This 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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Experts, Predictions, and the Uncertainty of the Stock Market, Ep #257
Épisode 255
vendredi 14 février 2025 • Durée 20:57
Did you know that you can pay someone to give you advice on what to bet on? They can look at historical data like rushing and passing yards, touchdowns, and more—but so can we. Honestly, historical data can only tell us so much. If you bet on a game, you are really making a lucky guess.
Is it really so different with the stock market? When it comes to predictions—whether for the Super Bowl or the S&P 500—there is a lot of uncertainty. So, let’s break down how predictions are made and whether or not they should guide our investment decisions.
[bctt tweet="Predictions are everywhere—whether for the Super Bowl or the stock market. But how reliable are they? In episode 257 of Best in Wealth, we explore the dangers of betting on expert predictions and why diversification is key for your portfolio." username=""]
Outline of This Episode
[1:13] The Super Bowl: What you can bet on?
[2:30] Why are we trusting betting experts?
[7:50] Expert predictions for 2025
[11:32] Reviewing predictions from 2024
[18:06] How do we build a portfolio?
Expert predictions for 2025
Most of the top analysts—Oppenheimer, Wells Fargo, Deutsche Bank, and others—are bullish, predicting that the S&P 500 will rise in 2025. The consensus seems to suggest that the market will average a 10% return, which has been the long-term norm. Oppenheimer Asset Management stands out with an optimistic prediction of 18.4%, implying that 2025 could be a great year for the market.
However, these predictions come with a significant caveat—the stock market, especially the S&P 500, is notoriously volatile. We have seen massive swings in the past, from a 38% drop in 2008 during the Great Recession to a 25% rise in 2024.
BCA Research, on the other hand, predicts a 25.8% drop, highlighting just how different expert opinions can be. This stark difference—43% apart between two top analysts—raises an important question: if the experts cannot agree, how reliable are their predictions? It is a reminder that while these predictions may be based on data, the unpredictability of the market remains ever-present.
[bctt tweet="Experts predict the future, but how often are they right? In episode 257 of Best in Wealth, we dive into the unpredictability of stock market forecasts and share why building a diversified portfolio is your best bet for long-term success." username=""]
Reviewing predictions from 2024
Did the experts hit the mark last year? The S&P 500 went up around 25% (with dividends) and 23.3% without dividends.
Oppenheimer, the most bullish of the experts, predicted a modest 8% increase, but the market ended up being nearly three times better than that!
Many other firms—Goldman Sachs, BMO, Bank of America—also predicted positive returns, but the actual outcome was far beyond their expectations.
In a striking example, some analysts predicted that the S&P 500 would finish the year with negative returns—forecasts that couldn’t have been further from reality.
This discrepancy illustrates an important point: even the most well-educated and experienced analysts can be drastically wrong. It shows that predictions are based on what experts know at the time, but they can't account for the countless variables that influence market behavior throughout the year, such as political changes, economic developments, and unforeseen global events.
How do financial stewards build a portfolio?
The answer is diversification. Family stewards—those who manage wealth and invest for future generations—should focus on creating a well-rounded portfolio that can weather any storm. Rather than betting on predictions, diversify your investments across a wide range of asset classes: large-cap stocks, small-cap stocks, international investments, emerging markets, real estate, and bonds.
By spreading your...
The Ultimate Planner to Jumpstart Your 2025, Ep #256
Épisode 240
vendredi 10 janvier 2025 • Durée 18:33
Today, I am sharing something that my family has fallen in love with—The Clever Fox Dated Planner. This planner goes beyond simple scheduling with features like a gratitude section, vision board, habit tracker, and tools for setting and achieving SMART goals. It is designed to help you reflect, plan, and improve every week. If you are ready to take control of your time and goals, let me tell you all about it!
[bctt tweet="Start 2025 strong with the Clever Fox Dated Planner! This isn’t just a planner—it’s a tool to reflect, set SMART goals, track habits, and create a vision for your year. My family loves it, and I know you will too. #SMARTGoals #Habits #Goals #Planner" username=""]
Outline of This Episode
(1:09) I hope you had a wonderful Christmas and New Year!
(2:36) The planner that we bought for the entire family
(15:45) Spend some time zeroing in on your goals for 2025
The planner that we bought for the entire family
We bought the Clever Fox Dated Planner with habit trackers for goal setting and time management for everyone in the family. Though we were a bit worried that they would not be excited, surprisingly, everyone loved it.
But why do I love this planner so much? Because of everything it includes:
How-to Guide: It comes with a pamphlet, “How this planner works.” They tell you where to begin, what to think about, and share examples.
Gratitude and Self-Awareness: This section gives you space to write down what you are grateful for and passionate about.
Daily Rituals: This is an opportunity to think about the skills you want to learn and habits you want to adopt. Maybe a ritual is drinking more water, meditating, or going to the gym.
Affirmations: Short sentences with an optimistic tone stated in the present tense, i.e., “I am an architect of my life.” They give you confidence.
Vision Board: They provide a two-page outlay where you can create your vision and get clear on what you want from life.
Goals: You are given space to write three goals for each of these sections: health & fitness, business & career, personal development, relationships, family & friends, fun & recreation, and spirituality.
Mind-Map: This section helps you take the big goals you have written down and break them down into smaller pieces.
Each weekly section includes an area where you can write down how you will improve the next week. What did you not do that you should have? How can you improve the next day and week?
[bctt tweet="Why do I love the Clever Fox Planner? It’s packed with features: Gratitude & affirmations, vision board, goal-setting tools, weekly reflection, and a habit tracker. It’s everything you need to stay organized and crush your 2025 #goals. #Gratitude #BestInWealth #Planner " username=""]
Implement SMART goals
I try to record an episode about goal-setting at the beginning of every year and always encourage you to make sure that your goals are SMART:
Your goal might be to pay off a credit card by the end of the year. Maybe it is to run a half-marathon by June 15th. Here is my challenge: Write out five SMART goals you want to achieve in 2025 (and it...
How Much Should You Spend on Vacations? Ep #247
Épisode 247
vendredi 5 juillet 2024 • Durée 16:23
I am often asked how much a family should spend on vacations. While that is entirely personal, most experts recommend that 5–10% of your net income can be spent on vacations.
Many factors may change this number. Maybe you have a large family or your kids are into expensive sports. You might not have that income to spend on a lavish vacation.
But to spend any amount on a vacation, you need to budget. You cannot go into debt. So how do I do it? I will share a great strategy in this episode of Best in Wealth.
[bctt tweet="✈️ How much should you spend on vacations? How do you budget for them? Learn more in this episode of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""]
Outline of This Episode
[1:04] We are heading on vacation to Europe!
[2:38] How much you should spend on vacation
[6:48] How we budget for vacations
[8:20] Be aware of luxury creep
[10:02] Be aware of entitlement creep
[11:33] Do not be a vacation scrooge
How to budget for a vacation
You cannot go into debt to purchase a vacation. I have done it. I had a great time. But when I got home, the guilt and regret sunk in. That is why I firmly believe you need to have a spending plan.
We set a monthly budget. Then, we have a separate spreadsheet that lists all of our non-monthly line items. It covers things like Christmas gifts, oil changes, car insurance, and vacations.
All of these items are added up. If the number is $12,000, we divide it by 12, and save that money in our “escrow savings account.” Every time a non-standard monthly expense comes up, we use that money to pay for it. Those things will not disrupt our budget.
[bctt tweet="🗺️ How do you budget for a vacation? I share my family’s strategy in episode #247 of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""]
Be aware of luxury creep
If you are going to Disney, there are a lot of different hotels to choose from in Orlando, right? You can stay at the Holiday Inn and Suites or choose from numerous luxurious hotels and resorts. Do not let yourself get lured in. Budget within your means.
I spent a lot of time budgeting for our trip to Europe and I have saved for a couple of years. We are working within our budget. When it is all said and done, I will be proud. I am getting to spend time with my family within the budget I have set.
Be aware of entitlement creep
Do not let entitlement justify overspending on vacation. You are grinding every day at your job. You are exhausted being a parent. But do not spend too much because you “deserve” it. It will eat you up inside.
It is not about keeping up with the Joneses. Just because your neighbor stayed at a five-star hotel and was waited on hand and foot does not mean you should. Do not allow yourself to be talked into something you cannot afford.
You know who you are. You are listening to a financial podcast. You are a budgeter. But you cannot be afraid to take a vacation. A vacation is investing in your family, investing in improving your mental health, and investing in lasting memories. Remember, vacations with your loved ones are an appreciating asset.
[bctt tweet="⭐ Don’t let entitlement justify overspending on vacation. You deserve a vacation. But let’s keep it within budget, shall we? Learn more in episode #247 of Best in Wealth! #PersonalFinance #VacationPlanning #WealthManagement" username=""]
Connect With Scott Wellens
The Six Stages of Retirement, Ep #157
Épisode 157
vendredi 27 novembre 2020 • Durée 24:58
What is just as important as building wealth for retirement? Understanding and preparing for the six stages of retirement. You experience different situations and emotions through each stage of the journey. If you know what to expect ahead of time, you can strategize how to emotionally—and monetarily—prepare. Listen to this episode of Best in Wealth to help prepare for your retirement.
[bctt tweet="What are the six stages of retirement? Listen to this episode of Best in Wealth to learn how to navigate them! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Outline of This Episode
[1:26] Health comes before wealth
[4:40] Stage one: pre-retirement
[8:48] Stage two: retirement day
[10:07] Stage three: the honeymoon stage
[12:03] Stage four: disenchantment
[17:37] Stage five: your new identity
[19:55] Stage six: Moving on
[22:04] How do you want to be remembered?
Stage one: pre-retirement
You need to make sure you have the right amount of money in the bank, right? This tends to be one of the only things people think about when planning for your retirement. But all of your dreams need to come to the surface, too. All of your goals and what you want to leave behind need to be discussed.
Do you have enough to accomplish your goals? Are you addressing everything? What if you end up in a nursing home? Will you and your spouse have enough to provide for that? Can you withstand social security being cut in half? We go through all of these scenarios in the planning stage of retirement. If you’re not sure if you’re prepared—or don’t want to do this on your own—feel free to reach out to me. I work with clients all over the United States.
Stage two: retirement day
This is your last day of work. You’ve likely worked for the last 30, 40, or 50 years. Your last day is a HUGE deal. There’s a ton of excitement around the big day. You can do whatever you want without the stress and burden of your job.
[bctt tweet="The big retirement day is here! Now what do you do? Listen to this episode of Best in Wealth as I talk through the six stages of retirement! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Stage three: the honeymoon stageStage four: disenchantmentStage five: your new identity
How to Build Your Family Fortress, Ep #156
Épisode 156
vendredi 30 octobre 2020 • Durée 21:38
How do you build your family fortress? I talk about cornerstones often, including how to figure out what yours are and how to build abundance within them. Your family is one of—if not THE—most important cornerstones in your life. But what do I mean by building your family fortress? How do you do it? Listen to this episode of Best in Wealth to learn more!
[bctt tweet="How do you build your family fortress? What does it mean? Find out in this episode of Best in wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Outline of This Episode
[1:02] My dream of being a coach
[3:43] Build your family fortress
[7:26] The family cornerstone
[8:16] The Single Page Life Plan
[9:26] Determine your mission statement
[10:32] What are your top cornerstones?
[11:27] Actionable steps in the SMART goal format
[18:42] Spend time building your family fortress
Building abundance in your cornerstones
If you’re listening to this podcast, you’re likely your family steward. You handle the finances. You need to build abundance in your cornerstones to build your family fortress. It’s why I call my business the “Fortress Planning Group.” Building your fortress isn’t all about money. But money is the fuel to help you build abundance.
We have some castles scattered in our office to remind our clients that our job is to help you build your fortress so you can feel peace and security. We handle your financial cornerstone to allow you to concentrate on your family.
It’s not about overly-focusing on one cornerstone. You can’t lose sight of all the others. Friends are important, but you can’t spend all of your time with them at the expense of your family. You need to build balance within the cornerstones.
Place your family first
Some people place their spirituality first—which is understandable—but family is usually the most important cornerstone. Are they the most important thing in your life? Your spouse and kids? Your parents? Siblings? If the answer is yes (and it is to a lot of people) let's build abundance there. To do that, you need to build a plan around it.
The single page life plan process
Will the Outcome of the Election Impact Your Investments? Ep #155
Épisode 155
vendredi 16 octobre 2020 • Durée 18:37
How will the election impact your long-term investments? Will the election impact your long-term investments? Everyone is reading the headlines that are written for shock, awe, and impact and taking them as the gospel truth. Doing so can harm your investments. You need a long-term perspective on the stock market. Listen to this episode of Best in Wealth to hear how I think the election will impact your investments—and why you shouldn’t do anything about it.
[bctt tweet="Will the outcome of the election impact your investments? I share my thoughts in this episode of the Best in Wealth podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Outline of This Episode
[1:13] No one has a long-term outlook
[4:33] The two questions I get asked
[7:42] It doesn’t matter who is in office
[10:51] The annualized market returns for 9 presidents
[15:43] Why you should embrace a long-term outlook
What should you do if either president is elected?
Most of the questions I’ve gotten recently about the stock market have to do with the election. They're one of two questions:
What should I do with my investments if Biden is elected?
What should I do with my investments if Trump gets reelected?
I want to start by saying that the market does get volatile around election season because the market hates uncertainty. People make their trades based on millions of opinions. But if you check out the graph linked below, it separates each president from 1929 to 2020 and shows what their stock market returns looked like.
There were 8 Republican presidents and 7 Democratic presidents during this time period. No matter who was president, the growth of your money has gone up in the long-run. There have been recessions, but the market always corrects itself. Keeping your money in the market is good for your long-term success.
There is NO discernible conclusion
Based on the information presented, it’s challenging to draw any conclusion. The market does just as well when a Democrat is in office versus when a Republican is in office. There is no discernible pattern between the two.
What the annualized market returns tell us
How Do Millionaires Become Millionaires? Ep #154
Épisode 154
vendredi 2 octobre 2020 • Durée 26:39
What do millionaires do to become millionaires? What are some of the habits that contribute to their success? In this episode of Best in Wealth, I share 25 survey answers that were conducted by Chris Hogan in his latest book, Everyday Millionaires. If you want to achieve millionaire status in your lifetime, I highly suggest you give this a listen—and implement these strategies.
[bctt tweet="How Do Millionaires Become Millionaires? That’s the topic of the latest episode of THE Best in Wealth podcast. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Millionaire" username=""]
Outline of This Episode
[1:05] Schedule a 15-minutes call with me!
[2:21] The importance of grit & resilience
[4:18] How millionaires become millionaires
[7:34] The first thing that millionaires do
[9:58] Millionaires control their own destiny
[10:44] Statistics on millionaire habits
[22:52] Millionaires DO stay married
The misconception about millionaires
74% of millennials and 52% of baby boomers believe that millionaires inherited all of their wealth. Survey says...that is a LIE. Don’t believe it. Most millionaires do not inherit their wealth. 8/10 come from families at or below the middle-class income level. It goes to show that anyone can become a millionaire with discipline and hard work. Each person starts at a different place. Each has their own obstacles to overcome. Millionaires come from all walks of life and socioeconomic backgrounds.
In Chris Hogan’s book Everyday Millionaires, he talks about the things that millionaires do to be successful. I go over some of these things to help you rethink your finances and your investments. Sometimes we need to reset our mindset to have a better shot at success. I want everyone listening to this show to become multi-millionaires. Why? So you can build the cornerstones in your life to full abundance.
[bctt tweet="What do millionaires do to become millionaires? What are some of the habits that contribute to their success? Find out by listening to this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Millionaire" username=""]
Millionaires believe in themselvesMillionaires stick to a budget
Want to Refinance Your Mortgage? Here’s What You NEED to Know, Ep #153
Épisode 153
vendredi 18 septembre 2020 • Durée 23:42
I often get asked, “Should I pay off my house early?” and “Should I refinance my mortgage?” So in this episode of Best in Wealth, I answer those two questions. But to answer those questions, there are a few other questions YOU have to consider. What are they? How do they influence your decision? Which route should you take? Listen to find out!
[bctt tweet="When Should You Refinance Your Mortgage? In this episode of Best in Wealth, I share my thoughts on WHEN and HOW to refinance. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement " username=""]
Outline of This Episode
[1:06] Should I pay off my house early?
[3:57] How to determine if you should refinance
[8:10] Which loan option is the best choice
[9:27] What are your needs or goals?
[15:10] The obstacles faced with a 15-year mortgage
[17:12] The two refinancing strategies to use
What does paying off your mortgage early really mean?
I like the idea of paying off your home and reaching financial freedom—but what does it actually mean? Interest rates are as low as they've ever been. If you’ve got a great credit score and 20% down, you’re going to get a low interest rate. Possibly under 3%, depending on where you live.
But if you took that same money and invested it, you could reasonably expect a 10% annual return (based on the history of the S&P 500 index). So you might say that your money is better off in the market from a net worth standpoint.
But others may prefer the peace of mind of paying off their home. If you retire and your house is paid off, it helps your retirement projections. It feels good and it means freedom. Do you want freedom? Or do you want a higher rate of return on your money?
How to determine if you should refinance
If you’re considering refinancing, there are some questions you need to ask yourself first:
Do you plan to remain in your home for a few years? If the answer is no, the cost may exceed any benefit. If you save $50 a month in interest by refinancing, but you plan to sell in 2 years, 50x24 months is a savings of only $1,200. If it costs you $2,000 to refinance, you probably shouldn't refinance—you’ll be losing $800 in that deal.
Which loan option is the best choice?
How to Execute a Mega Backdoor Roth IRA Contribution, Ep #152
Épisode 152
vendredi 4 septembre 2020 • Durée 22:05
What is the Mega Backdoor Roth IRA Contribution? How can it be a game-changer for some high-earning individuals who are already maxing out their 401k plans? If you’re investing the maximum you can a year, think of how quickly you can hit financial freedom. If you’re passionate about investing as much of your income as you can—this is the episode for you. I explain the step-by-step process of finding out if you qualify. Don’t miss it!
[bctt tweet="How do you execute a Mega Backdoor Roth IRA contribution? Find out in this episode of Best in Wealth! #wealth #retirement #investing #invest #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Outline of This Episode
[1:33] Dissecting the total compensation package
[4:34] Executing a Mega Backdoor Roth IRA Contribution
[6:55] Does your 401k plan allow non-Roth after-tax contributions?
[9:46] Is there room under the ACP test to make additional contributions?
[11:39] Calculating how much you can contribute
[13:23] Does your plan allow for in-service distributions?
[16:44] Are the non-Roth after-tax contributions moved to a separate account?
Mega Backdoor Roth 101
The first question you have to ask: Have I made the maximum salary deferral contribution of $19,500 into my 401k? If you’re 50 or older, have you contributed $26,000? If you haven’t maxed it out, you don’t qualify for the Mega Backdoor. You have to focus on maxing out your 401 contributions first.
Secondly, Does your 401k plan allow non-Roth after-tax contributions? The answer can be found in your summary plan description. Your employer is legally required to give this to you when you’re hired—and if you ask for it again. If you login to your 401k provider’s website, you’ll often find it under the “documents” tab. If you can’t find it, email your HR rep and ask for a copy.
If your plan doesn’t allow the non-Roth after-tax contribution—you can’t move forward. If it IS allowed, you can contribute above and beyond $19,500 (or $26,000). You CAN continue along this journey. The truth is that most plans don’t allow this, but it’s worth finding out.
Is there room under the ACP test to make additional contributions?How to calculate how much you can contribute
THE Best in Wealth Business Startup Checklist, Ep #151
Épisode 151
vendredi 21 août 2020 • Durée 27:01
Do you enjoy your job? Are you working every day in a field that you’re passionate about? Or are you like me and realized that doing something you’re passionate about means starting your own business? In this episode of Best in Wealth, I share a business startup checklist. I’ll cover many of the questions you need to consider before you start a business. If you’re ready to take the next step, give this one a listen!
[bctt tweet="In this episode of Best in Wealth, I share my business startup checklist. It’s packed with important questions to consider before starting a business. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
Outline of This Episode
[2:04] How much do you enjoy your job?
[4:45] Issues to consider when starting a business
[6:27] Determine your personal cashflow issues
[13:30] Business cashflow issues to consider
[16:39] Legal and business formation issues
[21:50] Tax planning considerations
[22:26] What other issues might crop up?
[24:09] Get the full checklist in the resources below!
What does your personal cashflow look like?
You NEED to ask yourself some questions about how starting a business could impact your personal cashflow:
How is your personal cashflow going to change? Will you need a side hustle or a spouse's income?
Will you need to use personal assets to start this business? Emergency fund? Savings?
Do you have other income sources available while building your business? You don’t want to pull money that was earmarked for retirement.
Will your risk tolerance need to change in other areas? Your risk tolerance will likely need to grow with your business.
Do you need a contingency plan? Most businesses stall, go belly up, or don’t make the money you project so it’s important to have backup plans in place.
Do you have an emergency fund? You need to keep some liquidity for emergency expenses.
The bottom line is that . The best way to build a business is by building a large runway of cash. I worked my day job FOUR extra years while starting Fortress Planning. It was important to me to have everything in order I quit my day job.
Business Cashflow Considerations
Monthly Page: This is a full page just like a typical planner (months January through January). It includes areas to write notes and goals.
Weekly pages: This allows you to write out the week’s main goals, priorities, etc.
Habit Tracker: You can write down things you want to turn into habits. It allows you to check a box for each day.
Once the retirement celebrations are over, retirees can begin to do everything they’ve always wanted to do. They may travel, complete a honey-do list, visit family, or pick up a new hobby. The length of this phase varies depending on how much activity you’ve planned. Everything is awesome. But eventually, the excitement wears off. Eventually, you run out of planned activities. That’s when you move to stage four.
One day you wake up and think that retirement isn’t all that you thought it would be. You may feel like you’ve lost your identity. You were needed at your job. People counted on you. You felt more self-worth while you were working. The honey-do list is done. But you have so much free time left.
The feeling of disenchantment can be accompanied by depression. This is the time when it’s important to ask for help. Talk about it with your family, spouse, friends, or even your financial advisor. This is just as important as all of the money that you saved.
This might be a time to invest in something bigger than yourself. You need a sense of purpose. Maybe you can volunteer at a local organization or your church. Maybe you could take some continuing education classes. Maybe it’s time to plant a garden. Find people to talk through this stage with you. Find the deeper meaning of your life.
You...
The book “Single Page Life Plan” says that people who don’t care where they are going don’t need a roadmap. But I recognize the value of adding direction to my life and setting a course that aims my family toward our dreams and aspirations. Builders need an architectural plan. Pilots need a flight plan. CEOs need to build a business plan. Coaches need a game plan. Leaders need a life plan. We are the leaders of our family and responsible as a family steward to build a plan. So how do you do that?
[bctt tweet="How do you build your family fortress? What does it mean? Find out in this episode of Best in wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
What does the process of crafting a life plan look like? Here’s the single page life plan framework:
Start with a mission statement. For example, “Be a positive influence in the lives of others at home and at work. Lead by example.”
Secondly, you list your life categories (or what I call cornerstones): Family, friends, spirituality, health, career, finances, hobbies/interests, travel and entertainment, etc. Everyone’s cornerstones are different. You just need to nail down 6 cornerstones.
Under each cornerstone, you need to list actionable steps to take following the SMART goal format (specific, measurable, achievable, relevant, and timely).
The plan that you’re making should be well thought out by you. Here are some examples from the...
We as investors want to see a connection so we can conclude what will happen in the stock market. But the reality is that there are so many different factors that impact the stock market beyond who is president. Investors want to simplify things to one driving factor, but that’s possible.
What about oil prices? Interest rates? How will other countries impact the market? What about the pandemic? What if we go to war? Any of these things—and thousands more—can influence the stock market. They impact stock prices every single day. That’s not to say that the president can’t have an impact on the stock market and the economy. But there are so many other factors at play.
[bctt tweet="What should you do with your investments if Trump is elected? What about Biden? I share my thoughts in this episode of the Best in Wealth podcast. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
What do the annualized market returns (of the S&P 500) for the last 9 presidents show us?
Richard Nixon: annualized return of -2.9%
Gerald Ford (Republican): annualized return of 20.2%
Jimmy Carter (Democrat): annualized return of 11.7% per year
Ronald Reagan (Republican): annualized return of 15.8% per year
George Bush (Republican): annualized return of 13.9% per year
Bill Clinton (Democrat): annualized return of 17.6% per year
George W. Bush (Republican): annualized return of -4.4% per year
Barack Obama (Democrat): annualized return of 16% per year
Donald Trump...
Before they were millionaires, they believed that they could become millionaires. They reject the voices that say “it cannot be done.” Instead, millionaires put their heads down, get to work, and make it happen. If you want to build abundance in your life it is up to you. Not your family, friends, or the government. It isn’t about owning your own business or taking huge risks. It’s about working hard and controlling your destiny through solid and sound investing.
Speaking of investing, most people achieve millionaire status by contributing to their 401k or other retirement plans (IRA, Roth IRA, SEP IRA, 403B, etc.). Many of them have more than one retirement account. They’re likely contributing to a backdoor Roth or Mega Backdoor Roth, too.
Millionaires live on less than they make, plan for big purchases and pay with cash, and they use shopping lists and stick to them. In fact, 93% of millionaires use coupons! You can use an app like the EveryDollar Budgeting app to help you track your expenses. When you’re eating virtually all of your meals at home, the grocery line item can get VERY expensive. But if you stick to your list, you spend less.
The average millionaire drives a 4-year-old car. I’m driving a 2015 truck with thousands of miles on it. Large car payments can disrupt you hitting...
Are you nearing a milestone event? Retirement? The end of an adjustable-rate mortgage (ARM) or balloon term? If the answer is yes, consider refinancing before your options become limited by income restraints. At that point, you might not qualify to refinance.
Is your loan to value ratio greater than 80%? If the answer is yes, you don't have 20% down on your home and will have a hard time refinancing. You’ll still be subject to (private mortgage insurance) PMI.
Has your credit score recently improved? You may be in the category of wanting to refinance. Are you locked into a fixed rate? Do you expect the rates to go up or down from here? They’ll probably go up from here. If you’re in an ARM, it might be time to lock in a fixed-rate now.
What’s the interest rate environment? The interest rates have gone down in the last few months. After answering all of these questions, if you’re still in the category of, “Yes, I think I want to refinance.” then you need to look at what loan is the best for you.
[bctt tweet="How do you determine if you should refinance? What are your options? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
If your current interest rate is 3.5%, how much lower does it have to be to be worth it? If you can lower your rate even half a percent, then you are winning. But you need to seek loan terms that best match...
An ACP test is typically conducted each year to make sure the 401k plan doesn’t unfairly benefit a highly-compensated employee. It limits the amount that highly compensated employees can make. If you’ve maxed out your 401k, you’ll likely fall into that category. Ask your plan sponsor if you’re considered highly-compensated.
What happens if you don’t ask? When the ACP test is done at the end of the year—after you’ve made the contributions—the money you contributed can get sent back. But if the plan sponsor says you aren’t considered highly compensated, you can move forward.
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How do you calculate how much you can contribute? Add all of the employee and employer contributions that have been made this year—unless you’re 50 or over. You do NOT count the extra $6,500 contribution. Once that’s added, subtract it from $57,000. Why?
In 2020 you can make up to $57,000 worth of retirement contributions inside of your plan. If you have more than one 401k, add up every plan you've contributed to. So you take $57,000 and subtract $19,500 and what your...
you can't sacrifice your family for your passion
before
During that time I took the necessary classes and got needed certifications. If I had quit my job before taking these steps, I’d be eating up my cash reserves while not building the business. My suggestion is that you make sure you're doing everything you can before you quit your day job OR plan to have a side hustle to help with income.
Lastly, if you’re married, make sure your spouse is bought into the vision. It’s a stressful endeavor and the support of your spouse is instrumental. If it wasn’t for her belief in my passion I may never have started this business. If she wasn’t for it, it would’ve been a tough road.
There are three main business issues to consider before launching your business:
Do you need to research the amount necessary to launch or run the business? You need to put together a capital sheet to know how much you need to start the business.
Will you need cash or financing to cover the costs until you become profitable? Many people take out a loan to start a business instead of saving the money needed. Starting a business in the red can be stressful and painful. If you don’t have a long enough cash runway, you can go out of business before you truly have a chance to build it.
Do you expect income to fluctuate? If you’re getting a consistent paycheck now, it’s likely pretty different with a business. Can you get a line of credit to...
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