Best In Wealth - Best Practices For Real People, Investments, Retirement Planning, Money Management, Wealth Building, Financi

Why 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 will cover some of the details of his article and share why family stewards can take a deep breath. [bctt tweet="How can you overcome concerns about the stock market, inflation, and the geopolitical climate? I share some statistics to calm your nerves in this episode of Best in Wealth! #Investing #FinancialPlanning #WealthManagement" username=""] Outline of This Episode [2:29] Why is everyone so worried? [3:52] The market reacted to inflation [9:52] The geopolitical climate [15:03] What do we know? The market reacted to inflation The financial markets saw a great start in 2024. US stocks raced to almost 10% gains in the

The 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 buy an ETF or mutual fund, you are spreading out your risk (as opposed to buying individual stocks). But how do you choose between the thousands of options? Should you choose between the thousands of options? My goal is to help you understand the landscape of mutual funds so you can make informed decisions in this episode of Best in Wealth! [bctt tweet="In this episode of Best in Wealth, I dive into the mutual fund landscape and how it works. Give it a listen! #wealth #investing #FinancialPlanning #WealthManagement" user

The #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 make sure that does not happen? I will share some of the common solutions—and our strategy at Fortress Planning Group—in this episode of Best in Wealth. [bctt tweet="The #1 issue most people face when it comes to retirement is running out of money. How do we solve for that at Fortress Planning Group? Learn more in episode #242 of Best in Wealth! #retirement #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:07] Spending money in your retirement [2:49] The two central issues with retiremen

What 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 #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:03] There are some great CPAs out there [3:56] What is a Roth 401K or IRA? [7:41] Should you do a Roth conversion? [9:37] When to do a Roth conversion [13:37] Why you should work with a financial advisor Understanding Roth conversions Your money is either taxable, tax-deferred, or tax-free. Taxable money might be held in a savings account or brokerage account. You may collect interest and

David 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 of This Episode [1:23] The blue cruise function on my F150 [3:11] David Booth’s article on uncertainty [10:36] Life is one cost-benefit analysis after another [13:22] How to manage risk: What to do (and not do) [19:31] Why you need to know the basics about uncertainty Uncertainty is why we see stock market returns Without uncertainty, there would be no 10% annualized return on the stock market. How? According to David, “If there was no uncertainty, returns would be predictable and there would be no difference

If 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 quite a run. Why would you invest internationally? These are all good questions to ask. I will do my best to answer them in this episode of Best in Wealth. [bctt tweet="Should your retirement portfolio be diversified internationally? I cover why the answer is “YES” in this episode of Best in Wealth! #Investing #Retirement #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [2:21] Should I be internationally diversified in my retirement portfolio? [4:58] You are likely investing international

How 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 annually? I share my surprising answer in this episode of Best in Wealth! #Investing #Invest #RetirementPlanning" username=""] Outline of This Episode [2:18] Whole30: The importance of consistency and discipline [6:51] The third-best tennis player in the world [9:52] The track record of the S&P 500 [17:51] What looking at the S&P 500 tells us [20:55] How many times should you look at your portfolio? The third-best tennis player in the world Let’s talk about tennis for a minute. Roger Federer was one of

BRICS 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 object” is the Magnificent Seven. What is the Magnificent Seven? How do they perform compared to the US stock market? How is the Magnificent Seven performing year-to-date? Will the stock returns persist? I share what you need to know about the Magnificent Seven in this episode of Best in Wealth. [bctt tweet="Should you invest in the Magnificent Seven? I share some research (and my personal opinion) in this episode of Best in Wealth! #investing #PersonalFinance #FinancialPlanning" username=""] Outline of This Episode

Charlie 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 his quotes, both simple and profound, that every investor can learn from. [bctt tweet="In this episode of Best in Wealth, I share eight of Charlie Munger’s best life lessons. Don’t miss his words of wisdom! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:04] Who have you learned from? [2:24] Charlie Munger’s Life Lessons [5:18] Lesson #1: Embrace life-long learning [6:34] Lesson #2: Remain optimistic [8:46] Lesson

Over 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 matters—in this episode of Best in Wealth! #wealth #PersonalFinance #WealthManagement" username=""] Outline of This Episode [2:23] Average net worth by age [4:18] What is net worth? [5:15] What is the average net worth of US households? [6:57] What is the median net worth of US households? [7:40] The average and median net worth by age bracket [9:19] Are you on track with the median or average? [13:50] Your goal depends on your goals What is net worth? Your net worth is your assets minus your liabilities.

American 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 in this episode of Best in Wealth! #wealth #investing #PersonalFinance #FinancialPlanning #WealthManagement" username=""] Outline of This Episode [1:19] Positivity or negativity: which will you choose? [3:42] Changes in U.S. Family Finances from 2019 to 2022 [7:55] Where was the largest increase in wealth? [9:03] Theory #1: The media loves bad news [12:29] Theory #2: The pandemic played head games with us Changes in U.S. Family Finances from 2019 to 2022 The Fed’s report, “Changes in U.S. Family Finances from 2

I 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 learn. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [2:55] Lesson #1: You have to work hard [4:37] Lesson #2: Math is important [6:54] Lesson #3: Life skills cannot be neglected [8:17] Lesson #4: Focus on your health [9:44] Lesson #5: Build relationships Lesson #1: You have to work hard We need to teach our kids the importance of work ethic. There are no freebies in life. The most accomplished people are the hardes

The 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 research in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:05] Thank you for being a listener! [2:14] What is causing the stock market decline? [6:21] What is the S&P 500 telling us? [10:12] Research on the 4th quarter since 1952 [15:07] Will we have a 4th quarter rally? What is causing the stock market decline? The majority of the September decline in the S&P 500 came right

What 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 not miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:11] How I prepare my grass before winter [4:51] Topic #1: Tax planning issues [17:00] Topic #2: Cash flow planning issues [19:33] Topic #3: Insurance planning issues Topic #1: Tax planning issues Do you have unrealized investment losses or gains in your taxable account? Now is the time to do some tax-loss harvesting. Realizing losses can help you offset g

What 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 retirement? I’ll fill you in on the secret in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:05] What things make you happy? [5:19] 3 financial traits that make for a happy retirement [8:44] 6 non-financial traits of happy retirees [17:07] Why planning your retirement is important 3 financial traits that make for a happy retirement Fritz from The Retirement Manifesto grabbed his information

I 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. In this episode of Best in Wealth, I will share how you can invest in your wealth—and your health—by taking these three observations to heart. [bctt tweet="I share three important observations on the parallels between #wealth and #health in this episode of Best in Wealth! #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:03] How are you doing with your healthy habits? [2:55] The Science and Art of Longevity [6:52] Observation

Is 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 #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:11] What will happen when you become empty nesters? [5:20] Will social security run out in 2033? [9:13] Will the age of retirement shift again? [11:11] How social security payments are calculated [20:31] Will they take my social security benefits away? Will social security run out in 2033? The quick answer is no. If you are working right now, you are paying 6.2% of every dollar you earn (up t

Have 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 #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #InvestmentProperty" username=""] Outline of This Episode [1:10] Needs, wants, and wishes in retirement planning [2:52] Have you thought about owning a second home? [6:00] The hidden costs associated with owning a second home [7:29] Tax, lending, and insurance considerations [10:40] Would you consider renting out your second home? [13:55] Will you lower vacation expenses? [16:25] Will your second property steal

I 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 focusing on the negative. So before you empty your portfolio and bury your money in your backyard, listen to this episode of Best in Wealth. Because there is reason to remain hopeful. [bctt tweet="Is more decline an illusion—or reality? Hear my thoughts—and why it matters to investing—in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:06] How good things used to be [2:09] Is your mind playing tr

What 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 think they are too busy to get it done. They are worried that it is too expensive. So they do nothing. But that is the wrong decision. In this episode of Best in Wealth, I am going to walk you through answering four questions: Who will be your financial power of attorney? What financial powers do they have? When are you granting these powers? Why did you choose this person? If you do not have a designated financial power of attorney, let this episode be the first step you take toward making this important decision.