Best In Wealth Podcast

What  is an I bond?  How  do you buy an I bond?  What  are the risks?  Are  there risks?  Who should buy I bonds? I bonds are a hot topic in the news because of the staggering high interest rates. So in this episode of Best in Wealth, I will answer these questions. I will help you decide if you are the right person to buy I bonds. Listen to learn more! [bctt tweet="Are I bonds a good investment? S...

Replacing an automobile is an inevitable and recurring life event. Many of my clients struggle with the question—buy or lease? If you buy, should you buy new or used? What would Dave Ramsey say? He does not want you to borrow money, lease a car, or even buy a new car. Do not get me wrong, I love being able to pay cash for a car. But I have been in situations where I have been presented with 0% or...

As a family steward, it is not only important to teach your kids how to invest—but that investing is not a game. With the surge of meme stocks that have gained cult-like popularity, it is easy to get caught up in the rat race. But buying one-off stocks is not the role of a family steward. So what does good investing look like? What should family stewards avoid when it comes to investing? Listen to...

We are all used to traditional retirement—save money and fully retire when you hit retirement age. But did you know that there are two other types of retirement? The other two types may even have a better impact on your mental health and sense of purpose in your retirement years. In a black and white world, multiple answers do not exist. But sometimes there is more than one right answer. In this e...

I read an article in Barron's entitled, “ Retirees Aren’t Spending Enough of Their Nest Eggs. Here’s Why. ” Why are people not spending enough? Should retirees be spending more? How do you figure out how much you can spend? In this episode of Best in Wealth, I talk about sequence of return risk, the Bengen Rule, and how you can live your best life in retirement—by spending more. [bctt tweet="Retir...

Russia began its invasion of Ukraine on February 24th, 2022. Not surprisingly, the stock market did not respond well to the news. Investors sold off  considerably  in the morning’s open. But things began to stabilize when no one expected it to. On day three of the conflict, the S&P 500 was up almost 3%. Why did that happen? It’s not clear what the end game of the conflict is—it is just getting...

I routinely talk about why you need a new routine in retirement, that you cannot just wing it. Retirement gives you time to accomplish everything you have wanted to do that you have never had the time to do. Retirement can be fulfilling and full of purpose. I have always referred to what you want to accomplish in retirement as your bucket list . In this episode of Best in Wealth, I talk about why...

I am a huge  Packers fan. The Packers recently hosted the 49ers in a playoff game they were expected to win. They had the home-field advantage and key players who had been hurt were returning. Even better, the Packers had beat the 49ers earlier in the season. Analysts and Vegas odds gave the Packers the edge. All of the information available pointed to a Packers’ victory. But they  lost . We did n...

Think back to the beginning of 2021. Do you remember what was happening? Do you remember how you were feeling? The odds are that you would not remember because of recency bias. Recency bias means that you are more likely to remember things that happened in the immediate past. You might have made some predictions at the beginning of 2021, right? But no one thought the S&P 500 would go up over 2...

We all understand what goals are and at least intuitively, we know that they are a good thing. As has been famously said, “If you aim at nothing, you are sure to hit it.” And we all know as well that regrets are no fun. I have a few regarding my educational pursuits in the past and I wish I could change them. But I cannot because the past is past. All I can do is aim toward better things in the fu...

This last year, when the COVID lockdowns happened, I took advantage of the space in my schedule to get started on a physical fitness routine, and I tell you, I made some great progress. It was a decision that benefited me in multiple ways and made me feel better overall. But once the pandemic restrictions lessened, I slacked on my new habit. It was a choice I made, but it was fueled by a handful o...

Have you heard of Health Savings Accounts (HSA's)? They are a government-approved tax savings tool that enables you to save money specifically for health-related expenses in a way that enables you to avoid paying tax on that money. So whatever tax bracket you are in, an HSA is one of the smartest ways to ensure you are not paying too much in taxes. Some people shy away from HSA's for a variety of...

Why is it important to teach your kids about money when they are young? How do you teach your kids about money in a day and age where everything is moving digital? I still have an 11 and 13-year-old at home who I need to educate on spending, saving, and investing. I have found a great tool that anyone can use to teach their kids about money—Greenlight. Learn all about it in this episode of Best in...

According to Dixie Meyer and Renata Sledge in their article, “ The Relationship Between Conflict Topics and Romantic Relationship Dynamics ,” personal habits, communication style, household chores, finances, big decisions, quality time together, sex, parenting styles, and in-laws are the topics most married couples most frequently argue about. The three biggest things? Finances, differences in par...

I recently came across an opinion piece,  “I Failed at Retirement: How to Avoid My Mistakes ,” by Mike Drak. Mike worked in the banking industry for over 30 years. His wife is an investment advisor. But when he retired, he quickly felt like he had failed to prepare. How did he fail at retirement? I will dissect the five mistakes he said he made in this episode of Best in Wealth! [bctt tweet="In th...

When people find out I am a financial planner, they often ask things like “The market is so high right now, where is it going to go from here? Should I pull money out of the market? Should I move it around?” So in this episode of the Best in Wealth podcast, I will share how I think family stewards should react to record-high stock market prices. [bctt tweet="How should a family steward react to re...

Your home provides shelter, right? Homeowners' houses are also investments—just like stocks and bonds. Unlike living in an apartment, you can bequeath your home to someone after you pass away. Houses—like any product or service—provide benefits. What are they? And can your home be a source of income in retirement? Listen to this episode of Best in Wealth to learn what your options are! [bctt tweet...

Are you familiar with the 22 age milestones that you will experience throughout your—and your children’s—life? Maximizing these 22 milestones is incredibly important for a successful monetary journey through life. Listen to this episode of Best in Wealth to learn what they are and why they’re important! [bctt tweet="What 22 age milestones in your financial journey should you be aware of? Learn mor...

You don’t think you’re timing the market, but guess what? You probably are. In this episode of Best in Wealth, I’ll talk about what the average investor looks like and why you don’t want to fall into that category. I’ll share why I think you’re timing the market and what you should be doing instead. Check it out! [bctt tweet="In this episode of Best in Wealth, I share the unexpected way you’re tim...

A recent  Charles Schwab survey  of 401k participants found that they believed they needed to save at least $1.9 million for their money to last through retirement. When Schwab did this survey in  2019 , the target retirement savings was $1.7 million. People are projecting needing $200,000 more over a short two years! So let’s pretend that your number is $1.9 million for retirement....

A Wall Street Article, “ Everything Screams Inflation, ” was published on May 5th, 2021. The opening line says, “We could be at a generational turning point for finance. Politics, economics, international relations, demography and labor are all shifting to supporting inflation.” Is inflation headed higher? The short-term answer is that it already has. So what does this mean for you and your portfo...

Edward Jones recently completed a large study on the 4 pillars of the “new” retirement. So in this episode of Best in Wealth, I’m going to talk about some of the topics covered in this study: changing times, the definition of the new retirement, the definition of success, and the 4 pillars. Don’t miss it! Outline of This Episode [1:37] How do you feel about change? [4:08] The speed of change is ac...

What is style drift? Style drift is when the fund you’re invested in drifts away from its investment objective. Why is this problematic? How can it impact your portfolio if your mutual fund isn’t actively managed? In this episode of Best in Wealth, I’ll share more about style drift, give an example of what it looks like, and I’ll tell you one of the best ways to avoid it. Check it out! [bctt tweet...

“How much do I need to save for retirement?” This is a question I am asked all the time , often before I know anything about the person I am meeting with. Do they need $1 million? $2 million? People talk to friends and family about retirement and question if they have enough. People often think that everyone has the same number. But the truth is that everyone’s needs are different. What you need t...

Everyone is familiar with the top 10 companies in the US. We’re talking companies like Apple, Microsoft, Google, Facebook, etc. But should you have a large amount of money in the top ten? They have all done really well the last 5–8 years. How many of the top ten biggest companies should you have in your portfolio—if any? I share my thoughts in this episode of Best in Wealth! [bctt tweet="Should yo...