Best In Wealth Podcast

By: Scott Wellens
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  • Summary

  • 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 2024 Scott Wellens
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Episodes
  • Are You in the Top 5% of Income-Earners or Net Worth? Ep #253

    Are You in the Top 5% of Income-Earners or Net Worth? Ep #253
    Oct 18 2024
    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’ll 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’re in the top 5%. You’re just launching your career and starting to earn an income.
    • 30-39: If you earn $292,927 or more, you’re in the top 5%. You’re 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’re in the top 5%. Maybe you continued to receive promotions or your business grew.
    • 50-59: If you earn $598,825 or more, you’re 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’re 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’re in the top 5%. Most people in their 70s probably aren’t 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’re 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 don’t 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’s okay if you don’t 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’ll 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!...
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    20 mins
  • Demystifying Financial Advisors, Ep #252

    Demystifying Financial Advisors, Ep #252
    Oct 4 2024
    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? In this episode of Best in Wealth, I’ll 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 don’t 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:
    1. Insurance Sales Representative: They’re 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.
    2. Registered Representative/Broker-Dealer: They take an exam to be “registered” to sell securities, mutual funds, life insurance policies, etc. They’re paid by commission, much like insurance representatives. Or they’ll recommend a mutual fund where they get a percentage (annual 12B1 fees and more). They’re also not fiduciaries.
    3. 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’m a fee-only Investment Advisor Representative. I don’t co-mingle with insurance sales representatives or registered representatives. It removes any conflict of interest. I’m 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’re 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 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’s 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’s 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,...
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    27 mins
  • Does the Outcome of the Presidential Election Impact My Investments? Ep #251

    Does the Outcome of the Presidential Election Impact My Investments? Ep #251
    Sep 20 2024
    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’ll 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’ve 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’ve 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...
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    23 mins

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