Best In Wealth - Retirement, Investments, Personal Finance, Financial Planning, Stock Market
263 episodes - English - Latest episode: 4 days ago - ★★★★★ - 30 ratingsThis is the best in Wealth podcast – A show for successful family stewards who want real answers about Retirement and investing so we can feel secure about our family’s future.
Scott's mission is simple: to help other family stewards build and maintain their family fortress. A family steward is someone that feels family is the most important thing. You go to your job every day for your family. You watch over your family, you make sacrifices for your family, you protect your family. I work with family stewards because I am one; I have become an expert in the unique wealth challenges family stewards face.
Scott Wellens is the founder of Fortress Planning Group - an independent, fee-only, registered investment advisory firm. Fortress Planning Group is dedicated to coaching clients toward a holistic view of wealth and family stewardship. Scott is a certified financial planner, a fiduciary and has been quoted in the industry’s leading websites including Forbes, Business Insider and Yahoo Finance. Scott is also a Dave Ramsey Smartvestor Pro in the greater Milwaukee and Madison areas.
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Episodes
How to Overcome “The Wall of Worry,” Ep #244
April 26, 2024 10:00 - 17 minutes - 14.4 MBWhy are we worried about the world, the economy, the stock market, and our investment accounts? The stock market started the year great. The S&P 500 was up over 10% at the end of the first quarter. But the stock market has dropped steadily in the first 19 days of April. My business Partner, Brian, wrote an article titled “The Wall of Worry.” In this episode of Best in Wealth, I’ll cover some of the details of his article and share why family stewards can take a deep breath. [bctt tweet="How...
Understanding the Mutual Fund Landscape, Ep #243
April 12, 2024 10:00 - 20 minutes - 16.7 MBThe mutual fund landscape is complex, with thousands of choices. In fact, at the end of 2023, there were 4,722 US-domiciled funds that we could choose from. Of those, 2,043 were from US equities, 1,124 were international funds domiciled in the US, and over 1,500 were bond funds. If you add all the money from these funds, it totals 10.6 trillion dollars. $5.4 trillion is in US equity funds, $2.1 trillion is in international equities, and $3 trillion is in bond funds. Whew. If you decide to b...
Solving the Two Biggest Retirement Problems, Ep #242
March 15, 2024 10:00 - 22 minutes - 18.4 MBThe #1 issue most people face when it comes to retirement is running out of money. Secondly, most people want to live the best retirement that they can. If there is anything left, they will gladly give it to their children—but it does not need to be millions of dollars. Too many people are dying with too much money and never got to live out the retirement of their dreams. You have been saving your entire life. You should not be scared to spend the money and fear it running out. So how do we ...
Do Roth Conversions Make Sense For You? Ep #241
March 01, 2024 10:00 - 21 minutes - 16.9 MBWhat is a Roth conversion? Should you do a Roth conversion? When is the best time to do a Roth conversion? If questions like these have been circulating in your mind, this is the episode for you. I will break down when doing a Roth conversion might make sense for you (and why your CPA might not like it) in this episode of Best in Wealth. [bctt tweet="What is a Roth conversion? Should you do a Roth conversion? I share my expert opinion in this episode of Best in Wealth! #wealth #retirement #i...
The Positive Impact of Uncertainty, Ep #240
February 16, 2024 10:00 - 22 minutes - 18 MBDavid Booth—the Executive Chairman and Co-Founder of Dimensional Fund Advisors—recently wrote an article entitled “Uncertainty is Underrated.” In this episode of Best in Wealth, I will read this intriguing article and share why I agree that—while it sounds scary—uncertainty has a positive impact on our lives. [bctt tweet="Uncertainty is underrated. I share why the impact of uncertainty is positive in this episode of Best in Wealth. #wealth #investing #WealthManagement" username=""] Outline ...
Why Your Portfolio Should Be Internationally Diversified, Ep #239
February 02, 2024 10:00 - 22 minutes - 18.2 MBIf you opened up and looked at your 401k statement, chances are that some of your investments are international. You are investing in companies outside of the United States. If you are invested in a target date fund, it is almost certain. It may be in mutual funds or ETFs. It may be in developed or emerging markets through reliable stock exchanges. But should you own companies outside of the US? Emerging markets in developing countries have not moved much in the last 10 years. The US has had...
How Often Should You Look at Your Investments? Ep #238
January 19, 2024 10:00 - 23 minutes - 19.1 MBHow often should you look at your investments? Some of my clients look at their investments every day. Some look weekly, monthly, quarterly, annually—and some never look at them. So what is my answer? It depends. After listening to this episode of Best in Wealth, you will know how often you should check on your investments (based on you). [bctt tweet="How often should you look at your investments? Some of my clients look at their investments every day. Daily, monthly, weekly, quarterly, or a...
Should You Invest in the Magnificent Seven? Ep #237
December 22, 2023 10:00 - 19 minutes - 15.8 MBBRICS is an acronym that denoted the emerging economies of Brazil, Russia, India, China, and South America. The stock market returns were really good. The economies were expected to continue to explode. So people started pouring into the BRICS. Many people who invested did poorly because they were late to the game. Before BRICS, it was popular to invest in the Nifty Fifty (the 50 most popular companies). News columnists are always looking for the next bright, shiny object. The current “Shiny...
Charlie Munger’s Life Lessons, Ep #236
December 08, 2023 10:00 - 19 minutes - 15.6 MBCharlie Munger was the Vice Chairman of Berkshire Hathaway and Warren Buffet’s right-hand man. He quit a well-established law career to become Warren Buffet’s partner, transforming a textile company into the successful firm Berkshire Hathaway is today. Charlie passed away last week at the age of 99. He was a prolific author and investor and full of wisdom. Warren Buffet described Charlie as the originator of their investing approach. In this episode of Best in Wealth, I will share eight of h...
The Average Net Worth of US Households by Age, Ep #235
November 24, 2023 10:00 - 16 minutes - 13.4 MBOver the last three years, US net worth has increased drastically. But it is taboo to talk about money with family and friends, let alone net worth. But don’t you want to know how you are doing relative to your peers? If so, this is the episode of Best in Wealth for you. In this episode, we break down the numbers to see how you are doing compared to the average American. [bctt tweet="What is the average net worth of US households with age factored in? Find out what the numbers are—and why it...
Is American Household Wealth Growing? Ep #234
November 10, 2023 10:00 - 18 minutes - 14.7 MBAmerican wealth is growing—but you would never know it. Every three years, the Federal Reserve releases a report that summarizes the changes to family finances in the United States. The most recent report was released in early October 2023. What did it say? One of my business partners, Brian Cayon CFA®, CPA, covers it in his article titled “4.9%.” We will cover the news in this episode of Best in Wealth. [bctt tweet="Is American Household Wealth Growing? I’ll go over what the Fed is saying i...
5 Life Lessons Kids Need to Learn, Ep #233
October 27, 2023 10:00 - 15 minutes - 12.3 MBI was reading an article that got me thinking. What do my kids need to learn? What have I already taught them that is important? What do I need to reinforce? I came up with a list of five things—that seem like they should be no-brainers—that more and more kids do not know. We need to teach our kids important life lessons as early as we can. What are my five? Learn more in this episode of Best in Wealth. [bctt tweet="In this episode of Best in Wealth, I share 5 life lessons our kids need to l...
Will We See a 4th Quarter Rally? Ep #232
October 13, 2023 10:00 - 17 minutes - 14.3 MBThe S&P 500 was down 4% in September, continuing the downward trend we also saw in August. And almost ALL of the asset classes have been down the last couple of months. To address this troubling trend, my business partner, Brian Cayon, CFA®, CPA, wrote an article about the 4th quarter. So in this episode of Best in Wealth, we will talk about his research and seek to answer the question: Will we see a 4th quarter rally? [bctt tweet="Will we see a 4th quarter rally in 2023? I share some resear...
End-of-Year Financial Planning Issues to Consider, Ep #231
September 29, 2023 10:00 - 26 minutes - 20.9 MBWhat financial issues do you need to think about before the end of the year? There are three big groups to consider: tax planning, cash flow, and insurance. In this episode of Best in Wealth, I have broken down 15 points across each of these groups. They are all important to consider to maximize your finances both in retirement and while preparing for retirement. [bctt tweet="In this episode of Best in Wealth, I dive into some important end-of-year financial planning issues to consider. Do ...
The 9 Traits of a Happy Retirement, Ep #230
September 15, 2023 10:00 - 19 minutes - 16 MBWhat makes for a happy retirement? According to Merrill Lynch, “Only 51% of 25–34 year old's say that they often feel happy compared to 76% of people ages 65–74.” So what makes them happy? An article entitled “Why 72% of Retirees Are Happy” talks about three financial traits and six non-financial traits of happy retirees. What are these 9 traits? Find out what they are—and if you are implementing them—in this episode of Best in Wealth. [bctt tweet="What are the 9 traits of a happy retireme...
3 Important Observations on Wealth and Health, Ep #229
September 01, 2023 10:00 - 21 minutes - 17.1 MBI recently read an article by David Booth—the executive chairman of Dimensional Fund Advisors—titled “Practicing Healthy Habits, Pursuing Wealthy Outcomes.” In the article, David shares some correlations he saw between health and investing after reading “Outlive: The Science and Art of Longevity” by Peter Attia. The book dissects scientific research on aging to explore strategies to live longer and healthier. David saw some parallels between how we talk about health and think about investing...
Will Social Security Run Out by 2023? Ep #228
August 18, 2023 10:00 - 24 minutes - 19.7 MBIs social security going to run out in 2033? If I am a high-income earner, will social security reduce my benefit? For those of us who have planned for social security, as we are getting closer and closer to retirement, do we have cause to be anxious? In this episode of Best in Wealth I will answer both questions (but do not be afraid). [bctt tweet="Is social security going to run out in 2033? Listen to episode #228 of Best in Wealth and I’ll break it down for you! #wealth #retirement #inves...
The Pros and Cons of Owning a Second Home, Ep #227
August 04, 2023 10:00 - 20 minutes - 16.3 MBHave you thought about purchasing a second home? Does it sound nice to have a place to vacation that is all yours? Do you dream of owning a Florida home or a cabin “up north?” Have you considered the pros and cons of owning a second home? Before a second home becomes part of your dream retirement, consider some of these pros and cons so you can make the best decision for you. [bctt tweet="What are the pros and cons of owning a second home? Find out in this episode of Best in Wealth! #wealth ...
Dissecting the Illusion of Moral Decline, Ep #226
July 21, 2023 10:00 - 18 minutes - 14.8 MBI have client after client tell me that the world is going to hell in a handbasket. Leaders gain power by vowing a return to the “Good ‘ol days.” But is your mind playing tricks on you? According to research by Adam Mastroianni and Daniel Gilbert, your brain has tricked you into thinking everything is worse. There is a set of cognitive biases in our brains that cause us to perceive a fall from grace—even when it has not happened. These well-established psychological phenomena have us focusin...
How to Choose a Financial Power of Attorney, Ep #225
July 07, 2023 10:00 - 18 minutes - 26 MBWhat is a financial power of attorney? The financial power of attorney is a legal document where you specify individuals to act on your behalf in financial matters if/when you become incapacitated. If you become incapacitated, someone still has to pay your bills. Who is going to do it? Life must go on. If you do not have a financial power of attorney, who makes the decisions? The court. So many people do not have any estate planning documents because they think they are too young. They thin...
The Importance of Staying Disciplined in Asset Classes, Ep #224
June 23, 2023 10:00 - 15 minutes - 12.4 MBOver the years doing this podcast, I have clearly stated that you cannot time the market and you should never try. But what about asset classes? Can you predict when one asset class will do better than another? Should you try? In this episode of Best in Wealth, I look at how value stocks and growth stocks have performed in the last few years. I will nail down why staying disciplined in asset classes is just as important as not timing the market. Check it out! [bctt tweet="Why is it important...
Are You Rich? Ep #223
June 09, 2023 10:00 - 15 minutes - 12.8 MBIn 1991, I traveled to Alaska with three friends to get rich. Why? We had learned that we could make $5,000–$7,000 a month working in Alaska over the Summer. I thought I would leave Alaska having made $25,000. I was going to be rich. I was going to get a new mountain bike, leather jackets, and 100 new CDs. My list went on. What happened? We only worked for a month and a half. I did not get rich that summer. But how do you know if you’re rich or not? What does it mean to be rich? What is your...
The Concept of Work Ethic vs. Life Ethic, Ep #222
May 26, 2023 10:00 - 15 minutes - 12.1 MBI read an article titled, “The Sinister Side of Work Ethic,” and it got me thinking. I love work ethic. I believe God made us to work. But what is work ethic? Work ethic is defined as “The principle that hard work is intrinsically virtuous or worthy of reward.” Is that the way you see work ethic? What is your definition of work ethic? How does the concept of “life ethic” fit into the mix? Learn more about how to balance life and work ethic in this episode of Best in Wealth. [bctt tweet="What...
Why A Recession Shouldn’t Be Scary, Ep #221
May 12, 2023 10:00 - 20 minutes - 16.6 MBMany people greatly fear the thought of a recession. They cannot handle the idea that their investment portfolio will decline in value. They cannot handle the volatility. Fear leads people to make poor decisions. But I do not believe you should be afraid of a recession. Why? I share why you have reason to remain hopeful in this episode of Best in Wealth! [bctt tweet="I share why a recession shouldn’t scare you in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance...
Inflation: Why There’s Reason to Remain Hopeful, Ep #220
April 28, 2023 10:00 - 14 minutes - 11.6 MBAre you feeling positive or negative about the world today? Have you been watching the financial news and feeling a sense of doom because everything they report is negative? Do you feel like inflation is out of control? I am here to tell you that we have reason to remain hopeful and optimistic. I share why in this episode of Best in Wealth. [bctt tweet="With all of the news surrounding inflation, I still believe that we have reason to remain hopeful. Find out why in this episode of Best in W...
March Madness: Your NCAA Bracket vs. Investing, Ep #219
April 14, 2023 10:00 - 16 minutes - 13.4 MBDid you watch the NCAA basketball tournament? Did you fill out an NCAA bracket? An estimated 1 in 4 Americans filled out a bracket to try and predict who is going to win it all. I do not watch a lot of basketball, but I still fill out a bracket every year. This year’s tournament was a wild and crazy ride. There were numerous upsets. What is your strategy for filling out your bracket? Do you guess? Do you fill it in based on the best seed? Or are you like my admin and you make choices based o...
How Vacations Make You Wealthier, Ep #218
March 31, 2023 10:00 - 18 minutes - 14.7 MBAs family stewards, we think of wealth differently. Many people focus on money. Our wealth might be our family, spirituality, friends, etc. Money might be further down the list. So how do vacations make you wealthy? When you are healthy, you are wealthy. Anyone who struggles with chronic illness would give anything for their health. In the article “Importance of Taking a Vacation,” Kathryn Isham shares seven health benefits of taking vacations. In this episode of Best in Wealth, I will share...
What is Your TRUE Net Worth? Ep #217
March 17, 2023 10:00 - 19 minutes - 15.9 MBDavid Booth—the Co-Founder and Executive Chairman of Dimensional Fund Advisors—recently penned an article entitled, “What’s Your True Net Worth?” Here is the thing—your true net worth is not a calculation of your wealth. It stems from what you value. Find out what I mean in this episode of the Best in Wealth podcast! [bctt tweet="What is Your TRUE Net Worth? Find out what it really means in episode #217 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #Re...
Savings Accounts: Earn the Interest Rate You Deserve, Ep #216
March 03, 2023 10:00 - 22 minutes - 17.9 MBAccording to CNBC, 56% of Americans can’t cover a $1,000 emergency. They do not have enough money in the bank. If that is you, start building an emergency fund now. Dave Ramsey recommends saving $1,000 in the bank immediately. Then, you take any extra money you have and pay off your debt. After that, work to build savings of 3–6 months of living expenses. But once you have that, what do you do with the money? Where should you keep it? In this episode of Best in Wealth, I share the best way t...
Withstanding the Roller-Coaster of Investing, Ep #215
February 17, 2023 10:00 - 21 minutes - 17 MBI have received many calls and questions from clients, friends, and family about how bad things were in 2022 and what they think is going to happen in 2023. I do not blame them. With the global pandemic, rapid inflation, the war in Ukraine, and the volatile stock and bond market, it is reasonable to feel uneasy. If you had knowledge of future events for the year 2020–2022—but did not know where the stock market would land—what would you have predicted? Probably not the 25% positive return th...
The Psychology of Spending, Ep #214
February 03, 2023 10:00 - 24 minutes - 19.7 MBIn the article, “The Art and Science of Spending Money,” Morgan Housel talks about the psychology behind spending money. I’m going to talk about the six points she made that hit home for me. Why? Because we need to understand why we are spending. I am a financial advisor. I want you to save money. But I also believe there needs to be a healthy balance between spending now and saving for the future. Maybe you are cutting back too much. Or you are spending too much and not saving for the futur...
Can Your Investment Plan Withstand the Stock Market? Ep #213
January 20, 2023 10:00 - 15 minutes - 12.1 MBThink back to December 2019. Unemployment, interest rates, and inflation were historically low. Then what happened? A pandemic. By the end of March 2020, the S&P 500 had dropped nearly 20%. By the end of the year, scientists had developed a vaccine and markets roared back. Facebook, Apple, Amazon, Netflix, and Google (FAANG) stocks soared. Bitcoin and crypto reached record highs, then they crashed. Meme stocks soared, then toppled. Inflation spiked to the highest levels most of us have ever ...
Stick With It: How to Build Good Habits in the New Year, Ep #212
January 06, 2023 10:00 - 18 minutes - 15 MBBuilding good habits can be hard. Half of dieters give up within one week of starting. So what is the answer to lasting change? How do you make it easier to achieve? Dr. Sean Young studies behavior change. He has helped people develop good eating, sleeping, and exercise habits. He literally wrote the book, “Stick with It: A Scientifically Proven Process for Changing Your Life-for Good.” In episode #211, I covered how to break bad habits. So in this episode of Best in Wealth, we are going to c...
Say Goodbye to Bad Habits in 4 Steps, Ep #211
December 23, 2022 10:00 - 15 minutes - 12.7 MBWhat are your bad habits? When I finally climb into bed at night—I grab my phone and start scrolling. Before I know it, 30–40 minutes have passed. Looking at screens right before bed negatively impacts sleep, yet I continue to do it. So in this episode of Best in Wealth, I share four “laws” from James Clear’s book, “Atomic Habits,” that will help you say goodbye to your bad habits. [bctt tweet="In this episode of Best in Wealth, I share four “laws” from James Clear’s book, “Atomic Habits,” t...
What is Driving the Stock Market Gains? Ep #210
December 09, 2022 10:00 - 16 minutes - 13.3 MBWhat question am I asked the most? It is usually along the lines of: “What do you think the stock market is going to do? When will we be out of this horrible downturn? When will things turn around?” These are the questions I will try and answer in today’s episode of the Best in Wealth podcast! [bctt tweet="What is driving the stock market gains? We share what we think it is and why it might stick in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPla...
The Best in Wealth Guide to Understanding Medicare, Ep #209
November 25, 2022 10:00 - 26 minutes - 21.1 MBIt is time for open enrollment for every insurance option—including Medicare. Are you confused? You are not alone. If you are not 65 and do not qualify for Medicare yet—do not tune out. This episode is for you, too. Everyone nearing retirement age needs to understand the process and the costs. So in this episode of Best in Wealth, it is my goal to help you understand the basics of Medicare. [bctt tweet="In this episode, I share a simple guide to understanding Medicare. This is something ever...
The Pros and Cons of Being Rich, Ep #208
November 11, 2022 10:00 - 16 minutes - 13.2 MBI know what you are thinking—how could there possibly be cons to being rich? While everyone has a different definition of what “rich” is, most can agree that becoming rich would be life-changing. But I would argue that it is not always life-changing in a good way. Find out what I mean in this episode of Best in Wealth! [bctt tweet="What are the pros and cons of becoming rich? Hear my thoughts in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlannin...
How 17 Different Countries Define Meaningful Lives, Ep #207
October 28, 2022 10:00 - 19 minutes - 15.9 MBWhat brought meaning to your life today? I got to wake up healthy kids. I got to drink coffee with my wife. I got a text from my 24-year-old living hundreds of miles away. I help my clients navigate retirement. All of these things bring meaning to my life. Pew Research surveyed 17 different countries to find out what was meaningful to each of them. In this episode of Best in Wealth, I cover some of the results of this study and share why a meaningful life is an important piece of retirement ...
How Do You Earn More Time? Ep #206
October 14, 2022 10:00 - 16 minutes - 13.5 MBWe cannot control the stock market, right? But there are many things we can control. At Fortress Planning Group, we do intense tax planning to help you save every dollar you can. There are so many facets of financial planning to consider. Are you doing estate planning? Do you know how much insurance you need? Are you strategically optimizing your dividends and rebalancing so you buy at the lowest possible point? Let’s control what we can control. And there is one thing you can control to ad...
7 Tips to Help You Navigate Money in Your Marriage, Ep #205
September 30, 2022 10:00 - 20 minutes - 16.8 MB7 Tips to Help You Navigate Money in Your Marriage, Ep #205 Did you just get married? Or have kids about to get married? Maybe you fight about money and need to recommit to a healthier money mindset. Rachel Cruze wrote an article where she shared 7 tips for a healthy relationship with money in marriage. I will share what those tips are and what I might do differently. Even if you do not fight about money, this episode of the Best in Wealth podcast is full of tips and tricks anyone can implem...
8 Reasons to Remain Positive about the Stock Market, Ep #204
September 16, 2022 10:00 - 15 minutes - 12.5 MBThe first two quarters of 2022 were horrible in the stock market. The third quarter started well, but the last three-and-a-half weeks have not been great. One of my partners at Fortress Planning Group wrote an article about inflation, the Fed, and the midterm elections. In this episode of Best in Wealth, I am going to highlight some of Brian’s key points. My end goal is to encourage you to remain hopeful about the economy. [bctt tweet="In this episode of Best in Wealth, I share 8 reasons to ...
What Should Your Net Worth Be Right Now? Ep #203
September 02, 2022 10:00 - 17 minutes - 13.6 MBWhat should your net worth be? Where do you compare to the average investor? As a listener of this podcast, I think you are an above-average person. So what should your net worth be if you are above-average? In this episode of Best in Wealth, I share seven traits that make you an above-average person. Then I will share what the net worth of an above-average person might look like. Do nit miss this episode! [bctt tweet="What should your net worth be? Where do you compare to the average invest...
Giving Money to Loved Ones: 4 Things You Need to Consider, Ep #202
August 19, 2022 10:00 - 16 minutes - 13.4 MBAre you in a place to help your kids, siblings, or friends? What if you want to help your parents financially? How do you give money to loved ones? This is when things get dicey. This is not an easy subject to think about. But you will likely face it at some point during your life. So in this episode of Best in Wealth, I cover four things you NEED to consider before giving money to loved ones. [bctt tweet="In this episode of Best in Wealth, I share 4 things you need to consider before you gi...
Three BIG Questions to Ponder, Ep #201
August 05, 2022 10:00 - 17 minutes - 14.2 MBHave you heard of George Kinder? He is a well-known life planning expert. When it comes to retirement planning, it is not all about the money. The hard part is figuring out what is important. George has come up with three big questions that I want everyone to think about. Each of the questions is tough to answer. It will take meditation, prayer, time alone, and conversations with your loved one(s) to answer these questions. Do not miss this deep and introspective episode of Best in Wealth! ...
The FIRE Movement Retirement Strategy, Ep #200
July 22, 2022 10:00 - 21 minutes - 17 MBThe book “Your Money or Your Life” by Vicki Robin was the book that is credited with launching the FIRE Movement. FIRE stands for “Financial Independence, Retire Early.” The FIRE Movement has exploded and become popular among Millennials. So what is the FIRE Movement? In this episode of Best in Wealth, I will share the three non-negotiable rules and three variations of the FIRE Movement. Do not miss it! [bctt tweet="What is the FIRE Movement retirement strategy? Learn all about it in this ep...
The 6 Traits that Make You a Smart Person, Ep #199
July 08, 2022 10:00 - 23 minutes - 18.7 MBThe 6 Traits that Make You a Smart Person, Ep #199 What are the 6 traits that make you a smart person? Why is it important to exhibit these traits? “Smart” used to mean having access to information or memorizing endless facts and figures. That is an outdated belief. I believe that smart, ambitious, and hard-working people focus on soft skills. In this episode of Best in Wealth, I will share the 6 traits I think define a smart person. [bctt tweet="What 6 traits do I believe you need to maste...
Timing the Market? Here’s What It’ll Cost You, Ep #198
June 24, 2022 10:00 - 20 minutes - 16.5 MBAs most of you know, inflation is high—higher than expected. Things do not look good in the news. Things do not look good in our portfolios either. As humans, when we feel like we are losing, we get the urge to sell our investments, sit on the cash, and wait on the sidelines for the news cycle to get better. It is natural and normal to feel nervous. The thought of selling everything likely crosses everyone’s mind. In 2020, the market dropped 37%. When it was down around 20%, one of my client...
The Basics of Tax-Loss Harvesting, Ep #197
June 10, 2022 10:00 - 23 minutes - 18.6 MBWe are set to have one of the worst weeks in the stock market in a long time. The stock market was down over 20% the day this podcast was recorded—in bear market territory. We cannot control the market, no matter how much we would like to. But something that we can control—to some extent—is tax-loss harvesting. What is it? How can it help you avoid paying excess taxes? Learn what you need to know in this episode of Best in Wealth. NOTE: I am not a CPA and this is not formal tax advice but pu...
Don’t Let Recency Bias Destroy Your Retirement, Ep #196
May 27, 2022 10:00 - 21 minutes - 17.3 MBHas recency bias affected your investment decisions, now or in the past? The Schwab BeFi 2021 study found that recency bias is the most common behavior that advisors believe impacts clients’ decision-making. 78% of Millennials, 75% of the Silent Generation, 74% of Gen X, and 56% of Baby Boomers suffer from it. But what is recency bias? Why does it matter? What can you do about it so it does not ruin your retirement? On May 20th, 2022, we hit bear market territory—a 20% drop from the S&P 500’...
Should You Buy I Bonds? Ep #195
May 13, 2022 10:00 - 24 minutes - 19.3 MBWhat is an I bond? How do you buy an I bond? What are the risks? Are there risks? Who should buy I bonds? I bonds are a hot topic in the news because of the staggering high interest rates. So in this episode of Best in Wealth, I will answer these questions. I will help you decide if you are the right person to buy I bonds. Listen to learn more! [bctt tweet="Are I bonds a good investment? Should you buy some? Listen to this episode of Best in Wealth to hear my thoughts! #wealth #retirement #i...