Best In Wealth Podcast

In a world where gut instinct once ruled the day—from football coaches making pivotal fourth-down decisions to investors choosing their next stock pick—a revolution has reshaped the landscape: reliable data and analytics. Drawing inspiration from the principles behind the film Moneyball and a recent article by David Booth on 3 Lessons from Investing’s Moneyball Moment in Fortune magazine, I break down what a century of US stock market history reveals for everyday investors.   Lesson 1. Insiders Aren’t Smarter Than Outsiders   One of the key insights unearthed from this century’s worth of data is simple but profound: experts, or “insiders,” do not consistently outperform the market. Early research using the University of Chicago’s Center for Research on Security Prices (CRSP) data found that, on average, mutual funds and clever stock pickers failed to beat the simple strategy of buying and holding a diversified market portfolio.  This led to the explosion of index funds, notably pioneered by Vanguard and enabled by firms like Dimensional. Now, anyone, not just Wall Street professionals, can own broad, low-cost portfolios and harness the long-term growth of the entire market rather than trying (and in most cases, failing) to outsmart it.   Lesson 2. Bet on Human Ingenuity   Human creativity and progress power the market’s reliable returns over the decades. Companies go public to raise money, which they funnel into improving their products and expanding their reach. Every day, millions of people at thousands of companies are seeking better ways to serve their customers and grow profits. When you invest in the stock market, you are ultimately betting on people’s ability to innovate and adapt to a changing world. This century-long experiment in collective growth has consistently delivered average returns of around 10% per year, a number that has survived wars, recessions, inflation spikes, and bubbles.   Lesson 3. Investor Behavior Is Key   If reams of data tell us anything, it is this: reliable, long-term returns belong to disciplined investors. The journey is never smooth—market downturns feel chaotic and alarming in the moment. Yet, $1,000 invested in 1926 would have grown to over $17 million by 2025, despite wars, crashes, and global crises. Most investors who stuck with the market over any 10- or 20-year span came out ahead. Stay disciplined, trust the data, and know that while the challenges may look different, the power of long-term, patient investing is timeless.   Outline of This Episode   [00:00] 100 years of market insights[03:14] Football transformed by data analytics[07:32] Moneyball, markets, and data[11:06] Insiders vs. outsiders on stocks[16:17] Human ingenuity in investing[17:26] Investing discipline drives long-term success   Resources Mentioned   Moneyball Synopsis 3 lessons from investing’s moneyball moment in Fortune University of Chicago’s Center for Research on Security Prices (CRSP)  Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook     Subscribe to Best In Wealth   Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com     Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.    

Investors have short memories—until the talk of a “bubble” resurfaces. We take investors on a quick trip down memory lane, discussing the infamous dot-com bubble of the late ‘90s and early 2000s, as well as the housing bubbled that appeared a few years later. These bubbles were fueled by sky-high optimism and wild speculation about transformative technologies. In the dot-com era, investors rushed into any company with a “.com” at the end of its name, confident the internet would change the world. But not all of these companies survived. The lesson is that when a game-changing technology, or a new technology appears, you still have to do your due diligence to come out on top. The Age of AI: Bubble or Breakthrough? The “Magnificent Seven” (Google, Meta/Facebook, Apple, Amazon, Nvidia, Tesla, and Microsoft) are pouring billions into AI. Their 2025 returns, as catalogued by Scott Wellens, were impressive, with the group averaging over 20%, outperforming the S&P 500. Yet, such meteoric rises echo the euphoria of past bubbles. But excitement alone does not make a bubble—overvaluation does. Valuation: How Expensive is Too Expensive? A key measure is the price-to-earnings (P/E) ratio, a classic way to judge if a company’s stock price is justified by its profits. Take Tesla, for example: at the end of 2025, it traded at roughly $450 per share but earned only $1.50 per share, putting its P/E near 304. Compared to Toyota’s P/E of about 10, that is nosebleed territory. The S&P 500’s long-term average P/E sits around 20—a point of reference emphasizing just how stretched AI-heavy stocks may be. The Magnificent Seven’s average P/E now hovers around 68, more than triple the broader market’s historic average and well above the S&P’s “other 493” companies. While high valuations do not guarantee a crash, they signal that expectations are sky-high and that disappointment could be costly. Picking Winners, Dodging Losers You cannot invest in AI itself; you invest in companies riding the AI wave. History shows many will not make it. That is why betting everything on a few horses is extremely risky, even if their role in AI seems promising today. Over-concentration lurks as a hidden threat. If you own a standard S&P 500 index fund, 35% of your portfolio sits in the Magnificent Seven. For tech-heavy indices like the Nasdaq, that figure climbs to 54%. A stumble for these stars—already started in early 2025—can spell big trouble for portfolios tied too closely to their fortunes. The Case for Global Diversification So how can investors harness AI’s upside without exposing themselves to catastrophic risk? In a portfolio spanning thousands of companies worldwide across different sectors and asset classes, your exposure to the Magnificent Seven (and thus to AI) drops to about 20%. This cushions your wealth from the fallout if today’s leaders falter and gives you a stake in the next wave of winners, wherever they arise. This approach also positions you to benefit from asset classes that look attractive in the current environment. Small-cap and value stocks, as well as international and emerging markets, which are currently trading at lower valuations and are performing well. History shows that asset classes cycle in and out of favor. Diversification helps you ride out the storms and participate in future growth, whatever sector it comes from. Nobody can say with certainty whether we are flying high in an AI bubble or witnessing the birth of the next economic revolution. Instead of gambling on a forecast, smart investors build durable, globally diversified portfolios. That way, you are not only prepared for the promise of AI but also protected from the possibility of another bubble burst. Outline of This Episode [03:59] How bubbles in investing have formed in the past[05:09] The largest 7 companies in the United States believe that AI is the future[06:59] What price-to-earnings ratios reveal about AI-focused companies[10:18] Toyota vs. Tesla: An example valuation comparison[13:10] Should you invest in companies that use AI?[15:07] An S&P 500-only portfolio is not diversified[20:54] Diversify globally for the best chance of financial success Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook   Subscribe to Best In Wealth   Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

AI is everywhere, from investing apps and portfolio tools to recipe planners and vacation organizers, artificial intelligence touches countless corners of our lives. In finance, AI promises accessibility. For newer investors, it is a way to learn basic concepts, compare traditional and Roth IRAs, or understand the difference between tax brackets, all delivered in plain English. AI is also a huge help with organization and financial efficiency. Need a budgeting framework or quick ways to categorize cash flow? AI can create those. It is a handy pocket assistant that helps you plan and ask sharper questions when evaluating financial advisors or planning your future. The Real Limitations of AI in Financial Planning While AI is a powerful tool, it is not a decision maker. Here are the big dangers and drawbacks you need to keep in mind: 1. Zero Personal Accountability AI does not bear the consequences of its advice. If it suggests an irreversible move, like a Roth IRA conversion, based on incomplete or incorrect information, the cost falls entirely on you. 2. Overconfidence in Precision AI delivers advice with absolute confidence, even when it is wrong! Financial planning is not just numbers, it is trade-offs, nuances, and judgment calls that factor in health, family dynamics, and personal emotional risk tolerance. 3. Struggles with Multi-Year Tax Planning Most AI tools treat tax decisions generically just one year at a time. But real retirement tax planning means looking ahead 10, 15, or 20 years. Missed integration here can cost you tens, or even hundreds, of thousands of dollars over a career or lifetime. 4. One-Dimensional Investment Advice AI assumes perfect discipline and zero life changes, no panic selling, no sudden need for funds. But human emotion, especially during retirement or volatile markets, often drives decisions. 5. False Sense of Security AI’s confident answers may mask underlying complexity. A small financial misstep, repeated or compounded over decades, can grow into a massive problem down the road. 6. Lack of Behavioral Guardrails Emotions play a huge role in retirement and investment decisions. Life throws curveballs—loss, illness, market downturns, and AI cannot reframe your fears or keep you disciplined when things get tough. When Human Wisdom Matters Most Retirement planning is not about finding simple answers, information is cheap, wisdom is not. For complex questions, AI offers basic options, but it cannot weigh the sequence of return risk, or policy changes in real time, like a qualified advisor can. Human advisors coordinate, prioritize, and apply experience to your financial life. They support you through market cycles, health challenges, and family transitions, and recognize when purely rational advice does not capture your real needs. Using AI Wisely My advice is to use AI for learning and organization, not for important, irreversible lifestyle and tax decisions. Always double-check its work, and do not outsource your financial future entirely to algorithms. Technology plus human judgment delivers the best outcomes. AI is a powerful tool, not a complete solution. Outline of This Episode 02:24 Best in Wealth Podcast future plans.03:57 AI in daily life and finance.04:51 Advantages of AI for do-it-yourself (DIY) investors.08:08 Using AI for financial information.12:29 Limitations and dangers of AI in financial planning.16:57 Limits of AI financial planning.19:30 No behavioral guardrails when it comes to your taxes.25:43 If a decision affects your lifestyle for the rest of your life, don't outsource it to AI. Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Tax laws may not be flashy, but understanding them can tilt the balance for your family’s finances and peace of mind. I am digging into the details of the much-talked-about “One Big Beautiful Tax Bill”, a huge piece of tax legislation that is set to impact families, retirees, and investors across the country. I break down the most important highlights from the massive 870-page bill, focusing on what really matters for everyday listeners: permanent income tax brackets, bigger standard deductions, expanded SALT limits, and significant new deductions for seniors.  Tune in for clear, actionable insights on the changes coming to your taxes, and learn how to make these updates work in your favor. Outline of This Episode [04:27] Tax act extension highlights.[07:22] Inflation adjustment for tax brackets.[10:38] Tax deduction and SALT cap changes.[13:23] Maximize your deductions and minimize taxable income.[18:53] Estate tax and deductions update.[22:08] Permanent deductions and brackets.[23:45] Tax benefits for families. Tax Brackets and Standard Deduction: More Certainty, Bigger Benefits One of the most interesting aspects of the One Big Beautiful Bill (OBBB) is the permanent extension of the income tax brackets Americans have become accustomed to since the Tax Cuts and Jobs Act (TCJA) of 2017. Instead of the cliff that was looming at the end of 2024, current rates (10%, 12%, 22%, 24%, 32%, 35% and 37%) are now here to stay. This certainty means families, investors, and business owners can plan with clarity, knowing that the 10% and 12% brackets will not suddenly vanish. But there’s more: in 2026, the 10% and 12% brackets will receive extra inflation adjustments, leading to a few hundred dollars of potential tax savings. While many American households may not climb out of the 12% bracket, those who do will benefit even more. Another major win is the increase in the standard deduction, now $31,500 for married couples filing jointly and $15,750 for single filers, starting in 2025. Add in automatic inflation adjustments, and the vast majority of taxpayers are now better off taking the standard deduction rather than itemizing, unless big deductions, like SALT, tilt the scale. The Expanded SALT Deduction Under OBBB, the State and Local Tax (SALT) deduction cap explodes from $10,000 to $40,000, restoring much of the pre-2017 advantage. For married couples with large property and state income taxes, this unlocks greater ability to itemize rather than default to the standard deduction. But this expanded cap begins phasing out for adjusted gross incomes above $500,000 and is gone by $600,000. Smart, ongoing tax planning, tracking income, maximizing deductions, and timing bonuses or retirement contributions can make the difference between using the full deduction or losing out. Enhanced Deductions for Those 65+ For retirees, the bill introduces a temporary enhanced standard deduction: if you are over 65, you can deduct an additional $6,000 per person (that’s $12,000 for a married couple) in 2025-2028, on top of other standard deductions. It is available whether you itemize or not. This deduction is phased out for higher incomes—starting at $150,000 for married couples. For planners and retirees considering Roth conversions or IRA withdrawals, being strategic about income in these years could mean paying zero tax on a significant chunk of retirement income. Child Tax Credit and Estate Tax Changes Families will be happy to hear that the expanded Child Tax Credit is now permanent. It not only remains at $2,000, but is increased to $2,200 per qualifying child under 18, and (for the first time) will be indexed for inflation from 2026 onward. Income phaseouts apply, but most middle-class families can continue to count on this boost. Lifetime estate and gift tax exemption is set high, $30 million for married couples, $15 million for singles, through 2026, giving ultra-high-net-worth families greater latitude in legacy planning. Resources Mentioned One Big Beautiful Bill Act  Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Most investors have been ignoring international stocks lately because the US market has been performing so well—but that strategy might backfire this year, with international markets significantly outpacing American stocks. In this episode, I dive into why diversifying globally is not just smart investing; it is essential for long-term wealth building. We explore how the US currently dominates 61% of world market capitalization, but history shows this was not always the case—and it will not necessarily continue. I share four key reasons international investing should be part of your portfolio: it reduces geographic risk when any one country hits turbulence, gives you access to high-growth emerging markets that have delivered spectacular returns, protects you through currency diversification, and helps overcome the natural tendency to only invest in familiar companies. The numbers tell a compelling story—while the S&P 500 is up around 12% this year, international developed markets are up nearly 30%, and some individual countries have delivered returns of 50-90% in recent years. Whether you are completely US-focused or wondering how much international exposure makes sense for your situation, this episode provides the data and reasoning you need to build a more resilient, globally diversified portfolio. I also touch on an interesting parallel between portfolio diversification and gut health—turns out both benefit from variety and balance. Outline of This Episode [01:12] The importance of the gut microbiome for health.[03:42] International markets surpass US performance right now.[06:24] International diversification mitigates geographic risk.[10:25] A globally diversified portfolio balances volatility and gives opportunity for growth.[13:49] Invest internationally to protect against domestic currency depreciation.[15:13] Why to overcome a behavioral home country bias.[17:06] Review your health and financial diversification. Building a healthier, more resilient investment portfolio. Broadening your approach—whether it is what you eat or where you invest—can improve your long-term outcomes. Did you know that we all have an ecosystem of microbes living within our intestines? Science increasingly shows that a highly diverse gut microbiome is linked to better health, well-being, and more healthy years well into old age. A thriving gut health requires at least 30 different types of plant-based foods each week. The greater the diversity, the more kinds of helpful bacteria can flourish, supporting everything from digestion to immunity. Just as variety improves gut health, diversity is equally essential in investing. Many Americans have opted to remove international stocks from their portfolios, citing the recent dominance of U.S. markets. I want to push back on this trend, with these important points: The Shifting Sands of Market Dominance: As of early 2024, U.S. markets make up approximately 61% of the world’s capitalization. The next-largest market, Japan, accounts for only 6%. While the U.S. is dominant now, this was not always the case. In the 1990s, Japan claimed over 40% of the world’s market cap, while the U.S. plunged to just 25%. History tells us that leadership rotates—sometimes rapidly. International Outperformance: Many investors overlook periods where international markets outperformed the U.S. For example, in recent years, Hungary, Turkey, and the Czech Republic each posted eye-popping returns, outpacing the U.S. significantly. Four Reasons You Need International Investments If you are still not convinced, here are some really good reasons for including global assets in your portfolio: 1. Broader Diversification: Global investing reduces the impact of a downturn in any single country—you will not suffer as heavily if one economy stumbles. It also balances your exposure through different economic and market cycles, smoothing out volatility and lowering overall risk. 2. Access to Unique Growth Opportunities: Emerging markets and diverse sectors abroad can offer higher growth potential. Limiting yourself to U.S. stocks means missing out on global brands such as Toyota, Nestlé, and Samsung, as well as entire sectors less represented in America. 3. Currency Diversification: International investments provide natural protection against swings in the U.S. dollar. If the dollar weakens, non-dollar holdings often become more valuable, helping to preserve your purchasing power and hedge against domestic inflation. 4. Overcoming Home-Country Bias: Many investors naturally stick to what they know (sound familiar?). But with 40% of global investment opportunities outside the U.S., choosing not to invest abroad means intentionally missing out on nearly half the world’s growth potential. Diversify Diet and Dollars I want to encourage you to review your own portfolio for international exposure. Start by checking what percentage is allocated overseas and ask—does this reflect your long-term interests, or just recent trends? Talk with your financial advisor to find a balance that suits your family’s goals. And remember: whether it is your gut or your investments, variety really is the spice of (a healthy, resilient) life. Connect With Scott Wellens Schedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

We all have some worries, those everyday anxieties that creep into our lives—money, kids, jobs, and adding more stress to your life in the form of an investment portfolio can seem like too much at times.  So this week, I am sharing how understanding one key financial theory can transform your approach to investing and seriously lower your stress. This episode takes you through the groundbreaking work of Eugene Fama and the efficient market hypothesis, explaining why trying to outguess the market is usually a losing game. I am also sharing how, by trusting the power of the market and building your strategy around solid, evidence-based principles, you can ditch investing anxiety and set your family up for long-term success. So if market swings keep you up at night or you are looking for a more peaceful way to manage your portfolio, tune in for a fresh perspective and actionable advice on taking the stress out of investing—once and for all. Outline of This Episode [00:00] Your foundation of knowledge to experience stress-free investing. [05:58] Understanding Efficient Market Hypothesis (EMH). [09:40] The power of market consensus. [11:55] How fast does the stock market react? [13:12] Efficient market hypothesis simplified. [17:27] The myth of market-beating funds. [19:22] Reduce investment stress by demystifying the market. Does Investing Have to Be One More Worry? Retirement account fluctuations, big market drops like those in 2008, COVID-19, and trade war-related selloffs are enough to send anyone’s blood pressure soaring. One of the most important concepts in modern finance: the Efficient Market Hypothesis (EMH), developed by Nobel laureate Eugene Fama. In simple terms, the EMH says that all the available information about any publicly traded company is already reflected in its stock price. Let’s use Apple as an example. Every day, millions of shares, worth billions of dollars, change hands, each trade representing someone who thinks Apple is fairly priced, and someone else who disagrees. Crucially, both buyers and sellers have access to the same information. No one has a crystal ball; everyone’s predictions about future sales and profits are just that—educated guesses. Why Beating the Market Is So Hard In a 20-year analysis of actively managed mutual funds, those run by managers trying to beat the market through skillful stock picking. Of the 1,667 funds analyzed on January 1, 2004, just 48% were still around 20 years later (the rest closed or merged after poor performance). Of those survivors, only 16% managed to outperform the market—a sliver of winners, and no guarantee that their outperformance was due to skill rather than luck. Over longer periods, the odds get even worse. The market’s efficiency means that news, good or bad, gets priced in fast. By the time you read about a hot tip or see a magazine headline, it is almost certainly too late to profit. Building a Stress-Free Investment Philosophy Adopting the efficient market approach means basing your investment strategy not on predictions, but on accepting that prices already reflect what is knowable. This data and science-driven approach is the bedrock for stress-free investing. When you stop believing you or a mutual fund manager can consistently outguess millions of other market participants, everything changes: Daily fluctuations stop feeling like emergencies. Your plan is not derailed by shocking news or downturns. Emotional decision-making is replaced by disciplined adherence to your long-term strategy. This knowledge leads to better results, as you avoid the pitfalls and fees of chasing “winners” and trying to time the market. The goal is not just to match the market, but to give you the greatest chance for success. By using low-cost investment tools that are aligned with the efficient market hypothesis (like broadly diversified index funds), you maximize your odds of building lasting family wealth—without sleepless nights. When you understand and embrace the efficient market hypothesis, the mystique and the stress of the market fades away. Investing becomes a rational, controlled process anchored in decades of evidence, not hunches. Resources Mentioned Eugene F. Fama Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Bitcoin and gold are two assets often hailed as safe havens and reliable stores of value. I explore whether bitcoin and gold really deliver the security investors hope for, or if, instead, they are more about speculation than true investment.  I am helping you to look at the hard data and science behind financial decisions. Whether you are curious about market volatility or searching for a dependable way to safeguard your wealth, this episode is packed with practical insights about the pros and cons of investing in Bitcoin or gold. Outline of This Episode [06:05] Bitcoin and gold are speculative, limited by supply and demand. [09:29] Bitcoin is an unreliable store of value. [13:57] Volatility and diversification in investing. [16:58] Is gold really a safe haven for your money? [20:18] Gold commercials push for sales due to high commissions, not safety. [22:30] Investing relies on data and science to build successful portfolios, focusing on controlling taxes, expenses, and risk. Finding Safe Havens for Your Money What makes you feel secure? Fresh from a nine-night family trip to a volleyball tournament in Dallas, I have realized that my real safe haven is not a lockbox or a password, it is my home and the daily routine I return to. More than that, my family represents my ultimate store of value, the core “asset” I am committed to nurturing year after year. For me, investing is just one facet of a broader stewardship, protecting not only wealth but also the relationships and routines that bring lasting fulfillment. Bitcoin is a Volatile Gamble Clients often ask me, “Can Bitcoin act as a reliable store of value?” so I’ve dug into the numbers. Since 2010, the annualized volatility of Bitcoin has been a staggering 76.9%, nearly five times greater than the already-risky Russell 3000 index, which clocks in at 15.8%. Over the same period, Bitcoin has endured 27 separate 10% drops, 10 plunges of 30% or more, and five catastrophic 70% crashes. By contrast, the mainstream US stock market has only seen six 10% drops and a single 30% drawdown. Investing in bitcoin with this type of volatility is not a store of value. Investing in Bitcoin is speculation. The wild swings may excite thrill-seekers, but anyone seeking stability is likely to be disappointed. Gold as a Safe Haven What about gold, the classic safe-haven asset? Gold has enjoyed some positive years, up 60% of the time since 1970, but it is hardly a guarantee. That means in roughly four out of every ten years, gold investors have faced losses. Meanwhile, the S&P 500, ironically, the very market from which gold investors typically flee, has delivered positive returns 80% of those years. Plus, the marketing of gold is driven by high-commission sales tactics, not genuine concern for investor safety. Beware of those “buy gold now” ads; they exist to line the pockets of sellers, not to deliver real security to buyers. The Science of Investment Security Rather than relying on speculative assets, I prefer a scientific, data-driven approach to investing. At Fortress Planning Group, this means diversified exposure to thousands of companies striving to increase their value through hard work and innovation. My framework focuses on dimensions of higher expected return, not chasing the latest shiny object or giving in to fear-based pitches. I prefer to adjust risk through a prudent mix of stocks and bonds, finding a portfolio that matches your personal risk tolerance and the required rate of return. The bedrock of real security lies in controlling what you can: expenses, taxes, and risk. Choose Stewardship Over Speculation True security comes not from betting on volatile assets but from a disciplined, evidence-based investment plan, and from investing in your family and daily life. As you consider your own safe havens and stores of value, follow the data, seek out trustworthy advice, and build systems that support both your financial and personal well-being. Resources Mentioned Bitcoin: A Crumby Way to Save For Later by Kristi Higgins Wes Crill on LinkedIn  Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Let’s unpack six of the top retirement misconceptions, from whether it is okay to splurge in retirement, to the necessity of paying off your mortgage before you retire, and the real risks that retirees face beyond just a stock market crash.  With a focus on helping family stewards make smart decisions for a secure financial future, I share practical advice, real-life scenarios, and encouragement to help you confidently prepare for and enjoy your retirement years. If you want to separate fact from fiction and build a retirement plan that truly fits your life and goals, then this episode is for you.  Outline of This Episode [04:45] Debunking common myths. [09:43] Donate now for tax benefits and immediate impact. [10:54] Spending in retirement is encouraged to enjoy life and create memories, rather than hoarding savings. [17:34] Diversified portfolios mitigate financial risk during market downturns. [20:12] Stay vigilant against fraud by protecting your personal information. How Rethinking Retirement Myths Can Help You Build Wealth, Live Generously, and Enjoy a Fulfilling Retirement Retirement is often framed as the finish line in your financial journey, but the path leading up to and through that milestone is cluttered with well-intentioned advice, social media sound bites, and downright misleading myths. As Scott Wellens, certified financial planner and host of the Best in Wealth podcast, points out in episode 260, it’s time for successful family stewards to challenge conventional wisdom and make decisions grounded in reality, not rumors. Let’s unpack and expand on six of the most common retirement myths, using Scott’s insights to guide your way toward a smarter, more satisfying retirement. Myth #1: “It’s Not Okay To Do a Big Splurge” Many savers believe that a single splurge in retirement, a long-awaited RV, a dream vacation, or a lavish family gathering, could derail their entire retirement plan. If you’ve saved diligently and want to use a portion for a one-time purchase, the impact on your annual withdrawal can be minimal. For those following the “4% rule," buying a $50,000 RV from a $3 million portfolio reduces sustainable annual withdrawals by only about $2,000, a small sacrifice for a lifelong dream. Retirement is about enjoying the fruits of your labor. With proper planning and a clear understanding of your cash flows, strategic splurges are not only possible but can enrich your retirement experience. Myth #2: “It’s Best to Leave Money to Charity After Death” It’s noble to want to support causes after you are gone, but waiting to give can rob you of witnessing the impact your generosity brings. Giving while alive has both tangible and intangible benefits: not only do you receive immediate tax deductions and may reduce potential estate taxes, but you also get a front-row seat to the good your money is doing. A thoughtful plan lets you balance living well and giving generously today, maximizing both legacy and personal fulfillment. Myth #3: “You Should Spend Less in Retirement” Is hoarding your savings really the best way to reward yourself after a lifetime of work? Many retirees spend less than they could, leading to regrets about missed opportunities. The ultimate goal is to utilize your resources to create lasting memories, whether that’s through travel, experiences with loved ones, or acts of generosity. Do not let fear lead to deprivation. With a flexible plan and clear spending guidelines, you can confidently enjoy and share what you’ve built. Myth #4: “You Must Pay Off Your House Before Retiring” Being mortgage-free sounds ideal, but it’s not a strict requirement. Many retirees successfully manage their remaining mortgages as part of their retirement strategy. Don’t rashly withdraw large sums from tax-deferred accounts to pay off a mortgage, which could trigger an unnecessarily high tax bill. Evaluate your circumstances, and consider a phased approach or maintaining a low-interest mortgage alongside a diversified portfolio. Myth #5: “You Should Avoid Reverse Mortgages” Reverse mortgages once carried a shady reputation, but increased regulation has made them a much safer tool. While not for everyone, reverse mortgages can offer a critical safety net, especially for those planning for longevity, unexpected expenses, or wanting to front-load spending in the early, active years of retirement. Work with a fiduciary advisor to determine if a reverse mortgage fits into your personalized retirement plan. Myth #6: “A Stock Market Crash Is Your Biggest Financial Risk” Markets can be volatile, but Scott highlights that portfolio diversification and strategic withdrawal plans shield most retirees from a single crash becoming catastrophic. Instead, the growing threat is fraud and scams, especially as retirees become more vulnerable to sophisticated fraudsters. Stay vigilant against scams, practice good digital hygiene, and educate yourself and your loved ones on how to protect personal information. Rethink, Recalibrate, and Retire Well The myths surrounding retirement can cause unnecessary stress, fear, and missed opportunities. By debunking these misconceptions and working with trustworthy, fee-only fiduciary advisors, you can approach retirement with confidence: ready to spend, give, and enjoy your wealth without regret. Resources Mentioned 6 More Retirement Financial Myths to Avoid by Sheryl Morningstar Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

In this episode, inspired by my own family life, I am exploring the "holy trinity of assets": time, health, and money. Financial wealth alone does not guarantee a fulfilling future; you also need to be intentional about your health and your relationships. I share practical ways to extend the magical period of life where you can enjoy all three assets, without sacrificing your well-being in the pursuit of wealth.  Tune in to hear my strategies for prioritizing your health, making the most of your time, and building wealth that enriches every stage of life. Get ready to rethink your priorities and be inspired to make changes that will let you enjoy not just a long life, but a long life full of vitality and purpose. Outline of This Episode [00:00] My perspective on how to prepare for life's best stage [05:35] The first stage of Life is youth: abundant time and health, but little money [09:35] Stage two: Prioritize health over wealth, but balance both [11:15] Focus on the big health priorities: exercise, eat better, and sleep better [16:03] How to spend when markets are chaotic [19:44] Prioritize key aspects of life to improve well-being When you think about building wealth and securing your future, what comes to mind? For most, it's a picture filled with investment portfolios, retirement accounts, and property. But money is just one piece of a much larger puzzle. To truly thrive and make the most of our time on earth, we must learn to value and actively nurture not just financial assets but also our time and our health. The Three Stages of Life: Youth, Midlife, and Old Age Tony Isola’s article, "The Holy Trinity of Assets," divides life into three main stages: Youth: This is a period rich with time and health. As kids, we possess endless energy and countless hours to fill, even if we are broke. Despite lacking financial resources, we are wealthy in ways money cannot buy. Midlife: For many, midlife brings growing financial stability and, often, good health. The catch? Time becomes scarce. Pursuing career goals, raising families, and climbing the professional ladder quickly fill our calendars. Old Age: Retirement can bring a return of time and (hopefully) sufficient money. However, health often begins to slip. The dreams of finally enjoying life can be hampered by physical limitations that decades of neglect may have fostered. There is a magical, fleeting window between midlife and old age when you can possess all three assets: health, time, and money. The real goal is to extend this stage as long as possible. Actionable Strategies for Extending the Best Stage We need to be disciplined and intentional to maximize this golden intersection of good health, time, and wealth. Here’s how: Prioritize Your Health Like Your Money.  Many high achievers invest tirelessly in growing their financial resources, but your health deserves the same, if not more, attention. When illness arises, the most common wish is for more good years, not more dollars. If you would not neglect your savings, do not neglect your body. Make Exercise a Non-Negotiable Research and my own experience show that consistent movement and strength training are vital, especially as we age. A simple, actionable approach is to aim for at least 30 minutes of exercise daily. Walking briskly, resistance training, or even bodyweight exercises can maintain and enhance muscle mass, joint health, and vitality. Eat to Nourish Our modern environment makes unhealthy eating easy. Scott emphasizes the importance of choosing whole, protein-rich foods over highly processed carbohydrates. This doesn’t mean an extreme diet is necessary; focus on small, sustainable changes: increase protein, reduce processed snacks, and be mindful of what you put on your plate. Restore with Quality Sleep A cornerstone of well-being is adequate sleep. Protecting seven to eight hours each night helps your body repair, your mind recharge, and your immune system function at its best. It is not just about living longer, it is about living better, every day. Control What You Can While markets, world events, and even certain aspects of our health are unpredictable, there is much you can control. Be deliberate about where you spend your energy and attention. Optimize your finances, yes, but do not let that come at the expense of quality time or physical vitality. Be Ready for Your Best Years There will always be chaos and things outside our control. But by taking charge of your health, time, and money, you set yourself up to live longer and enjoy more years filled with purpose and joy. As Scott’s wife cheers from the volleyball stands, “Be ready!” Ready to claim the best stage of your life, starting now.  Resources Mentioned The Holy Trinity Of Assets - A Teachable Moment by Tony Isola  Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Subscribe to Best In Wealth Audio Production and Show Notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

Do downturns in the stock market inevitably lead to down years? On the show this month, I am walking you through an analysis of U.S. market trends over the past two decades, illustrating how downturns, even severe ones, often do not spell disaster for annual returns. I will also share what savvy family stewards can do to weather these turbulent times and potentially capitalize on them. From practical strategies like Roth conversions and strategic rebalancing to steering clear of emotionally driven decisions, this episode is packed with insights to help you take family stewardship wealth to the next level. Tune in to see how a long-term, data-driven outlook can lead to more confident investing, regardless of market swings.  Outline of This Episode [3:31] Do downturns lead to down years? [8:22] This is a volatile year for US stocks, but international companies did better. [11:44] Stay invested; the market rebounds quickly. [14:15[ Post-crash market rebound patterns. [18:43] My guide to strategically rebalancing your portfolio. Understanding Market Fluctuations Between 2005 and 2024, the U.S. stock market witnessed only three negative years out of twenty, a testament to its resilience. Despite experiencing several downturns during those years, market recovery was the norm. For instance, although 2020 began with a staggering 35% downturn due to the COVID-19 pandemic, it ended 21% up. Similarly, in 2011, despite a 20% downturn during the year, the market concluded with a positive return. This historical perspective highlights the fleeting nature of downturns and underscores the importance of maintaining a disciplined approach to investing during turbulent times. A critical question for investors is whether downturns inevitably result in negative annual returns. Over the past twenty years, analysis reveals that downturns rarely dictate an entire year's trajectory. 17 out of the last 20 years ended positively, despite intra-year downturns ranging from 6% to as high as 35%. The takeaway here is significant: short-term market fluctuations do not always translate into negative returns, emphasizing the importance of a long-term perspective and patience. Why Staying the Course Pays Off Many investors, spooked by temporary market declines, resort to withdrawing their investments, potentially locking in losses. Instead, remaining invested allows one to benefit from eventual recoveries. Data shows that three-day drops, like the 11% decline recorded recently, are usually followed by substantial gains over the subsequent year, three years, and five years. Investors who maintain discipline through these downturns often see their portfolios grow significantly when the market rebounds. Practical Strategies for Navigating Downturns For those unsure how to act during a downturn, consider these proactive measures: Avoid Constant Monitoring: Constantly checking your investment portfolio during a downturn can lead to emotional decision-making. Once your strategy is in place, trust your plan and avoid frequent account reviews that can heighten anxiety and fear, potentially driving impulsive actions. Roth Conversions: Market downturns present an opportune time for Roth conversions, allowing investors to transfer investments into a Roth IRA at reduced valuations. As the market recovers, gains in the Roth IRA grow tax-free, maximizing long-term benefits. Tax Loss Harvesting: When markets dip, investors can sell losing investments to offset capital gains taxes. This tax-efficient strategy enables the reinvestment of proceeds in similar securities to maintain the desired asset allocation while benefiting from potential tax reductions. Strategic Rebalancing: Another critical step is rebalancing portfolios by purchasing undervalued stocks during a downturn. By strategically realigning asset allocations, investors set the stage for potential gains when the market rebounds. Navigating market downturns confidently requires understanding their historical context and implementing practical strategies. These periods, though challenging, are fertile ground for growth when approached with discipline and foresight. Whether through Roth conversions, tax loss harvesting, or rebalancing, taking controlled, strategic actions can position family stewards to capitalize on eventual market recoveries. By focusing on what can be controlled and maintaining a long-term outlook, investors align themselves with historical trends that favor resilience and recovery in the stock market. Resources Mentioned Brian D. Cayon on LinkedIn  Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment, or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

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 investments out, you position your portfolio to perform well under different market conditions, regardless of what the experts predict. Instead of trying to outguess the market, family stewards invest for the long term, with a strategy that includes a mix of assets to capture growth while minimizing risk. By building a diversified portfolio, you are not relying on a crystal ball or hoping for the best. Instead, you are ensuring that you are prepared for whatever comes, from market highs to lows. [bctt tweet="Can we trust stock market predictions? In episode 257 of Best in Wealth, we look at why relying on expert forecasts can be risky and how diversification can provide more stability for your financial future. Don’t gamble with your portfolio!" username=""] Resources Mentioned Prediction Season by Dimensional Fund Advisors Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice. Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com

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. 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. 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: Specific Measurable Achievable Relevant Time-Bound 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 will be far easier to track with a planner like this!). [bctt tweet="Set yourself up for success in 2025 with SMART goals! Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-Bound. This approach will keep you focused and motivated throughout the year. Start planning today! #SMARTGoals #GoalSetting" username=""] Resources Mentioned Clever Fox Dated Planner  How to Build Your Family Fortress, Ep #156 Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

What is an HSA? Who can invest in one? What can you use the money for? Why do I love them? Why shouldn’t you spend the money you save in an HSA? I will unravel all of these questions in this episode of Best in Wealth. [bctt tweet="Why don’t I want you to spend the money you’ve saved in your #HSA? I share the surprising truth in this episode of Best in Wealth! #retirement #Investing #RetirementPlanning #FinancialPlanning " username=""] Outline of This Episode [1:08] It is time to plan your 2025 goals [3:14] What is an HSA? [4:48] How can I invest in an HSA? [6:43] Why I like HSA accounts [7:43] How much can you save in an HSA? [9:13] What can I spend the money on? [11:11] What if you cannot afford to save in an HSA? [12:13] Don’t spend the money in your HSA The basics of an HSA An HSA is a health savings account. Do not confuse it with a flexible savings account, or FSA. An FSA allows you to save money—taken out of your paycheck with a tax deduction—that can be used for healthcare expenses. The money must be used within a certain timeframe. If you leave your employer, that money is gone. However, an HSA does not require you to spend the money if you do not want to. If you leave your employer, that HSA account is yours for life. To qualify for an HSA, you must have a high-deductible insurance plan with a minimum annual deductible of $1,650 and an out-of-pocket maximum of $8,300 or more in 2025 (for families, it’s $3,350 and $16,600). [bctt tweet="What are the basics of HSAs? Why do I love them? Learn the amazing details in this episode of Best in Wealth. #WealthManagement #Retire #Investments" username=""] Why I like HSA accounts Some of the benefits I have stated already: You get a tax deduction for every dollar you put in. Secondly, there are no income limit caps on who is allowed to have an HSA. HSA accounts allow you to take that money with you wherever you go and you do not have to spend it. Secondly, an HSA allows you to save quite a bit of money. An individual is allowed to contribute $4,300 in 2025. Families can contribute up to $8,550. If you turn 55 in 2025, you can contribute an extra $1,000. If you are in the 24% tax bracket, you will save $2,300 in taxes in 2025 by putting that money away in an HSA. Your deduction will change based on the tax bracket you are in. What can you spend the money on? Healthcare-related expenses (except the monthly premium). It can go toward copays, out-of-pocket expenses, coinsurance, medicines, etc. Medical expenses add up quickly. Why I do not want you to spend the money in your HSA The simple answer? Because you can invest the money. Many HSA accounts allow you to invest the money once you have saved $1,000. If you start saving $8,000+ a year for the next 20 years, think of how much it will grow by the time you retire. It is a great way to fund your healthcare in retirement. The next best part? Let’s say you contributed $250,000 and it grew to $500,000. When that money is used on healthcare expenses, you do not have to pay taxes on that growth. Once you retire, and go on Medicare, HSA money can be used to pay for Part B and D expenses. In 2025, the starting cost of Medicare is $185 a month. If your Modified Adjusted Gross Income is high, you may be paying a lot more for Medicare. If you do not end up spending the money on healthcare, once you turn 65, you can use the money on whatever you want—with one caveat. You will have to pay taxes on those dollars (just like a traditional IRA or 401K). Listen to the whole episode for all of the details! [bctt tweet="HSAs offer amazing tax benefits. But why else do I love them? I cover the details in this episode. #retirement #Investing #RetirementPlanning #FinancialPlanning " username=""] Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

We invest in large companies, small companies, value companies, international companies, emerging markets, etc. We practice discipline when investing in all of these asset classes. If we want 20% of a portfolio allocated to large value, we maintain that percentage. We also practice strategic rebalancing. If something has an upward momentum, we set tolerance zones. If we go above or below those tolerances, we buy or sell. We practice discipline. Why? I share more in this episode of Best in Wealth. [bctt tweet="Discipline in asset allocation means sticking to your plan—no matter the headlines. Find out why this matters in today’s investing landscape. 🎧 #AssetAllocation #InvestingDiscipline #BestInWealth" username=""] Outline of This Episode [1:02] The importance of reading the full story [3:13] Why we practice discipline in asset classes [8:00] Taking a look at the big picture [11:02] Developed markets vs emerging markets [13:23] A disciplined approach to investing matters Why we practice discipline in asset classes By the end of the third quarter of 2024, the S&P 500 was up almost 20%. It is up another 6% since then. The S&P 500 is one of our best-performing asset classes. If we are just reading the headline, “The S&P 500 is doing the best,” we might think we should put more money in. But hindsight is 2020. And if we would have listened to the experts, many of them said that small-caps were going to perform the best in 2024. But small-caps are only up a little over 10% after the third quarter. It has also gone up 6–8% since then but is still underperforming the S&P 500. If we would have listened to the experts, we would be tempted to put more money into small-caps. But that is not the right decision either. We need to remain disciplined to our plan for each asset class. [bctt tweet="The S&P 500 is up, but that doesn't mean we chase momentum. Strategic rebalancing is key! Learn how to stay disciplined in your investment choices. #InvestingStrategy #AssetClasses #WealthManagement" username=""] Taking a look at the big picture Looking back 95 years, the small-cap index has done better than the large-cap index. We call this the small-cap premium. However, it comes with more risk. Because of the risk, investors demand a higher average return for owning smaller companies. Our portfolios skew more large than small because of the risk. However, we do want to capitalize on some of those returns—but not because of headlines. If you choose something riskier, it will not always do better. On average, stocks do better than bonds because they are riskier—but it does not mean stocks always beat bonds. Developed market small-caps on average bean developed markets large-caps by about a percent and a half per year. Small-caps over the last 20 years perform better than large-caps in emerging markets. Remember, past performance is no guarantee of future results. Have small-caps underperformed large-caps in the recent past? Yes. Does that mean we abandon small-caps? No? Does that mean the premium is gone? We do not think so. A disciplined approach to investing matters We need to investigate every headline that we read because they don’t tell the full story. If we’re just reading the headlines, we might make an emotional decision about asset allocation. We cannot try to guess which asset class will do the best. When we do that, we are putting our family and our future in jeopardy. A disciplined approach to investing matters. Learn more in this episode of Best in Wealth. [bctt tweet="Reading the full story helps you make smarter choices. Get the full breakdown on disciplined investing in today’s episode of Best in Wealth! #InvestingInsights #BestInWealthPodcast" username=""] Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Ever wondered where you rank financially among Americans? Curious about what it takes to join the top 5% in income or net worth? Every three years, the Fed surveys the finances of American households, tracking assets, debt, and more. One of the things they cover is who landed in the top 5% of both income earned and net worth. In this episode of Best in Wealth, I will share the income that puts you in the top 5% of income earners by age, what lands you in the top 5% of net worth by age, and why none of it matters. Don’t miss it! [bctt tweet="Are you in the top 5% of income-earners or net worth? Learn what it takes in this episode of Best in Wealth! #PersonalFinance #FinancialPlanning #Wealth #WealthManagement " username=""] Outline of This Episode [1:15] Getting into the University of Wisconsin Madison [3:21] The income that puts you in the top 5% of income [11:12] Individual versus household income [12:00] The income that puts you in the top 5% of net worth [17:21] Are you in the top 5% of income or net worth? The income that puts you in the top 5% of earned income by age Do you land anywhere in these brackets? 18-29: If you earn $156,732 or more, you are in the top 5%. You are just launching your career and starting to earn an income. 30-39: If you earn $292,927 or more, you are in the top 5%. You are getting more established in your career and perhaps started a business or received a promotion. 40-49: If you earn $404,261 or more, you are in the top 5%. Maybe you continued to receive promotions or your business grew. 50-59: If you earn $598,825 or more, you are in the top 5%. The 50s are your highest potential for earnings years. Maybe you sold your business or became the CEO of a company. 60-69: If you earn $496,139 or more, you are in the top 5%. You may be retired and living on social security and your investments during these years. 70 or older: If you earn $350,215 or more, you are in the top 5%. Most people in their 70s probably are not working any longer and that income is being derived from Social Security, pensions, and investments. What does it take to be in the top 5% of households? If you earn $499,000 or more, at any age, you are in the top 5% of all income earners. [bctt tweet="What income puts you in the top 5% of earned income by age? I hash out the numbers in episode 253 of Best in Wealth! #wealth #retirement #investing" username=""] The income that puts you in the top 5% of net worth What does the top 5% of net worth look like in each age group? 18-29: $415,700 or higher 30-39: $1,104,100 or higher 40-49: $2,500,000 or higher 50-59: $5,001,600 or higher 60-69: $6,684,220 or higher 70 or older: $5,860,400 or higher Your net worth is far more important than your income. You can make all of the money in the world but if you do not save anything, your net worth will never increase. It will stay zero. Secondly, you can earn a lot less than the top 5% of income earners and still save enough to be in the top 5% of net worth. Are you in the top 5% of income or net worth? It is okay if you do not fall into any of these categories—they can be very skewed. Numerous factors impact these numbers. Secondly, these numbers don’t matter. If you have the right retirement plan for you, you will have the retirement of your dreams regardless of whether or not you land in the top 5%. [bctt tweet="Are you in the top 5% of income or net worth? Does it matter? Let’s hash it out in this episode of Best in Wealth! #PersonalFinance #FinancialPlanning #Wealth #WealthManagement " username=""] Resources Mentioned Survey of Consumer Finances (SCF) Here Are the Net Worth and Income That Put You in the Top 5% of American Households by Age Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook   Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Did you know that anyone can say they are a financial advisor? They may not be licensed or experienced. So how do you know who to trust? In this episode of Best in Wealth, I will break down the three types of people who put “financial advisor” on their business cards, what the letters after a financial advisor's name mean, and how a fee-only financial advisor is compensated for their services. Knowing all of these things will help you determine what type of advisor is right for you to help you achieve a successful retirement. [bctt tweet="Did you know that anyone can say they’re a financial advisor? They may not be licensed or experienced. So how do you know who to trust? Find out in episode 252 of Best in Wealth! #Retirement #Investing #PersonalFinance " username=""] Outline of This Episode [1:08] High expectations do not leave room for satisfactory outcomes [6:17] The 3 types of people who put “financial advisor” on their business cards [19:14] How fee-only financial advisors charge for their services [22:34] What do the letters after a financial advisor's name mean? [24:17] Work with someone you can build a connection with The 3 types of financial advisors Three different types of people typically put “financial advisor” on their business cards: Insurance Sales Representative: They are required to be licensed to discuss or sell insurance. Their main goal is to sell you life insurance (typically whole life insurance that can be invested and earn dividends and be used for retirement). Is someone who can only sell life insurance acting in your best interest all of the time? How could they be? They make a commission on the insurance product that they sell you. Registered Representative/Broker-Dealer: They take an exam to be “registered” to sell securities, mutual funds, life insurance policies, etc. They are paid by commission, much like insurance representatives. Or they will recommend a mutual fund where they get a percentage (annual 12B1 fees and more). They are also not fiduciaries. Investment Advisor Representative: They must take a securities exam that also covers laws required to act as a fiduciary. An investment advisor is prohibited from collecting commissions. The fees they collect come directly from the client. They can call themselves fee-only representatives. I am a fee-only Investment Advisor Representative. I do not co-mingle with insurance sales representatives or registered representatives. It removes any conflict of interest. I am not beholden to any company. I must act in the best interest of my clients. Most financial advisors are dually registered. They may have an insurance or broker license. Listen to find out what questions you have to ask an advisor to find out if they are strictly an Investment Advisor Representative. [bctt tweet="In this episode of Best in Wealth, I’ll break down the three types of people who put “financial advisor” on their business cards and why it matters. #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] How fee-only financial advisors charge for their services There are four primary ways a fee-only advisor might get paid: Hourly: You hire a financial advisor to create a financial or retirement plan and you pay them for the hours it takes to do the job. It is a short-term relationship. One-time planning: A one-time plan may cost you $5,000–$7,000, which you pay once. They deliver the plan and you write them a check. It is a short-term relationship. Monthly retainers: The advisor might charge a couple hundred dollars a month, depending on the complexity of your plan. This may be great for someone who needs help with budgeting, college loans, setting up 529 plans, etc. Assets under management: This is when you are charged an annual fee that is typically a percentage of your assets under management. The money is taken directly out of your brokerage account(s), which the advisor is handling for you. This is how most fee-only financial advisors work. Fortress Planning Group operates using the assets under management approach. What do the letters after a financial advisor's name mean? There are three gold standards that actually matter: CFP: This is short for “Certified Financial Planner,” which is what I am. A CFP must have a college degree to deliver holistic planning. CFA: This is short for “Certified Financial Analyst,” which is a difficult designation to achieve. These are experts in investing. CPA: This is short for “Certified Public Accountant,” these are experts in taxes. There are hundreds of other designations. But if you are looking for letters, look for one of these three. If you want someone who can help advise you on investments, taxes, retirement, insurance, etc. you want a CFP. [bctt tweet="How do fee-only financial advisors charge for their services? Learn how it works in this episode of Best in Wealth! #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

Do we care who wins the election? Does it actually impact our investments? The issues at stake matter to each of us for different reasons. Most Democrats think things will be better if a Democrat is voted into office. Most Republicans likely feel that things will fare better with a Republican in office. But does who wins the election actually matter when it comes to your investments? I will break it down in this episode of Best in Wealth. [bctt tweet="Does the outcome of the presidential election impact your investments? I share the surprising answer in episode #251 of Best in Wealth! #Investing #FinancialPlanning #WealthManagement " username=""] Outline of This Episode [1:08] September is never a good month in the stock market [4:02] Stock market statistics during each presidency [15:32] What do we do with this information? [20:17] Can a President influence the stock market? Stock market statistics during each presidency for the last 100 years We have had 17 presidents since 1926. Nine of the presidents were red, eight were blue. How did the stock market fare during their presidencies? Calvin Coolidge (Republican) was President from 1923-1926: If you invested $1 the day he became president, that dollar would’ve turned into $2.33. Herbert Hoover (Republican) was president from 1929-1933, during the Great Recession: Inflation was -0.7%. The annual GDP was negative 7.5%. Your $1 would have dwindled to $0.28. Franklin D. Roosevelt (Democrat) was president from 1933-1945: Democrats controlled the Senate and the House. Unemployment was 25.6%. The average GDP was 9.4%. Your $1 doubled twice and then some—becoming $4.61. Harry Truman (Democrat) was President from 1945-1953: Max unemployment was 7.9%. He inherited the end of Hoover’s recession. Annualized inflation was 5.4%. The average GDP was 1.3%. Your $1 turned into $3.10. Dwight Eisenhower (Republican) was President from 1953–1961. Max unemployment was 7.5%. The average inflation was 1.4%. The average GDP was 3%. There were three different recessions during his term in office. Your $1 turned into $3.05. John F. Kennedy (Democrat) was President from 1961-1963. Democrats controlled the House and Senate. Max unemployment was 7.1%. The average inflation was 1.2%. The average GDP was 4.4%. Your $1 turned into $1.39. Linden B. Johnson (Democrat) was President from 1963-1969. Democrats controlled the House and Senate. Max unemployment was 5.7%. The average inflation was 2.8%. The average GDP was 5.3%. Your $1 turned into $1.66. Richard Nixon (Republican) was President from 1969-1974: Democrats controlled the House and Senate. Max unemployment was 6.1%. The average inflation was 6%. The average GDP was 2.8%. Your $1 stayed $1. Gerald Ford (Republican) was President from 1974-1977: Democrats controlled the House and Senate. Max unemployment was 9%. The average inflation was 6.5%. The average GDP was 2.6%. There was a huge recession when he first started. Your $1 turned into $1.51. James (Jimmy) Carter (Democrat) was president from 1977-1981: Democrats controlled the House and Senate. Maximum unemployment was 7.8%. The average inflation was 10.2%. The average GDP was 3.3%. Your $1 turned into $1.55. Ronald Reagan (Republican) was president from 1981-1989: Democrats controlled the House and the Senate was mixed. Max unemployment was 10.8%. The average inflation was 4.2%. The average GDP was 3.5%. Your $1 turned into $2.89. George H. W. Bush (Republican) was President from 1989-1993: Democrats controlled the Senate and the House. Maximum unemployment was 7.8%. The average inflation was 4%. The average GDP was 2.2%. Your $1 turned into $1.79. Bill Clinton (Democrat) was President from 1993-2001: He had a mixed Senate and mixed House. Maximum unemployment was 7.3%. The average inflation was 2.5%. The average GDP was 3.9%. Your $1 turned into $3.56. George W. Bush (Republican) was President from 2001-2009: He had a mixed Senate and mixed House. His Presidency lived through the dot-com bubble and then the Great Recession. Maximum unemployment was 7.3%. The average inflation was 2.3%. The average GDP was 2.2%. Your $1 turned into $0.79. Barack Obama (Democrat) was President from 2009–2017: He had a mixed Senate and Mixed House. Maximum unemployment was 10%. The average inflation was 1.7%. The average GDP was 1.7%. Your $1 turned into $2.94. Donald Trump (Republican) was President from 2017-2021: Republicans controlled the Senate and the House was mixed. Maximum unemployment was 14.8%. Hit a recession in 2020. The average inflation was 1.8%. The average GDP was 1.4%. Your $1 turned into $1.81. Joe Biden (Democrat) has been President since 2021: Republicans have controlled the Senate with a mixed House. Maximum unemployment was 6.4%. The average inflation was 5.5%. The average GDP was 3.4%. Your $1 turned into $1.33. Whew. Alright. Now, what do we do with this information? [bctt tweet="In this episode of Best in Wealth, I cover how the stock market performed during each presidency for the last 100 years. Learn why it matters by listening! #Investing #FinancialPlanning #WealthManagement " username=""] What should you do if your preferred President is not elected? While you may be tempted to drop out of the market, that is never the answer. 15 out of the 17 Presidents had positive returns in the stock market. That means that 88% of the time, we have seen positive returns in the stock market. We only saw negative returns during the Great Depression and under Bush during the Dot-com bubble and Great Recession. If you invested $1 in 1926, that $1 would be worth well over $10,000 right now. If you only invested that money when your preferred President was in office, you would only have half that amount. You would miss out on so many returns. Remember, we are investing in companies—not Presidents. The S&P 500 averages over 10% returns every year. There is no data we can come up with that would tell us to get out of the market depending on who is elected. Who is elected never matters for your investments. [bctt tweet="What should you do if your preferred President isn’t elected? I give you my two cents in episode 251 of Best in Wealth! #Investing #FinancialPlanning #WealthManagement " username=""] Resources Mentioned Stocks often drop in September — but many investors shouldn’t care Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

I frequently talk about what you should do to prepare for retirement and how to handle the years leading to retirement. But I rarely talk about what to do during retirement because I have not experienced it.  [bctt tweet="Retirement will be different than you expect. How? Learn more in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"] So when I came across Fritz Gilbert’s article, “6 Lessons from 6 Years of Retirement,” I knew I had to talk about it. In the article, Fritz talks about the surprising things he has learned six years into retirement. I will cover the fascinating lessons in this episode of Best in Wealth. Outline of This Episode   [1:06] Thank you for being loyal listeners! [1:36] What should you do during retirement? [4:52] Lesson #1: Retirement is complex [7:47] Lesson #2: Retirement changes with time [10:45] Lesson #3: Retirement will be different than you expect [14:17] Lesson #4: Your priorities will change throughout retirement [17:45] Lesson #5: Your mindset matters a lot [18:58] Lesson #6: Retirement can be the best years of your life Lesson #1: Retirement is complex   When you retire, you have far fewer external influences than during your working years. Money issues are top-of-mind during the early phase of retirement. It is scary moving from collecting a paycheck for 30+ years to starting to live off of your nest egg. But Fritz believes that true value comes by figuring out all of the non-financial issues in retirement. [bctt tweet="Your mindset matters a lot in retirement. Find out why in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"] Lesson #2: Retirement changes with time   Your experience will change as you move from the honeymoon stage to more advanced stages. The changes will last for years and will be different than what you expect. Your retirement plan will change. Your new reality requires a new approach. Embracing the challenge is part of the fun. Why not enjoy the new life? You get to experiment as you face the changes.    Lesson #3: Retirement will be different than you expect   I spend a lot of time talking about retirement goals with my clients. Whether it is traveling, spending time with grandkids, buying a second home, donating to charity, etc. we revisit it every six months. Why so frequently? It is impossible to know what you want retirement to look like until you live through it. As long as you expect change, it will be exactly how you think it will be. Let the journey lead you where it may.  Lesson #4: Your priorities will change throughout retirement   Priorities change throughout your entire working life. Whether you are choosing a job, raising kids, or sending them off to college—it is constant change. You may have thought you were done but priorities continue to change when you retire. [bctt tweet="Retirement can be the best years of your life—and they can be the worst. What’s the differentiator? Learn more in episode #250 of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username="wellensscott"]   Fritz was focused on covering expenses when he retired. Then he realized it would be hard to spend all of the money he had saved, so they gave themselves permission to spend their money. Then they shifted to thinking about bringing fulfillment to their lives.  Lesson #5: Your mindset matters a lot   After reflecting on the first six years of his retirement, Fritz realized what brought him to a place of fulfillment was having the right mindset. It is vitally important. It is your job to fill your day. It is your job to focus on gratitude. With the right mindset, you can have an unbelievably filling retirement.  Lesson #6: Retirement can be the best years of your life   Fritz is happier than he has ever been. But so many retirees are struggling. 28% are absolutely miserable. Alcoholism and depression run rampant in many retirees. Fritz writes to help others get out of their slump. He wants them to know their future can be bright. It is up to you to fill your days with things that bring you joy.    What surprised you the most about Fritz’s first years of retirement?  Resources Mentioned   6 Lessons from 6 Years of Retirement Who Moved My Cheese? Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook   Subscribe to Best In Wealth   Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

I believe there are three rules that every family steward should follow when it comes to investing. In theory, these rules are “easy” to follow—but living by them is not. Secondly, these rules will not surprise you. That does not make them any less important. So in this episode of Best in Wealth, I will share what each rule is and you will discover why you have to follow them. [bctt tweet="📣 What are my 3 BIGGEST rules for investing? Find out in episode #249 of Best in Wealth! #investing #PersonalFinance #FinancialPlanning #WealthManagement" username=""] Outline of This Episode [1:06] The 3 rules for dating my daughters [5:31] Rule #1: Do NOT try to time the market [11:12] Rule #2: Do NOT focus on the headlines [13:53] Rule #3: Do NOT chase past performance Rule #1: Do NOT try to time the market Whether it is a bad day in the stock market or upcoming elections, it can be easy to let your emotions get to you and think, “Maybe I should get out of the market right now.” It is easy to sell everything and get your money out. However, it is far harder to decide when to put the money back in. No one ever thinks about the second half of the equation. Do you have an investing philosophy? What is your system? When will you get your money back in the market? The S&P 500 has been rolling. It was up 15% last quarter. Small Value was negative for the year. Wouldn’t it be tempting to take the money from your small value and move it into the S&P 500? But Small Value has done far better this quarter. You would have lost out on that money. John Bogle—The Founder of Vanguard—spent over 70 years on Wall Street. He’s famously known for saying, “I’ve never found anyone who can successfully time the market.” There is a reason for that. [bctt tweet="🚨 Do NOT try to time the market. Why? Check out episode #249 of Best in Wealth for the answer. #investing #PersonalFinance #FinancialPlanning #WealthManagement" username=""] Rule #2: Do NOT focus on the headlines It is too easy to become enamored with popular stocks that get media attention. For example, the Magnificent Seven has risen in popularity (Google, Apple, Facebook, etc.) for the last 10 years. They have done amazingly well in 2023 and 2024. However, once companies hit the “top 10,” their returns tend to decline. Just because you read a headline about a company does not mean it will perform better. What you have read about is already priced into the market. You must separate what you are seeing on the news from your investment. Rule #3: Do NOT chase past performance You might be inclined to choose investments based on past returns. You expect top-ranked funds to continue to deliver their best performance. We see this time and time again with new investors. They do not know where to start. The only information they have in front of them is past performance. So they choose what has had the best performance recently. But research shows that most funds that are ranked in the top 25% don’t remain in the top 25% over the next five years. Only about 1-in-5 mutual funds stayed in the top-performing group. The lesson? A fund’s past performance offers limited insight into its future returns. As family stewards, how do we shift our focus? What do we want to do instead? Listen to hear my thoughts. [bctt tweet="📣 One of my biggest rules for investing: Do NOT chase past performance. Learn why in episode #249 of Best in Wealth! #investing #PersonalFinance #FinancialPlanning #WealthManagement" username=""] Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

When we decided my wife was going to get a new vehicle, I knew we needed to test drive the vehicle she wanted: A Jeep. She had never driven a Jeep before. She had never experienced what it was like driving something with the doors off. So I knew she needed to get behind the wheel to see how it felt. Let me tell you, our Jeep-buying experience was a wild ride! In this episode of Best in Wealth, I will share our experience, and how I ultimately purchased my wife her dream Jeep at the best price possible. Don’t miss it! [bctt tweet="My wife and I just bought a brand new Jeep. I detail how I negotiated the best price in episode #248 of Best in Wealth! #FinancialPlanning #WealthManagement #Jeep" username=""]   Outline of This Episode [1:11] Growing our health alongside our wealth [2:46] Walking into the dealership [9:17] The moment everything went wrong [12:23] Asking for the best price [17:17] Purchasing my wife’s Jeep Walking into the dealership When we walked into the dealership, we test-drove a Jeep with the salesman. He immediately pushed us to sit down, crunch some numbers, and make a deal happen. But I knew we would not be making an emotional purchase that day, and I immediately let him know we were not going to move quickly. My wife told him that if negotiation was necessary, all communication had to go through me. The next day, this salesman started bombarding my wife with text messages, emails, and phone calls. Not surprising. She responded and said she wanted to test-drive a hybrid with the doors and top off. We set up a day and time. We walked to the Jeep and he showed us how he had taken the doors off. But he had not taken the top off because it was a “Two-person job.” We took it for a spin with the doors off and it was really cool. It was a great ride. My wife decided she wanted a Jeep. But, yet again, he had her test drive a Jeep that wasn’t a hybrid. My wife had a list of non-negotiable specifications that she wanted from the Jeep, including it being a hybrid. We knew that a hybrid wasn’t on their lot. This salesman had done enough for us that I knew I would buy the Jeep through him if he could match the best price that I could find. That’s when everything went wrong. [bctt tweet="We just bought my wife a brand new Jeep. Why’d we buy new? How’d we get the best price possible? I share my #negotiation secrets in this episode of Best in Wealth! #FinancialPlanning #WealthManagement #Jeep" username=""]   The ridiculous ask He brought us inside to talk to his sales manager. The sales manager told us that finding my wife’s perfect Jeep was like finding a needle in a haystack. So he asked us to commit that we would buy the Jeep from them before he located it! He would only negotiate at that point. You should never commit to anything before you negotiate and land on a price. It was completely backward, so we walked out the door. Buying my wife’s Jeep I immediately went home, sat down at the computer, and found five different Jeeps fitting my wife’s specifications within five minutes. I emailed all five dealerships asking them to email me their best price on the Jeep. Every dealership called me right away. One said, “We do not negotiate over the phone, you have to come in.” I crossed them off my list. The other four dealerships gave me their price within 12 hours. But I did not know if what I was quoted was the best deal. So I took the three best prices and sent them all a text saying, “Congratulations. You made it to the top three with your initial offers. If you would like to sweeten the deal, I’m giving you one final chance. I’m buying a Jeep in the next 48 hours and buying it from the person who has the best price.” One said, “That was my best price,” but the other two sweetened the deal. They took more money off. One of them gave a lower quote than the one that was initially the best. I called that dealership, put $1,000 down, and they held the vehicle for me. I did my due diligence and at the end of the day, I was happy with the price we paid. I share the rest of the story in this episode (including why we bought a new car). Don’t miss it! Would you have done anything differently? I would love to know! [bctt tweet="I negotiated buying my wife’s perfect Jeep at the best price possible over phone and email. How? Learn my strategy in this episode of Best in Wealth! #FinancialPlanning #WealthManagement #Jeep" username=""] Connect With Scott Wellens Schedule a discovery call with Scott Send a message to Scott Visit Fortress Planning Group Connect with Scott on LinkedIn Follow Scott on Twitter Fortress Planning Group on Facebook Subscribe to Best In Wealth Audio Production and Show notes by PODCAST FAST TRACK https://www.podcastfasttrack.com Podcast Disclaimer: The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.