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

This episode of the Best in Wealth podcast is a crash course: Credit Scores 101. I answer some of the questions you may have: What is a FICO score? Why do you want a good credit score? How do you improve your credit score? When should you consider closing a credit card? I break your credit score down to help you understand how it works for you and why it’s important. If your credit score has you confused, don’t miss this informative episode.[bctt tweet="In this episode of Best in Wealth I talk credit scores: Everything you NEED to know. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:53] My wife’s credit score is always...[5:50] How your credit score is determined[9:15] the NEW standard that just came out[10:23] Why do I want a good credit score?[13:34] How do you build your credit score?[18:48] When should you CLOSE a credit cardCredit Score 101: What IS a credit score and HOW is it determined?When s

Is it time to prepare for a recession? I predicted at the end of 2019 that one would be coming—and many argue that we are already deep in the trenches. But what is a recession? What indicates that we ARE in a recession? In this episode of Best in Wealth, I’ll share those indicators, what we can learn from past recessions, and 5 tips to prepare yourself and your family.[bctt tweet="In this episode of Best in Wealth I share 5 Tips to prepare for a recession. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[4:25] How I predicted a recession was coming[6:20] What is the definition of a recession?[7:03] What are the indicators of a recession?[10:07] What we can learn from past recessions[16:30] Recessions don’t need to be scary[17:40] 5 Tips to prepare for a recession[24:55] What did we accomplish while life was standing still?What IS a recession?The definition of a recession is a period of economic decline

Is it ever a good time to take your money out of the market? I’m sure everyone was tempted to jump ship when they saw the S&P 500 drop to negative 37.4%. Numbers like those can make anyone reconsider their investment strategy. Will we be better off if we step out of the market for a while? In this episode of Best in Wealth, I dissect 3 market timing strategies. I’ll cover which yields the most favorable results—and land on one strategy that outperforms the rest.[bctt tweet="In this episode of Best in Wealth I dissect 3 Market Timing Strategies—and share which gives you the best return. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:12] When people say “I told you so”[4:07] Stick to a set of fundamental principles[9:59] The two decisions you have to make[11:36] Market timing strategy #1[14:22] Market timing strategy #2[16:31] Market timing strategy #3[19:17] The buy and hold strategy[21:15] What c

The CARES Act—Coronavirus Aid, Relief, and Economic Security Act—is at the forefront of everyone’s mind right now. It’s an estimated $2 trillion relief package with over $500 billion being allocated to individual rebate checks. $500 billion is being dispersed to affected industries, $400 billion for small businesses, $300 billion for state and local government, and $150 billion for hospitals and healthcare systems.That is a LOT of money. In this episode of Best in Wealth, I aim to help you understand what affects you as an individual. I’ll cover who qualifies for a recovery rebate check and how it’s calculated. I’ll also talk about when and how you’ll be receiving the money—and what the government wants you to do with it. Don’t miss this episode that’s packed full of need-to-know information.[bctt tweet="In this episode of Best in #Wealth I dissect what you NEED to know about the CARES Act—and the rebate check you may get. Don’t miss it! #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPl

What do I mean by ‘build wealth’ while you’re quarantined at home? Many businesses are closing for the foreseeable future. Schools are closing. Parents are learning to navigate working from home while keeping their kids occupied. Our routines are being ripped apart. We are living in unusual times. What was normal yesterday won’t be today.So what do we do? How do we manage this ‘free’ time at home? In this episode of Best in Wealth, I’ll share 3 ways—that aren’t what you think—you can build wealth during the Coronavirus quarantines the world is experiencing.[bctt tweet="In this episode of Best in Wealth, I share 3 unexpected ways to build wealth during the Coronavirus. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement " username=""]Outline of This Episode[1:13] Start a family movie night![3:47] What you think the episode is about[6:50] Wealth is about all of your cornerstones[7:42] #1 - Reconnect with your family[12:17] #2 - Focus on personal development[1

The coronavirus is making waves around the world, inciting fear in its wake. But what will it’s true impact be on a global scale? Will it affect my investment portfolio? In this episode of Best in Wealth, my goal is to quell your fears. I’ll talk about recency bias, how past pandemics affected the stock market, and what to expect from the coronavirus.So what is the coronavirus? The official name is COVID-19. According to the CDC, current symptoms include mild to severe respiratory illness with fever, cough, and difficulty breathing. The virus originated from an animal (similar to MERS and SARS) but can be transmitted by human-to-human contact.[bctt tweet="Will the Coronavirus Affect my Investments? I share my thoughts on the pandemic In this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]Outline of This Episode[1:59] The topic of the day: coronavirus and your investments[2:05] What do you do when your kids get hu

Podcast Intro:Do you want to finish your life well? Today in an All-Pro Dad group that I run at my kids' elementary school we talked about finishing well. I talked about trying your best but knowing you will make mistakes in any sport, instrument, or competition that you are involved in. The key is learning from the mistake and then forgetting about it so you can finish well. If you dwell on your mistakes you will not finish well. What about your life? How will you ensure that you will finish well? To finish well we need to plan well. In the world of financial planning, that means turning our dreams into goals and eventually our goals into reality. Podcast Topic of the Day: You Need Retirement GoalsThree Reasons You Need Retirement Goals1.  Otherwise, it is just a pile of money. People who focus on the dollar amount they have saved and not what they will do with their money have a hard time dreaming. They also have a hard time spending the

Listen to the podcast trailer to learn exactly what you're going to hear in the Best In Wealth podcast.

Podcast Intro:Scott starts the podcast by discussing the recent roller coaster ride that has happened in the global financial markets over the past couple of weeks and how the ups and downs can make many people feel out of control. Feeling out of control is often how people feel when they have a lot of debt. Scott mentions that he is teaching Dave Ramsey’s Financial Peace University (FPU) at his church and his job is to help motivate and provide encouragement to people that have a lot of debt so that soon enough these people will feel in control of their finances.Podcast Topic of the Day:How to do a BudgetThe topic of the day is How to do a Budget. During the podcast, Scott covers 7 easy steps to create a budget, or a “spending plan” as Scott prefers to call it. According to Scott, all people need a spending plan. Step #1 for building a spending plan is to acknowledge that both people in the relationship must participate in the development of the spending plan (or budget). If you

Do you want to get a jump on the new retirement and tax opportunities provided by the 2019 Secure Act? In this episode, Scott explains some of the critical features of this new act and how we can use what we learn to plan our retirement and finances better.RETIREMENT PROVISIONS:Elimination of the stretch provision.Lifting the restriction on making contributions to a traditional Ira after age 70.5.Increase the time when you need to take RMDs from 70.5 to 72.Penalty-free $5000 out of IRA for Adoption or qualified birth.The use of life-income options, i.e. Annuity options in the 401(k) – BE CAREFUL.Tax credits for small businesses to set up 401(k)'s.NON-RETIREMENT PROVISIONSRepeal of the kiddie tax laws from TCJA.Adjustments to the medical tax deduction. (back to 7.5% of AGI for 2019 and 2020)Expanded provisions in 529 plans.Series of tax extenders for mortgage insurance premium deduction.Higher education tuition and fees deduction.

Let's review the 2019 market returns and then learn from it so we can crush 2020 and beyond.

Did you set your 2020 goals? What is your process for setting goals? In today's episode Scott is going to show you how to set and crush your 2020 goals and be the family steward you always wanted to be.

A Recession is coming! Find out why a recession is coming and protect yourself with Scott's eight-point plan.

The theoretical support for value investing islongstanding—paying a lower price means a higherexpected return. However, realized returns are volatile.A 10-year negative premium, while not expected, isnot unusual.But history also tells us that changing course aftera disappointing spell for known premiums can leadto missed opportunities. When those drivers ofoutperformance have turned around in the past,steadfast investors have been rewarded. A key tosuccessful long-term investing is sticking with yourapproach, even through difficult periods, so thatyou are there for the good times too.

CLICK Here to Read 3rd Quarter 2019 Stock Market Re

Do you have adult children? What do they actually know about money? There is ONE thing they need to know. Listen today and find out.  Click HERE and read the Forbes article Scott was quoted in last week: "How To Become a Millionaire In Your 30's"  

The first decade of the 21st century, and the second one that’s drawing to a close, have reinforced for investors some timeless market lessons: Returns can vary sharply from one period to another. Holding a broadly diversified portfolio can help smooth out the swings. And focusing on known drivers of higher expected returns can increase the potential for long-term success. Having a sound strategy built on those principles—and sticking to it through good times and bad—can be a rewarding investment approach.

Episode #128

Episode #127

 Click Here to view the 2nd Quarter 2019 Stock Market Review