Best In Wealth Podcast

I make a spending plan for our family every single month. We account for every dollar coming in and going out. But what about the things that happen quarterly and annually? We add up all of those expected expenses at the beginning of the year and calculate the total approximate cost. That money will be saved every month to go toward those expenses. That is how we allocate money for things like Chr...

Why are we worried about the world, the economy, the stock market, and our investment accounts? The stock market started the year great. The S&P 500 was up over 10% at the end of the first quarter. But the stock market has dropped steadily in the first 19 days of April. My business Partner, Brian, wrote an article titled “The Wall of Worry.” In this episode of Best in Wealth, I will cover some...

The mutual fund landscape is complex, with thousands of choices. In fact, at the end of 2023, there were 4,722 US-domiciled funds that we could choose from. Of those, 2,043 were from US equities, 1,124 were international funds domiciled in the US, and over 1,500 were bond funds. If you add all the money from these funds, it totals 10.6 trillion dollars. $5.4 trillion is in US equity funds, $2.1 tr...

The #1 issue most people face when it comes to retirement is running out of money . Secondly, most people want to live the best retirement that they can. If there is anything left, they will gladly give it to their children—but it does not need to be millions of dollars. Too many people are dying with too much money and never got to live out the retirement of their dreams. You have been saving you...

What is a Roth conversion? Should you do a Roth conversion? When is the best time to do a Roth conversion? If questions like these have been circulating in your mind, this is the episode for you. I will break down when doing a Roth conversion might make sense for you (and why your CPA might not like it) in this episode of Best in Wealth. [bctt tweet="What is a Roth conversion? Should you do a Roth...

David Booth—the Executive Chairman and Co-Founder of Dimensional Fund Advisors—recently wrote an article entitled “Uncertainty is Underrated.” In this episode of Best in Wealth, I will read this intriguing article and share why I agree that—while it sounds scary—uncertainty has a positive impact on our lives. [bctt tweet="Uncertainty is underrated. I share why the impact of uncertainty is positive...

If you opened up and looked at your 401k statement, chances are that some of your investments are international. You are investing in companies outside of the United States. If you are invested in a target date fund, it is almost certain. It may be in mutual funds or ETFs. It may be in developed or emerging markets through reliable stock exchanges. But should you own companies outside of the US? E...

How often should you look at your investments? Some of my clients look at their investments every day. Some look weekly, monthly, quarterly, annually—and some never look at them. So what is my answer?  It depends . After listening to this episode of Best in Wealth, you will know how often you should check on your investments (based on you). [bctt tweet="How often should you look at your investment...

BRICS is an acronym that denoted the emerging economies of Brazil, Russia, India, China, and South America. The stock market returns were really good. The economies were expected to continue to explode. So people started pouring into the BRICS. Many people who invested did poorly because they were late to the game. Before BRICS, it was popular to invest in the Nifty Fifty (the 50 most popular comp...

Charlie Munger was the Vice Chairman of Berkshire Hathaway and Warren Buffet’s right-hand man. He quit a well-established law career to become Warren Buffet’s partner, transforming a textile company into the successful firm Berkshire Hathaway is today. Charlie passed away last week at the age of 99. He was a prolific author and investor and full of wisdom. Warren Buffet described Charlie as the or...

Over the last three years, US net worth has increased drastically. But it is taboo to talk about money with family and friends, let alone net worth. But don’t you want to know how you are doing relative to your peers? If so, this is the episode of Best in Wealth for you. In this episode, we break down the numbers to see how you are doing compared to the average American. [bctt tweet="What is the a...

American wealth  is growing—but you would never know it. Every three years, the Federal Reserve releases a report that summarizes the changes to family finances in the United States. The most recent report was released in early October 2023. What did it say? One of my business partners, Brian Cayon CFA®, CPA, covers it in his article titled “4.9%.” We will cover the news in this episode of Best in...

I was reading an article that got me thinking. What do my kids need to learn? What have I already taught them that is important? What do I need to reinforce? I came up with a list of five things—that seem like they should be no-brainers—that more and more kids do not know. We need to teach our kids important life lessons as early as we can. What are my five? Learn more in this episode of Best in W...

The S&P 500 was down 4% in September, continuing the downward trend we also saw in August. And almost ALL of the asset classes have been down the last couple of months. To address this troubling trend, my business partner, Brian Cayon, CFA®, CPA, wrote an article about the 4th quarter. So in this episode of Best in Wealth, we will talk about his research and seek to answer the question: Will w...

What financial issues do you need to think about before the end of the year? There are three big groups to consider:  tax planning ,  cash flow , and  insurance . In this episode of Best in Wealth, I have broken down 15 points across each of these groups. They are all important to consider to maximize your finances both in retirement and while preparing for retirement.  [bctt tweet="In this episod...

What makes for a happy retirement? According to Merrill Lynch, “Only 51% of 25–34 year old's say that they often feel happy compared to 76% of people ages 65–74.” So what makes them happy? An article entitled “ Why 72% of Retirees Are Happy ” talks about three financial traits and six non-financial traits of happy retirees. What are these 9 traits? Find out what they are—and if you are implementin...

I recently read an article by David Booth—the executive chairman of Dimensional Fund Advisors—titled “ Practicing Healthy Habits, Pursuing Wealthy Outcomes .” In the article, David shares some correlations he saw between health and investing after reading “ Outlive: The Science and Art of Longevity ” by Peter Attia. The book dissects scientific research on aging to explore strategies to live longe...

Is social security going to run out in 2033? If I am a high-income earner, will social security reduce my benefit? For those of us who have planned for social security, as we are getting closer and closer to retirement, do we have cause to be anxious? In this episode of Best in Wealth I will answer both questions (but do not be afraid). [bctt tweet="Is social security going to run out in 2033? Lis...

Have you thought about purchasing a second home? Does it sound nice to have a place to vacation that is all yours? Do you dream of owning a Florida home or a cabin “up north?” Have you considered the pros and cons of owning a second home? Before a second home becomes part of your dream retirement, consider some of these pros and cons so you can make the best decision for you. [bctt tweet="What are...

I have client after client tell me that the world is going to hell in a handbasket. Leaders gain power by vowing a return to the “Good ‘ol days.” But is your mind playing tricks on you? According to research by Adam Mastroianni and Daniel Gilbert, your brain has tricked you into thinking everything is worse. There is a set of cognitive biases in our brains that cause us to perceive a fall from gra...

What is a financial power of attorney? The financial power of attorney is a legal document where you specify individuals to act on your behalf in financial matters  if / when you become incapacitated . If you become incapacitated, someone still has to pay your bills. Who is going to do it? Life must go on. If you do not have a financial power of attorney, who makes the decisions? The court. So man...

Over the years doing this podcast, I have clearly stated that you cannot time the market and you should never try. But what about asset classes? Can you predict when one asset class will do better than another? Should you try? In this episode of Best in Wealth, I look at how value stocks and growth stocks have performed in the last few years. I will nail down why staying disciplined in asset class...

In 1991, I traveled to Alaska with three friends to get rich. Why? We had learned that we could make $5,000–$7,000 a month working in Alaska over the Summer. I thought I would leave Alaska having made $25,000. I was going to be rich . I was going to get a new mountain bike, leather jackets, and 100 new CDs. My list went on. What happened? We only worked for a month and a half. I did not get rich t...

I read an article titled, “ The Sinister Side of Work Ethic ,” and it got me thinking. I love work ethic. I believe God made us to work. But what is work ethic?  Work ethic  is defined as “The principle that hard work is intrinsically virtuous or worthy of reward.” Is that the way you see work ethic? What is  your  definition of work ethic? How does the concept of “life ethic” fit into the mix? Le...

Many people greatly fear the thought of a recession. They cannot handle the idea that their investment portfolio will decline in value. They cannot handle the volatility. Fear leads people to make poor decisions. But I do not believe you should be afraid of a recession. Why? I share why you have reason to remain hopeful in this episode of Best in Wealth! [bctt tweet="I share why a recession should...