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

What is strategic rebalancing? Why should you rebalance your portfolio? How do you rebalance your portfolio? In this episode of the Best in Wealth Podcast, I share what it is, why you want to do it, and the best way to strategically rebalance your portfolio. Don’t miss it![bctt tweet="This episode of the Best in Wealth podcast is your guide to the strategic rebalancing of your portfolio. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Balance" username=""]Outline of This Episode[2:37] Cleaning out my junk drawer[5:15] What is strategic rebalancing?[9:09] Rebalancing reason #1: Risk tolerance[12:14] Rebalancing reason #2: Buy low and sell high[14:05] Time-based portfolio rebalancing[18:22] Employ strategic rebalancing[22:05] Invest in the low performersWhat is strategic rebalancing?What is strategic rebalancing? Why do you do it? Let’s say you have allocated your 401k into five different mutual funds. For example, you may be invest 20

COVID has turned the world upside down. We are all entrenched in the depth of winter. There’s a lot of hatred permeating politics. The economy is overwhelming. It feels like the walls are caving in around you, right? But none of these things are under our control.Focusing on these things won’t make your walls stronger. You’re the one responsible for building your four walls. No one else will do it for you. You don’t want a weak house that leaks. You want a strong fortress. So how do you build your fortress? In this episode of Best in Wealth, I share 5 things you can control and focus on. Check it out!Outline of This Episode[1:15] Welcome![2:04] Growing up a carpenters kid[4:14] The state of our world[9:18] How to build your fortress[10:00] #1: Take care of your family[11:36] #2: Build your financial fortress[14:59] #3: Be kind to others[16:41] #4: Take care of yourself[19:27] #5: Get spiritualStep #1: Take care of your familyDon’t take your spouse for granted. Everyone can work on their marriage. Are you a pa

If you haven’t heard about what’s happening with Reddit and GameStop stock, you must be living under a rock. It all started in a Reddit forum whose sole intent was to punish “the man.” Thousands of users banded together to run the price of GameStop up. GameStop went from $20 to $460 in a matter of days. Some people have made millions of dollars—others have lost their entire life savings. Should you get in on the frenzy? Listen to this episode of Best in Wealth for my thoughts![bctt tweet="Do you want in on the #GameStop stock frenzy? What do I think about it? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Stock #StockMarket #Reddit" username=""]Outline of This Episode[1:13] My experience with sports betting[3:34] The Gamestop stock frenzy[5:49] What is shorting a stock?[10:15] The impact on short-sellers[11:29] The impact on individuals[18:35] Is this trend unprecedented?[19:37] Why this trend scar

I expect the stock market to go up every day. What do I mean by that? Is it a realistic expectation? In this episode of Best in Wealth, I dissect a Business Insider article written by David G. Booth about chasing expected returns. I also share WHY his opinion is one that matters. Don’t miss it![bctt tweet="As a long-term investor, you need to chase the expected returns—not the expected. I talk through what I mean in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:09] Listeners: I need YOU to weigh-in[4:04] Just who is David G. Booth?[11:36] What David Booth’s Business Insider article tells us[22:35] Why you should pursue expected returnsThree facts about David G. BoothThere are three facts you need to know about David G. Booth:Firstly, David Booth went to the University of Kansas and graduated with a Bachelors Degree in Economics and a Masters Degree in Business. He graduated in 1969

Forget about New Year’s resolutions. 87% of people make New Year's resolutions, but by the end of January, 50% have already failed. By summer, most people forget about their goals. You end up feeling like a failure when you do not reach your goals. That is why I do not think we should set ANY goals for 2021. You heard me right—zero goals for 2021. Why? I think you should focus on one word instead. In this episode of Best in Wealth, I will talk about a concept shared in the book—The One Word That Will Change Your Life. I will walk you through how to come up with your one word for 2021.[bctt tweet="In this episode of Best in Wealth, we are doing the one word challenge. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:11] Just keep digging, digging, digging[4:02] The one-word challenge for 2021[10:23] How to come up with your one word[13:57] What do you do once you have your word?[17:50] My one word for 2

What is a benchmark? Why is it important to be familiar with what your benchmark is? How can it impact the decisions you make? In this episode of Best in Wealth, I walk you through why it is so important to know your benchmark. I guide you through how to figure out which benchmark to follow and break down why you need to rethink your strategy. Do not miss this important episode![bctt tweet="What is a benchmark? Why is it important to know what your benchmark is? I share more in this episode of Best in Wealth! Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:50] Scams are running rampant[5:43] The most common benchmarks[8:07] Why it is time to rethink your strategy[9:58] Look at other asset classes[13:08] Why you need to know your benchmark[18:31] Do not be chasing the hot dot[19:55] Do you have an investment policy statement?The most common benchmarksWe always hear about the common benchmarks or index

What five major areas should you look at at the end of every year? End of year financial planning should include looking at assets and debt, tax planning, cashflow issues, insurance planning, and estate planning issues. Why does it matter? How can it help you from a tax-saving standpoint? Learn more in this episode of the Best in Wealth podcast![bctt tweet="In this episode of Best in Wealth, I share 5 things you NEED to look at in your end of the year financial planning. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:08] Why you need an investment policy statement[8:00] #1: The asset/debt issues to consider[9:45] #2: Tax planning issues[15:17] #3: Cashflow issues[17:11] #4: Insurance planning issues[18:52] #5: Estate-planning issuesWhy you need an investment policy statementAre you staying disciplined and staying in the stock market? Are you staying disciplined in each asset class? An investment poli

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-retirementYou need to make sure you have the right amount of money in the bank,

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 fortressBuilding abundance in your cornerstonesIf you’re listening to this podcast, you’re likely your family steward.

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 outlookWhat should you do if either president is elected?Most of the ques

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 marriedThe misconception about millionaires74% of millennials an

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 useWhat does paying off your mortgage early really mean?I like the idea of paying off your home and reaching financial freedom

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

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 migh

Are you trying to figure out how to save more? Are you in debt right now? Are you motivated to get out of debt? You can use your abilities to make more and save more. But how do you accomplish that? In this episode of Best in Wealth, I share some of the accounts you can use to not only save more money—but help it grow. Financial freedom makes the stress roll off your shoulders. If you’re ready to be in that place, listen to this episode for numerous strategies and resources.[bctt tweet="What accounts will help YOU save more? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #DebtFree" username=""]Outline of This Episode[0:34] The economy: Good news and bad news[5:02] Invest in depleted asset classes[7:04] Focus on becoming debt-free first[9:20] Healthcare savings: two things to think about[11:50] Take advantage of Roth/Roth IRA contributions[13:53] The Backdoor Roth[14:50] The Mega Backdoor Roth[16:15]

Are you on track for retirement? Do you have enough money saved at this point in your life to retire or reach financial freedom by 65? One of the biggest questions I hear is: How much money do I need to save for retirement? In this episode of Best in Wealth, I do my best to answer that question using the formula Charles Farrell outlines in his book, Your Money Ratios: 8 Simple Tools for Financial Security at Every Stage of Life. You need to take actionable steps now to be prepared for your future.Outline of This Episode[0:35] What do you dream about doing?[3:58] Are you on track for retirement?[11:15] Why you need 80% of your current income[13:51] How do you come up with the $60,000?[17:37] What’s your job now?Get retirement ready with Charles Farrell’s formulaYou need to create a detailed retirement plan to really zero in on your goals and get the right steps in place to prepare. In his book, Charles Farrell shares a simplified version of how much savings you’ll need. I’ll give you some simple guidelines fro

When I’m about to shake someone’s hand, pat their back, or give them a hug I stop short and say to myself: “Welcome to the new normal.” The COVID-19 crisis is new to all of us. The inability to shake hands, social distancing, the necessity of wearing face masks—it’s all new.But the phrase “The New Normal” isn’t, it’s been in use for decades. An article was published on the cover of Business Newsweek on August 13th, 1979 that was titled: The Death of Equities. In the article, they called inflation the new normal. Inflation was destroying everything and negatively impacting the stock market. The article said the stock market was a loser’s game and that—besides a lucky few—you wouldn’t make money in the stock market.The phrase has been tossed around numerous times throughout history—but what does it really mean? How does the new normal pertain to the stock market? In this episode of Best in Wealth, I talk about what the new normal has meant historically and what it should mean.[bctt tweet="Welcome to The #NewNor

Do you have a plan for retirement? Or are you just living life and allowing the everyday busyness to drown out thoughts about your future? I firmly believe you need to have a retirement plan in place. In this episode of Best in Wealth, I will explain why. I talk about 3 decisions that can impact your retirement plan—either positively or negatively.[bctt tweet="In this episode of Best in Wealth, I share 3 Decisions That Could RUIN Your Retirement Plan. Listen to hear what those are and which path you could take. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Retire #Retirement" username=""]Outline of This Episode[1:02] The THREE decisions that could ruin your retirement[1:43] Two things I learned from a funeral[6:06] Making decisions IS hard[8:54] Decision #1: Failing to plan for retirement[13:38] Decision #2: Planning to work longer as part of your plan[17:42] Decision #3: Not hiring a financial advisorLife is a series of decisionsMaking decisions is

Do you have the right investment mix in your portfolio? Does it include a balance of large and small companies? In this episode of Best In Wealth, I talk about the differences between small and large companies, why you’d want to own either of them, what the science says, and whether or not you can time when to own a small or large company. If you’ve considered adding small companies into your investment mix, check out this episode![bctt tweet="What should you have in your investment mix? In this episode of Best in Wealth, I talk about small companies and large companies—and why you should invest in both. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:19] What’s been going on with the stock market[3:50] Do you have the right investment mix in your portfolio?[4:43] Where the stock market stands right now[6:31] The definition of what makes a large or small company[8:11] Why would I want to own a small company?[12:22]

Do you and your spouse fight frequently about money? Are you on completely different pages when it comes to spending money? Do you feel like you’re being heard? You should start the conversation now by having regular meetings with your spouse to discuss your financial plan. If you’re ready to win with money in your marriage, listen to this episode of Best in Wealth![bctt tweet="In this episode of Best in Wealth I share 4 Steps you can take to WIN with Money in Your Marriage! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:42] How are you surviving Coronavirus?[4:42] 3 reasons married couples fight about money[9:32] Step #1: Actively listen to your spouse[13:00] Step #2: Respect what your spouse said[14:11] Step #3: Compromise to find a middle ground[15:53] Step #4: Commit to a spending plan[20:11] Where are you in your marriage?Three common reasons married couples DON’T win with moneyMost couples that fight about m