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Best In Wealth Podcast

Best In Wealth Podcast

De: Scott Wellens
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 This is the best in Wealth podcast – A show for successful family stewards who want real answers about Retirement and investing so we can feel secure about our family’s future. Scott's mission is simple: to help other family stewards build and maintain their family fortress. A family steward is someone that feels family is the most important thing. You go to your job every day for your family. You watch over your family, you make sacrifices for your family, you protect your family. I work with family stewards because I am one; I have become an expert in the unique wealth challenges family stewards face. Scott Wellens is the founder of Fortress Planning Group - an independent, fee-only, registered investment advisory firm. Fortress Planning Group is dedicated to coaching clients toward a holistic view of wealth and family stewardship. Scott is a certified financial planner, a fiduciary and has been quoted in the industry’s leading websites including Forbes, Business Insider and Yahoo Finance. Scott is also a Dave Ramsey Smartvestor Pro in the greater Milwaukee and Madison areas.Copyright 2025 Scott Wellens Crianza y Familias Economía Finanzas Personales Relaciones
Episodios
  • Common Retirement Myths You Shouldn’t Fall For, Ep #260

    Common Retirement Myths You Shouldn’t Fall For, Ep #260
    Jun 13 2025
    Let’s unpack six of the top retirement misconceptions, from whether it's 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’re 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...
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    24 m
  • The Secret to Thriving Between Midlife and Retirement, Ep #259

    The Secret to Thriving Between Midlife and Retirement, Ep #259
    May 16 2025
    In this episode, inspired by my own family life, I’m 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:
    1. Youth:

    This is a period rich with time and health. As kids, we possess endless energy and countless hours to fill, even if we’re broke. Despite lacking financial resources, we’re wealthy in ways money can't buy.
    1. 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.
    1. 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's 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...
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    21 m
  • How to Handle Stock Market Downturns, Ep #258

    How to Handle Stock Market Downturns, Ep #258
    Apr 19 2025
    Do downturns in the stock market inevitably lead to down years? On the show this month, I’m walking you through an analysis of U.S. market trends over the past two decades, illustrating how downturns, even severe ones, often don't spell disaster for annual returns. I’ll 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 intrayear 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:
    1. 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,...
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    20 m
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