be an ebb andflow on that. So don't let that
depress you. Don't let you…uh,get in the way that you give up
hope or quit. And that's onereason to keep a handle on that.
Another thing regardingemergency accounts I think is
important to think about thereand where some people struggle
(02:24):
conceptually with having anemergency account—and I was
spending some thinking time onthat one subject this week—and
what I came up with is maybe weshould change how we look at
emergency accounts, because somepeople think about, "Well, why I
(02:47):
can't use that money, I can'ttouch that money." I think
emergency money should have anebb and flow, meaning you might
need it, and it might not be foran emergency, but you might need
some of that money, and thenyou're going to put it back
later. I want to change thethinking, and I'm going to
change my terminology—and I'veeven got it in my notes right
here—the two words (03:09):
reserve account. I want you to start
thinking about emergency moneyas a reserve account. And it's
not our IRA, it's not our Roth,it's not our investment account.
It's a reserve account that mayhave some ebb and flow to where
(03:30):
we need money, but we want tokeep building it up. And at
some points, a reserve accountcan get pretty big because I'm
thinking of doing something withthe money. But it is a part of
life, and I don't want youto—and I think this can help
people because it's changing thethinking. It doesn't have to be
just for emergencies, but it has
to have money. 3 (03:53):
55 When you have an emergency, you have some
there, but it also might be fora future purchase, and it can be
a moving account value thathelps you. So start thinking of,
"Okay, I need to build me areserve account so I have money
on hand when I need it forvarious things." And it doesn't
have to be an emergency. 4 (04:12):
16 Next question would be
financial goals should we beaiming for? One of my thoughts
on that is—think about what youspecifically want to save for.
Because one way to simplify itis, what, what are we wanting to
save for? Is it for that reservefund? Is it for retirement? Or
(04:41):
could it be for paying downdebt? Some of you, it might
work for you that you couldcreate separate accounts for
those things and handle it thatway. Some people are like, "Oh,
that's way too much work." Ifyou've got your reserve fund and
adequate amount, but then youcould shift towards maybe paying
(05:04):
down debt or increasing orstarting to put money away for
retirement. Another thoughthere is that, "Well Gregory, I
don't have either." This is acommon question that's brought
up (05:19):
What do I do if I have neither? I think you probably
should work on both at the sametime. I would start with the
reserve fund and set a goal, atleast get it to that, then start
taking and putting some moneytowards retirement. Now, with
that said, if you're working foran employer and they match you
(05:40):
money—oh my gosh—you can't putthat off. It's kind of like,
okay, you got to do these twothings at once. You got to start
adding to your reserve fundevery month. But you got to take
advantage of that company match.
If you put in 4% and they matchthat 100%—that's free money.
You're passing that up. Youdon't get that back. It's
(06:01):
like missing out on compoundingthat has passed—that's behind
you. You look back, say, "Oh,look at that compounding back
there. Can I go back and getit?" No, you can't. It passed.
Like time—that second that justpasses—never coming back again.
So let's, let's not let that
happen going forward. 6 (06:22):
24 Last thought on that question
is (06:26):
Start small. Remember that something is better than
nothing. Even if it's 1% or lessthan that, start doing something
towards either your reservefund, saving for retirement, or
paying down debt. And eventuallyyou could get up to a more
(06:48):
healthy amount of contributionsin the future—is that 10 to 15%
when you get a raise, you get apromotion, or get things in line
like rid of debt. 7 (07:01):
16 From that standpoint, number two, as
far as one of our goals to thinkabout in regard to getting rid
of debt (07:16):
Think of it a little bit differently. Let's not make
it like, "Oh my gosh, I don'tknow if I can pay it all off
this year." Whether it's $1,000or you've got $30,000 in
revolving debt, I would preferyou over time to shift to where
if you charge something, you payit off at the end of the
(07:42):
month—then charging it—then payit off next month. Kind of a
pay-it-as-you-go system. I thinklife will be better, but first
we've got to get there, and thatis just a big ask. So one of
the things to start with is toconsider making it your goal to
(08:02):
avoid adding to your credit carddebt in 2025. You know, start
with something small andaccomplish that, and then you
can turn it into somethingbigger. Credit card debt in
the U.S. is $1.14 trilliondollars says the New York Fed.
(08:24):
So let's not add to that.
Think about that. So if we'vegot debt and it's one of our
goals—whether it's to create areserve fund, or increase that,
pay off debt, or saving forretirement slash investing—if
you're planning to attack debt,create a plan of attack for
(08:48):
paying off any debt you alreadyhave by picking a strategy like
the Avalanche Method.
That's where you pay off thehighest interest rate debt
first, then roll that paymentinto the next highest. Now my
favorite—and a method I usedyears ago to transform this—so
(09:12):
I'm speaking from the heart. Idid this. I used to carry a lot
of revolving debt, lived off ofit. Kind of early days of
business. I had to carry somedebt, but it was one point I
said, "I've got to make this goaway." So I went about using
the Snowball Method, where youtackle your debt from the lowest
(09:35):
balance to the highest balance.
So you pay off that lowest one,and then you take what you were
paying on that and apply it tothe next and next. And if you
came down to two accounts at theend—and I had this decision at
the end—I’ve got two left, andthey were pretty much equal.
Well, then I went after thehigher interest rate on the last
(09:59):
two that I had left. And thenby paying those off, I evolved
to paying as I charge. I do usecredit cards. I don't have a
problem with it. I don't likedebit cards. I believe debit
cards expose you to risk,because somebody gets your card
or access to—they have access toyour account. Where if somebody
(10:23):
gets my credit card number andbuys something with it—well
that's going to be on the bankor the credit card company. And
they are looking out for that.
I was on a trip—it wasinconveniencing me because I had
to change out a credit card.
Somebody had got my number,attempted to buy something out
(10:46):
on the East Coast. And theycaught it right away, and they
wanted—they had a discussionwith the credit card company. I
said, "Well, that's kind ofinconvenient." They said, "Well,
we could do it where you canstill use it, but you're not
going to be able to do onlinestuff or anything." So it
(11:10):
worked out, got it changed outand moved forward, and it wasn't
somebody getting money out of mypersonal account. So it’s a
benefit there to managing itthat way. Next thought—and once
again, I wanted to make thiseasy for you so you know—and
I’ve got a lot of resources foryou to increase financial
(11:33):
literacy. But here’s the problem
we all have (11:38):
from an early age, we’re taught it’s taboo to talk
about finances, which in part iswhy nearly 43% of Americans
can’t pass a high school levelfinancial literacy test. That’s
according to the FinancialEducators Council. Growing up,
my family didn’t talk about it.
People just didn’t talk aboutmoney. And in a lot of cases,
(12:02):
they still don’t. And I thinkit’s wrong. Even if you’re
struggling—talking about notdoing as well—talk about it. And
that’s why I think there shouldbe conversations with family
members that are moving towardsretirement. How’s that working
for you? What are your plans forretirement? Or how’s retirement
(12:25):
going? Tell me about you turningon Social Security—what did that
look like? How’d you make thatdecision? Have these
conversations and learn from it.
And you—you need to check in onthem and see how they’re doing.
If they’re going to run out ofmoney 10 years out or somewhere
(12:49):
down the line, when would youlike to know? Today would be a
good day to have anunderstanding of that. But a lot
of people don’t read and spendtime on that. And I go back to
like, just get a small bite. Howabout one—and I even make it
simple. I was going to say onearticle a week—well, read
(13:12):
something once a month. Listento a podcast. And I’m biased
towards my content and stuff andradio show, but if you’ve just
stumbled across this today, justtune back in from time to time.
But go to the website, grab anarticle, grab a book—there’s a
lot. Let’s see, I’m going tohold up here in front of the
(13:36):
screen—how about my book? I’llmake this easy for us. Like, you
know, I don’t want to spend $20,$30 on a book. I don’t know if
I’ll read it or whatever. I tellyou what—I’m going to make this
info@gregoryricks.com, or call
the office (13:56):
504-832-9200, we’ll send you the book, “Retirement
Deserves a Helpful Hand (14:01):
A Guide to the Destination You Deserve.”
Ask if you’d like a signed oneby me—put that in the ask as
well to make sure that happensfor you. But my team knows I’m
doing this today—they will getyou the book out there. So just
get some thinking time, a littlebit of reading time—not a big
(14:25):
ask—but just kind of say, youknow, 15 minutes or 10 minutes a
week from that. But when itcomes to building your financial
literacy, start somewhere. Evenif it’s a small investment of
time—whether it’s through abook, listening to a podcast.
What else? Here’s anotherquestion I’m being asked: What
(14:48):
else can we do to ensure westick to our financial
resolutions? And this is kind ofto keep it going. And what we as
humans need—we need somemotivation. And we need it to be
fun. We don’t need it to bestressful, or feel like we’re
being punished, or like, “Oh myGod, I just don’t want to”—like
(15:11):
doing a budget—“I can’t do thatevery month.” Here’s what I
like (15:16):
you can jot down some notes that you can see. Hang it
on a mirror or something—likesome goals. Don’t make it too
complicated or long. Make itsimple. Something that’s easy to
start with. But also do this tomake it fun—if you reach these
goals, what are you going to doto reward yourself? A trip, or
(15:40):
a happier life, lessstress—create a poster board
with some of these goals writtenin along with some pictures that
make that fun for you, if thathelps you reach your goal there.
Because what we want to do ismake it fun. Another thing you
can do is choose anaccountability partner. You
(16:02):
might have a friend, familymember, spouse—y’all work
together and help each other onthis. I’m biased—I think you
should have a relationship witha financial advisor or financial
professional that has your bestinterests in mind. But with that
said, you need to work withsomebody—have conversations with
(16:26):
somebody—that understands this,that’s very versed in
accomplishing financial goalsand helping you on that path.
Thanks so much for listening toAsk Gregory, where we answer
your financial questions. Youcan find us anywhere a podcast
can be found—and on YouTube andFacebook Live every Saturday
(16:49):
from 10 to 1. Subscribe, leave areview, and tune in next time!
Disclosure (16:55):
Investment advisory products and services are made
available through AE WealthManagement, LLC, a registered
investment advisor. Insuranceproducts are offered through the
insurance business Gregory Ricks& Associates, Inc. AE Wealth
Management does not offerinsurance products. The
insurance products offered byGregory Ricks & Associates, Inc.
are not subject to investmentadvisor requirements. Investing
involves risk, including thepotential loss of principal. Any
(17:17):
references to protection,safety, or lifetime income
generally refer to fixedinsurance products, never
securities or investments.
Insurance guarantees are backedby the financial strength and
claims of paying ability of theissuing carrier. This podcast
is intended for informationalpurposes only. It is not
intended to be used as a solebasis for financial decisions,
nor should it be construed asadvice designed to meet the
particular needs of anindividual situation. Gregory
(17:37):
Ricks & Associates is notpermitted to offer, and no
statement made during the showshall constitute, tax or legal
advice. Our firm is notaffiliated with, nor endorsed
by, the U.S. government or anyother governmental agency. The
information and opinionscontained herein, provided by
third parties, have beenobtained by sources believed to
be reliable, but their accuracyand completeness cannot be
guaranteed by Gregory Ricks &Associates. Please remember
(17:58):
that converting an employer planaccount to a Roth IRA is a
taxable event. An increase intaxable income from the Roth IRA
conversion may have severalconsequences, including, but not
limited to (18:06):
a need for additional tax withholdings or
estimated tax payments, the lossof certain tax deductions and
credits, higher taxes on SocialSecurity benefits, and higher
Medicare premiums. Be sure toconsult with a qualified tax
advisor before making anydecisions with your IRA.
Neither AE Wealth Management oradvisors providing investment
advisory services through AEWealth Management recommend or
facilitate the buying or sellingof cryptocurrencies. Third
(18:28):
parties and guests of the showare not affiliated with, nor do
their opinions reflect those of,Gregory Ricks & Associates or AE
Wealth Management. AE WealthManagement provides services
without regard to politicalaffiliation, and the views of
individual advisors do notnecessarily reflect the views of
AE Wealth Management. We areAsk Gregory.
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