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

Have you heard of Health Savings Accounts (HSA's)? They are a government-approved tax savings tool that enables you to save money specifically for health-related expenses in a way that enables you to avoid paying tax on that money. So whatever tax bracket you are in, an HSA is one of the smartest ways to ensure you are not paying too much in taxes. Some people shy away from HSA's for a variety of reasons, but the info I provide on this episode might change your mind.Outline of This Episode[1:02] What was it like when you got hurt as a kid?[3:30] The 10,000 foot level about Health Savings Accounts (HSA's)[6:01] Did you know you can make investments INSIDE an HSA?[8:06] Who can make a deductible contribution to their HSA account?[10:26] How much can you contribute to an HSA?[13:29] Additional rules regarding HSA contributions and special circumstances[18:30] Eligible expenses that are not “doctor visit” relatedWho can use an HSA to save on taxes?Do you have a high deductible health plan, with a deductible that

Why is it important to teach your kids about money when they are young? How do you teach your kids about money in a day and age where everything is moving digital? I still have an 11 and 13-year-old at home who I need to educate on spending, saving, and investing. I have found a great tool that anyone can use to teach their kids about money—Greenlight. Learn all about it in this episode of Best in Wealth! NOTE: I am not an affiliate of or compensated by Greenlight. I simply think it is a great tool to teach your kids how to be financially responsible. [bctt tweet="In this episode of Best in Wealth, I share a great tool that you can use to teach your kids about money. Check it out! #wealth #investing #PersonalFinance #FinancialPlanning #WealthManagement #Greenlight" username=""] Outline of This Episode [1:13] Visiting my daughter in Washington, D.C. [3:40] Teaching my 23-year-old financial responsibility [8:49] Use the “Greenlight” app to teach your kids about money How to teach your kids about money

According to Dixie Meyer and Renata Sledge in their article, “The Relationship Between Conflict Topics and Romantic Relationship Dynamics,” personal habits, communication style, household chores, finances, big decisions, quality time together, sex, parenting styles, and in-laws are the topics most married couples most frequently argue about. The three biggest things? Finances, differences in parenting styles, and sex. These three things cause lowered relationship quality. But I only have the expertise to talk about finances. So in this episode of Best in Wealth, I will talk about the importance of transparency in financial decision-making and three tips to boost financial satisfaction in your marriage. [bctt tweet="In this episode of Best in Wealth, I share 3 tips that can help you boost financial satisfaction in your marriage. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:08] I fought with

I recently came across an opinion piece, “I Failed at Retirement: How to Avoid My Mistakes,” by Mike Drak. Mike worked in the banking industry for over 30 years. His wife is an investment advisor. But when he retired, he quickly felt like he had failed to prepare. How did he fail at retirement? I will dissect the five mistakes he said he made in this episode of Best in Wealth! [bctt tweet="In this episode of Best in Wealth, I share 5 retirement mistakes and how to avoid them! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:27] Why I was unprepared for Fortress Planning Group [5:11] Mistake #1: Focusing on the money [7:34] Mistake #2: Thinking retirement would be easy [10:20] Mistake #3: Believing the retirement commercials [12:26] Mistake #4: Retiring makes your problems disappear [14:39] Mistake #5: Not having something to retire to [17:12] How you can apply these mistakes to your life Mistake #

When people find out I am a financial planner, they often ask things like “The market is so high right now, where is it going to go from here? Should I pull money out of the market? Should I move it around?” So in this episode of the Best in Wealth podcast, I will share how I think family stewards should react to record-high stock market prices. [bctt tweet="How should a family steward react to record-high prices in the stock market? Listen to this episode of Best in Wealth to hear my thoughts! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:08] Club volleyball tryout weekend [5:05] How to view record-high market prices [11:28] How family stewards should treat record-high prices [14:39] 30% of the last 94 years saw record highs Ignore the headlines—look at the data At the time of recording this podcast, the S&P 500 is up almost 17% YTD. People keep expecting a dramatic downturn and are reluctant to

Your home provides shelter, right? Homeowners' houses are also investments—just like stocks and bonds. Unlike living in an apartment, you can bequeath your home to someone after you pass away. Houses—like any product or service—provide benefits. What are they? And can your home be a source of income in retirement? Listen to this episode of Best in Wealth to learn what your options are![bctt tweet="How can owning a home benefit you in retirement? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:10] My parents built their house and made it home[3:13] The three benefits of homeownership[11:51] Spending source and spending use pyramids[17:55] Four different ways to use your home for retirement[20:41] Don’t let anyone talk you into a decision you don’t wantThe three benefits of homeownershipThere are three types of benefits you receive when you own a home—and each one is

Are you familiar with the 22 age milestones that you will experience throughout your—and your children’s—life? Maximizing these 22 milestones is incredibly important for a successful monetary journey through life. Listen to this episode of Best in Wealth to learn what they are and why they’re important![bctt tweet="What 22 age milestones in your financial journey should you be aware of? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:17] The psychological impact of turning 50[2:48] Financial milestones from birth to age 49[10:00] Financial milestones after age 50[23:44] Apply this information to your lifeYour financial journey begins at birthDid you know that any person’s financial journey begins at birth? How? As soon as a baby is born, you can name them as the beneficiary of a 529 plan. You can invest for them early and throughout their college years. You can start Un

You don’t think you’re timing the market, but guess what? You probably are. In this episode of Best in Wealth, I’ll talk about what the average investor looks like and why you don’t want to fall into that category. I’ll share why I think you’re timing the market and what you should be doing instead. Check it out![bctt tweet="In this episode of Best in Wealth, I share the unexpected way you’re timing the market—and what to do instead. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:32] I take every chance I can get to love on my wife[5:24] What Dalbar studies say about the average investor[8:30] Why the average investor doesn’t achieve the benchmark[13:35] How the major asset classes performed in 2020[17:39] How the asset classes performed in quarter 1 of 2021[20:22] If you shouldn’t make unplanned adjustments—what DO you do?What Dalbar studies say about the average investorDalbar researches all of the mutual funds

A recent Charles Schwab survey of 401k participants found that they believed they needed to save at least $1.9 million for their money to last through retirement. When Schwab did this survey in 2019, the target retirement savings was $1.7 million. People are projecting needing $200,000 more over a short two years! So let’s pretend that your number is $1.9 million for retirement. What will it take to get there for the average person? What are some tips to help you get on track? Listen to this episode of Best in Wealth to learn more![bctt tweet="In this episode of Best in Wealth, I look at some retirement savings research to help you determine if you’re on the right track. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:36] Teach your kids financial literacy[4:43] How much do I need to save for retirement?[7:51] How to reach $1.9 million by retirement[9:55] The median retirement savings a

A Wall Street Article, “Everything Screams Inflation,” was published on May 5th, 2021. The opening line says, “We could be at a generational turning point for finance. Politics, economics, international relations, demography and labor are all shifting to supporting inflation.” Is inflation headed higher? The short-term answer is that it already has. So what does this mean for you and your portfolio? Learn more in this episode of Best in Wealth![bctt tweet="Everything is pointing to inflation. So what does it mean for your portfolio? Hear my thoughts in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement " username=""]Outline of This Episode[1:23] Did you know I’m a movie star?[4:51] Inflation is heading higher[7:55] Is inflation moving higher a negative?[10:54] Adjusting your portfolio during inflation[16:50] Why does any of this matter?[20:31] Build a risk-adjusted portfolioInflation is heading higherTwo years ago,

Edward Jones recently completed a large study on the 4 pillars of the “new” retirement. So in this episode of Best in Wealth, I’m going to talk about some of the topics covered in this study: changing times, the definition of the new retirement, the definition of success, and the 4 pillars. Don’t miss it!Outline of This Episode[1:37] How do you feel about change?[4:08] The speed of change is accelerating[8:13] The definition of the new retirement[14:00] The definition of success[18:56] The 4 Pillars of the New RetirementThe speed of change is acceleratingRetirement has completely changed over the last 10–50 years. People used to work until 65, retired, and didn’t live much longer. People lived on pensions and social security. 401ks weren’t in existence. Now, people are living longer than ever (the average life expectancy is projected to skyrocket from 47 at the start of the 20th century to 85 by 2020).The aging of the massive Boomer generation is unprecedented. 86 million people will be over the age of 65 in

What is style drift? Style drift is when the fund you’re invested in drifts away from its investment objective. Why is this problematic? How can it impact your portfolio if your mutual fund isn’t actively managed? In this episode of Best in Wealth, I’ll share more about style drift, give an example of what it looks like, and I’ll tell you one of the best ways to avoid it. Check it out![bctt tweet="Don’t let your investments “drift” away! Find out what I mean in this episode of Best in Wealth. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:09] My summer working in Alaska[5:40] Why I prefer mutual funds and ETFs[9:24] You want allocations in every major asset class[10:21] Using the small-value asset class as an example[19:43] Don’t let a huge drift impact your portfolioWhy I prefer mutual funds and ETFsAfter I got my Bachelor’s degree, I took a lot of classes on investing to learn how to buy/sell stocks. After all o

“How much do I need to save for retirement?” This is a question I am asked all the time, often before I know anything about the person I am meeting with. Do they need $1 million? $2 million? People talk to friends and family about retirement and question if they have enough. People often think that everyone has the same number. But the truth is that everyone’s needs are different. What you need to save for retirement depends on four factors. Listen to this episode of Best in Wealth to find out what they are.[bctt tweet="What 4 factors will help you determine what you need to save for retirement? Find out in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:29] A reminder that I am getting old[3:29] How much do you need to save?[7:08] Factor #1: How much will you spend?[12:00] Factor #2: How much will you earn on your investments?[15:3] Factor #3: How long will you live?[17:40

Everyone is familiar with the top 10 companies in the US. We’re talking companies like Apple, Microsoft, Google, Facebook, etc. But should you have a large amount of money in the top ten? They have all done really well the last 5–8 years. How many of the top ten biggest companies should you have in your portfolio—if any? I share my thoughts in this episode of Best in Wealth![bctt tweet="Should you buy the top 10 companies in the US? Listen to this episode of Best in Wealth to hear my thoughts! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:12] What did you do for Christmas?[2:51] The biggest companies in the US[5:04] Before reaching top ten status[9:46] After reaching top ten status[12:28] Stop chasing the biggest stocksThe performance of the top 10The S&P 500 consists of the largest 500 companies in the United States. It’s averaged 10% per year in the last 95 years. How have the top 10 companies done compared

We can all agree that sleep is important, right? Children need 9+ hours of sleep. Adults need at least 7–8 hours of sleep. In our house, we go to bed really early, between 8:30–9. Why? If I don’t get a good night’s sleep, everything else goes wrong. Many people struggle to get a good night’s sleep because they’re stressed about money.If money keeps you awake at night, there are some things you can do. Dave Ramsey’s Baby Steps are a great place to start—but many people struggle with some of the steps. So in this episode of Best in Wealth, I’ll talk about the objections many people have and how you can overcome them.[bctt tweet="In this episode of Best in Wealth, I talk about 3 things that people question about Dave Ramsey’s Baby Steps. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #BabySteps #DaveRamsey " username=""]Outline of This Episode[1:04] Leave Best in Wealth a Review![1:30] The importance of good sleep[3:36] What keeps you up at

Everyone listening to this podcast is going to die someday. It’s not always fun to think about, but it’s true—death is our destiny. What do you want to do with your life before you die? Are you putting things off consistently, saying “I’ll do it later?” What if there is no later? It’s time to start planning with the end in mind. Learn how to do it in this episode of Best in Wealth!Outline of This Episode[1:19] You’re going to die someday[3:56] Start with the end in mind[9:01] Why do you start at the end?[11:44] How do you do it?[12:49] A visualization exercise[16:30] Design your retirement pathThe journey to the endSteven Covey wrote the book “The Seven Habits of Highly Effective People.” The 2nd habit in his book is based on your imagination. It’s the ability to envision in your mind what you can’t see with your eyes. It’s starting with the end in mind! It’s based on the principle that all things are created twice—first in your mind and then physically.If you’re a basketball player, you can lay in bad a

At the end of March 2020, the S&P 500 was down nearly 20%. The world was scrambling. Many experts hypothesized where we’d be in the next year. Everyone had an opinion. But I don’t remember anyone that said the S&P 500 would be up 56% over the next 12 months. No one could have predicted that.David Booth wrote an article months ago about the “new normal.” He talked about expected market downturns a couple of times in a decade. When we have corrections, bear markets, and recessions—it’s normal. We just don’t know when they’re coming. You can’t predict a crisis—but you can plan for it. So how do you do that? What is the next “new” normal? Listen to this episode of Best in Wealth to hear my thoughts![bctt tweet="The next “new normal” is on the horizon. What does it look like? Hear my thoughts in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:17] The importance of a calendar[6:33]

Do you know what your personality type is? Do you know what kind of saver you are? Knowing these things can help you learn more about yourself—and determine what you need to do to have a successful retirement. If you’re interested in learning more about the 5 personality types—and what it means for you—listen to this episode of Best in Wealth![bctt tweet="There are 5 types of retirement savers: which one are you? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #invest #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:14] The 4 types of personality traits[5:27] #1: The ambitious risk-taker[7:33] #2: The cautious preparer[10:52] #3: The optimistic dreamer[13:14] #4: The purposeful planner[17:35] #5: The uncertain struggler[20:15] What each type should doThe 4 types of personalitiesHave you taken a personality test to learn more about yourself? According to an article published on Today.com, there are four main perso

John Oliver once said, “Everything you don’t understand about money combined with everything you don’t understand about computers—that’s Bitcoin.” Bitcoin is the most famous of over 4,000 different cryptocurrencies. All of these currencies are the subject of both endless debate and fascination. Many people are speculating about what role it should play in your portfolio. So in this episode of Best in Wealth, I talk about the volatile path of Bitcoin—and three reasons why financial stewards shouldn’t hedge their bets on cryptocurrency.[bctt tweet="In this episode of Best in Wealth, I share 3 reasons why Bitcoin is a speculative investment—at best. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Crypto #Cryptocurrency #Bitcoin" username=""]Outline of This Episode[1:08] I got my first COVID shot![4:13] What to Make of Bitcoin now?[7:50] Why the steep rise?[9:08] Bitcoin and gold as an investment[12:13] THREE issues to considerThe volatile j

Financial discipline is imperative to the success of your long-term investments. But your behavioral biases can get in the way of that long-term success. Biases allow you to be short-sighted and you forget about the big-picture consequences of your actions. What are some of those biases? How do you avoid them and make sound investment decisions? I talk about 6 behavioral biases in this episode of Best in Wealth. Don’t miss it![bctt tweet="6 behavioral biases can negatively impact your long-term investments. What are they? Find out in this episode of the Best in Wealth podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Behavior" username=""]Outline of This Episode[1:07] Leave Best in Wealth a review![2:13] Personal + financial discipline[4:28] The definition of discipline[7:13] Behavior #1: Herding Behavior[9:30] Behavior #2: Overconfidence[11:48] Behavior #3: Myopic Loss Aversion[13:29] Behavior #4: Recency Bias[16:05] Behavior #5: Home Market Bi