Best Scott Wellens Podcasts (2024)

1
Understanding the Mutual Fund Landscape, Ep #243 20:49

6d ago20:49

20:49

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 dol…

1
Solving the Two Biggest Retirement Problems, Ep #242 22:54

1M ago22:54

22:54

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 ret…

1
Do Roth Conversions Make Sense For You? Ep #241 21:03

2M ago21:03

21:03

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 twee…

1
The Positive Impact of Uncertainty, Ep #240 22:25

2M ago22:25

22:25

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.…

1
Why Your Portfolio Should Be Internationally Diversified, Ep #239 22:44

3M ago22:44

22:44

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.…

1
How Often Should You Look at Your Investments? Ep #238 23:47

3M ago23:47

23:47

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 twe…

1
Should You Invest in the Magnificent Seven? Ep #237 19:41

4M ago19:41

19:41

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 i…

1
Charlie Munger’s Life Lessons, Ep #236 19:31

5M ago19:31

19:31

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…

1
The Average Net Worth of US Households by Age, Ep #235 16:40

5M ago16:40

16:40

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 t…

1
Is American Household Wealth Growing? Ep #234 18:20

6M ago18:20

18:20

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%.” …

1
5 Life Lessons Kids Need to Learn, Ep #233 15:18

6M ago15:18

15:18

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 ar…

1
Will We See a 4th Quarter Rally? Ep #232 17:53

7M ago17:53

17:53

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 re…

1
End-of-Year Financial Planning Issues to Consider, Ep #231 26:01

7M ago26:01

26:01

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 …

1
The 9 Traits of a Happy Retirement, Ep #230 19:57

7M ago19:57

19:57

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? F…

1
3 Important Observations on Wealth and Health, Ep #229 21:18

8M ago21:18

21:18

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 researc…

1
Will Social Security Run Out by 2023? Ep #228 24:36

8M ago24:36

24:36

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…

1
The Pros and Cons of Owning a Second Home, Ep #227 20:20

9M ago20:20

20:20

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 mak…

1
Dissecting the Illusion of Moral Decline, Ep #226 18:29

9M ago18:29

18:29

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 ou…

1
How to Choose a Financial Power of Attorney, Ep #225 18:54

10M ago18:54

18:54

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 attorn…

1
The Importance of Staying Disciplined in Asset Classes, Ep #224 15:30

10M ago15:30

15:30

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 wil…

1
Are You Rich? Ep #223 15:58

11M ago15:58

15:58

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 wo…

1
The Concept of Work Ethic vs. Life Ethic, Ep #222 15:05

11M ago15:05

15:05

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 …

1
Why A Recession Shouldn’t Be Scary, Ep #221 20:44

12M ago20:44

20:44

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 W…

1
Inflation: Why There’s Reason to Remain Hopeful, Ep #220 14:31

12M ago14:31

14:31

Are you feeling positive or negative about the world today? Have you been watching the financial news and feeling a sense of doom because everything they report is negative? Do you feel like inflation is out of control? I am here to tell you that we have reason to remain hopeful and optimistic. I share why in this episode of Best in Wealth. [bctt t…

1
March Madness: Your NCAA Bracket vs. Investing, Ep #219 16:43

1y ago16:43

16:43

Did you watch the NCAA basketball tournament? Did you fill out an NCAA bracket? An estimated 1 in 4 Americans filled out a bracket to try and predict who is going to win it all. I do not watch a lot of basketball, but I still fill out a bracket every year. This year’s tournament was a wild and crazy ride. There were numerous upsets. What is your st…

1
How Vacations Make You Wealthier, Ep #218 18:21

1y ago18:21

18:21

As family stewards, we think of wealth differently. Many people focus on money. Our wealth might be our family, spirituality, friends, etc. Money might be further down the list. So how do vacations make you wealthy? When you are healthy, you are wealthy. Anyone who struggles with chronic illness would give anything for their health. In the article …

1
What is Your TRUE Net Worth? Ep #217 19:48

1y ago19:48

19:48

David Booth—the Co-Founder and Executive Chairman of Dimensional Fund Advisors—recently penned an article entitled, “What’s Your True Net Worth?” Here is the thing—your true net worth is not a calculation of your wealth. It stems from what you value. Find out what I mean in this episode of the Best in Wealth podcast! [bctt tweet="What is Your TRUE …

1
Savings Accounts: Earn the Interest Rate You Deserve, Ep #216 22:17

1y ago22:17

22:17

According to CNBC, 56% of Americans can’t cover a $1,000 emergency. They do not have enough money in the bank. If that is you, start building an emergency fund now. Dave Ramsey recommends saving $1,000 in the bank immediately. Then, you take any extra money you have and pay off your debt. After that, work to build savings of 3–6 months of living ex…

1
Withstanding the Roller-Coaster of Investing, Ep #215 21:15

1y ago21:15

21:15

I have received many calls and questions from clients, friends, and family about how bad things were in 2022 and what they think is going to happen in 2023. I do not blame them. With the global pandemic, rapid inflation, the war in Ukraine, and the volatile stock and bond market, it is reasonable to feel uneasy. If you had knowledge of future event…

1
The Psychology of Spending, Ep #214 24:31

1y ago24:31

24:31

In the article, “The Art and Science of Spending Money,” Morgan Housel talks about the psychology behind spending money. I’m going to talk about the six points she made that hit home for me. Why? Because we need to understand why we are spending. I am a financial advisor. I want you to save money. But I also believe there needs to be a healthy bala…

1
Can Your Investment Plan Withstand the Stock Market? Ep #213 15:01

1+ y ago15:01

15:01

Think back to December 2019. Unemployment, interest rates, and inflation were historically low. Then what happened? A pandemic. By the end of March 2020, the S&P 500 had dropped nearly 20%. By the end of the year, scientists had developed a vaccine and markets roared back. Facebook, Apple, Amazon, Netflix, and Google (FAANG) stocks soared. Bitcoin …

1
Stick With It: How to Build Good Habits in the New Year, Ep #212 18:44

1+ y ago18:44

18:44

Building good habits can be hard. Half of dieters give up within one week of starting. So what is the answer to lasting change? How do you make it easier to achieve? Dr. Sean Young studies behavior change. He has helped people develop good eating, sleeping, and exercise habits. He literally wrote the book, “Stick with It: A Scientifically Proven Pr…

1
Say Goodbye to Bad Habits in 4 Steps, Ep #211 15:53

1+ y ago15:53

15:53

What are your bad habits? When I finally climb into bed at night—I grab my phone and start scrolling. Before I know it, 30–40 minutes have passed. Looking at screens right before bed negatively impacts sleep, yet I continue to do it. So in this episode of Best in Wealth, I share four “laws” from James Clear’s book, “Atomic Habits,” that will help y…

1
What is Driving the Stock Market Gains? Ep #210 16:33

1+ y ago16:33

16:33

What question am I asked the most? It is usually along the lines of: “What do you think the stock market is going to do? When will we be out of this horrible downturn? When will things turn around?” These are the questions I will try and answer in today’s episode of the Best in Wealth podcast! [bctt tweet="What is driving the stock market gains? We…

1
The Best in Wealth Guide to Understanding Medicare, Ep #209 26:21

1+ y ago26:21

26:21

It is time for open enrollment for every insurance option—including Medicare. Are you confused? You are not alone. If you are not 65 and do not qualify for Medicare yet—do not tune out. This episode is for you, too. Everyone nearing retirement age needs to understand the process and the costs. So in this episode of Best in Wealth, it is my goal to …

1
The Pros and Cons of Being Rich, Ep #208 16:31

1+ y ago16:31

16:31

I know what you are thinking—how could there possibly be cons to being rich? While everyone has a different definition of what “rich” is, most can agree that becoming rich would be life-changing. But I would argue that it is not always life-changing in a good way. Find out what I mean in this episode of Best in Wealth! [bctt tweet="What are the pro…

1
How 17 Different Countries Define Meaningful Lives, Ep #207 19:47

1+ y ago19:47

19:47

What brought meaning to your life today? I got to wake up healthy kids. I got to drink coffee with my wife. I got a text from my 24-year-old living hundreds of miles away. I help my clients navigate retirement. All of these things bring meaning to my life. Pew Research surveyed 17 different countries to find out what was meaningful to each of them.…

1
How Do You Earn More Time? Ep #206 16:46

1+ y ago16:46

16:46

We cannot control the stock market, right? But there are many things we can control. At Fortress Planning Group, we do intense tax planning to help you save every dollar you can. There are so many facets of financial planning to consider. Are you doing estate planning? Do you know how much insurance you need? Are you strategically optimizing your d…

1
7 Tips to Help You Navigate Money in Your Marriage, Ep #205 20:57

1+ y ago20:57

20:57

7 Tips to Help You Navigate Money in Your Marriage, Ep #205 Did you just get married? Or have kids about to get married? Maybe you fight about money and need to recommit to a healthier money mindset. Rachel Cruze wrote an article where she shared 7 tips for a healthy relationship with money in marriage. I will share what those tips are and what I m…

1
8 Reasons to Remain Positive about the Stock Market, Ep #204 15:37

1+ y ago15:37

15:37

The first two quarters of 2022 were horrible in the stock market. The third quarter started well, but the last three-and-a-half weeks have not been great. One of my partners at Fortress Planning Group wrote an article about inflation, the Fed, and the midterm elections. In this episode of Best in Wealth, I am going to highlight some of Brian’s key …

1
What Should Your Net Worth Be Right Now? Ep #203 17:00

1+ y ago17:00

17:00

What should your net worth be? Where do you compare to the average investor? As a listener of this podcast, I think you are an above-average person. So what should your net worth be if you are above-average? In this episode of Best in Wealth, I share seven traits that make you an above-average person. Then I will share what the net worth of an abov…

1
Giving Money to Loved Ones: 4 Things You Need to Consider, Ep #202 16:43

1+ y ago16:43

16:43

Are you in a place to help your kids, siblings, or friends? What if you want to help your parents financially? How do you give money to loved ones? This is when things get dicey. This is not an easy subject to think about. But you will likely face it at some point during your life. So in this episode of Best in Wealth, I cover four things you NEED …

1
Three BIG Questions to Ponder, Ep #201 17:41

1+ y ago17:41

17:41

Have you heard of George Kinder? He is a well-known life planning expert. When it comes to retirement planning, it is not all about the money. The hard part is figuring out what is important. George has come up with three big questions that I want everyone to think about. Each of the questions is tough to answer. It will take meditation, prayer, ti…

1
The FIRE Movement Retirement Strategy, Ep #200 21:09

2y ago21:09

21:09

The book “Your Money or Your Life” by Vicki Robin was the book that is credited with launching the FIRE Movement. FIRE stands for “Financial Independence, Retire Early.” The FIRE Movement has exploded and become popular among Millennials. So what is the FIRE Movement? In this episode of Best in Wealth, I will share the three non-negotiable rules an…

1
The 6 Traits that Make You a Smart Person, Ep #199 23:17

2y ago23:17

23:17

The 6 Traits that Make You a Smart Person, Ep #199 What are the 6 traits that make you a smart person? Why is it important to exhibit these traits? “Smart” used to mean having access to information or memorizing endless facts and figures. That is an outdated belief. I believe that smart, ambitious, and hard-working people focus on soft skills. In t…

1
Timing the Market? Here’s What It’ll Cost You, Ep #198 20:36

2y ago20:36

20:36

As most of you know, inflation is high—higher than expected. Things do not look good in the news. Things do not look good in our portfolios either. As humans, when we feel like we are losing, we get the urge to sell our investments, sit on the cash, and wait on the sidelines for the news cycle to get better. It is natural and normal to feel nervous…

1
The Basics of Tax-Loss Harvesting, Ep #197 23:12

2y ago23:12

23:12

We are set to have one of the worst weeks in the stock market in a long time. The stock market was down over 20% the day this podcast was recorded—in bear market territory. We cannot control the market, no matter how much we would like to. But something that we can control—to some extent—is tax-loss harvesting. What is it? How can it help you avoid…

1
Don’t Let Recency Bias Destroy Your Retirement, Ep #196 21:31

2y ago21:31

21:31

Has recency bias affected your investment decisions, now or in the past? The Schwab BeFi 2021 study found that recency bias is the most common behavior that advisors believe impacts clients’ decision-making. 78% of Millennials, 75% of the Silent Generation, 74% of Gen X, and 56% of Baby Boomers suffer from it. But what is recency bias? Why does it …

1
Should You Buy I Bonds? Ep #195 24:06

2y ago24:06

24:06

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! [bc…

1
To Buy or to Lease? How to Choose the Right Option for You, Ep #194 22:58

2y ago22:58

22:58

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 …

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Scott Wellens Podcasts

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