145 episodes

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.

Best In Wealth Podcast Scott Wellens

    • Investing
    • 4.7, 28 Ratings

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.

    Credit Scores 101: Everything You Should Know, Ep #144

    Credit Scores 101: Everything You Should Know, Ep #144

    This episode of the Best in Wealth podcast is a crash course: Credit Scores 101. I answer some of the questions you may have: What is a FICO score? Why do you want a good credit score? How do you improve your credit score? When should you consider closing a credit card? I break your credit score down to help you understand how it works for you and why it’s important. If your credit score has you confused, don’t miss this informative episode.


    [bctt tweet="In this episode of Best in Wealth I talk credit scores: Everything you NEED to know. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Outline of This Episode[1:53] My wife’s credit score is always...


    [5:50] How your credit score is determined


    [9:15] the NEW standard that just came out


    [10:23] Why do I want a good credit score?


    [13:34] How do you build your credit score?


    [18:48] When should you CLOSE a credit card


    Credit Score 101: What IS a credit score and HOW is it determined?When someone is talking about a credit score, they’re typically referring to a FICO credit score. FICO stands for “Fair, Isaac, and Company”. It is the oldest and most well-known of the credit reporting agencies. A FICO score can range from 300 to 850—a higher score is better. Your credit score is based on your credit history. Its purpose is to help lenders estimate how likely you are to repay the money that you borrow.


    How are the scores rated?


    Poor = 579 or lower


    Fair = 580–669


    Good = 670–739


    Very Good = 740–799


    Exceptional = 800–850


    Now that you know what a FICO credit score is, and what the ranges are—how do they calculate your rate? It’s based on these things:


    Credit Card Payment History: This accounts for 35% of your credit score.


    Credit Utilization: Your credit card limit and how much you’re using accounts for 30% of your score. You want to use under 30% of your credit limit at all times or it will negatively impact your score.


    Age of Credit History: How long your credit accounts have been open accounts for 15%.


    Credit Account Types: This accounts for 10%.


    Hard Inquiries: When a bank, car insurance, employer, etc. check your credit score it impacts your credit and counts as much as 10% towards your score (NOTE: Checking your OWN credit score doesn’t make an impact).


    A NEW standard was just announced that will shift these percentages. Listen to find out what those changes are!


    Why you should strive for a good credit scoreThere are 6 reasons why you want a good credit score:


    A better credit score typically equates to a better interest rate on loans when you go take out a loan. It can be a difference of thousands of dollars.


    Insurance companies use your credit score to calculate your rates. The difference between a poor score and a high score can impact your rates as much as 67%.


    Your credit score is checked and impacts whether or not you can rent an apartment or home.


    A high credit score can get you a security deposit waiver on utilities when you purchase a new home.


    If you’re buying a new phone and have a poor credit score, a carrier may require a deposit.


    Prospective employers may look at your credit score to determine whether or not they’ll hire you.


    [bctt tweet="Why should you strive for a good credit score? I share 6 reasons in this episode of Best in Wealth (and so much more). Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Build a better credit scoreWe’ve established WHY you want a good credit score. So what do you do if you have a poor score? Can you build it up? The simple answer is yes—you CAN rebuild your credit score. Here’s a few ways you can increase your credit score:


    Don’t be late paying your bills—EVER—it wil

    • 27 min
    5 Tips to Prepare for a Recession, Ep #143

    5 Tips to Prepare for a Recession, Ep #143

    Is it time to prepare for a recession? I predicted at the end of 2019 that one would be coming—and many argue that we are already deep in the trenches. But what is a recession? What indicates that we ARE in a recession? In this episode of Best in Wealth, I’ll share those indicators, what we can learn from past recessions, and 5 tips to prepare yourself and your family.


    [bctt tweet="In this episode of Best in Wealth I share 5 Tips to prepare for a recession. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Outline of This Episode[4:25] How I predicted a recession was coming


    [6:20] What is the definition of a recession?


    [7:03] What are the indicators of a recession?


    [10:07] What we can learn from past recessions


    [16:30] Recessions don’t need to be scary


    [17:40] 5 Tips to prepare for a recession


    [24:55] What did we accomplish while life was standing still?


    What IS a recession?The definition of a recession is a period of economic decline within a certain region such as the United States. There must also be at least two quarters of negative Gross Domestic Product (GDP). Technically speaking, we won’t know if we’re in a recession until the GDP reports for the 1st and 2nd quarter of 2020 come in. So what are the indicators of a recession?


    An increase in unemployment numbers


    A downturn in the stock market


    A downturn in the housing market


    Negative returns in GDP


    We are slowly checking the boxes on all these indicators. Unemployment is past 20%. The stock market at its lowest was down -37.5% from its 52-week high. It’s projected that home sales will drop 35% in the 2nd quarter compared to the end of 2019. The GDP will be the final nail in the coffin, but it appears we are well on the way to our 16th recession.


    What we can learn from past recessionsThe question at the back of everyone’s minds is “Should I be afraid?”. The best way to answer that question is to look at statistics from past recessions.


    There have been 16 recessions since 1929


    The average recession lasts 16 months


    11 of 15 recessions end with your portfolio in positive territory after 2 years


    4 of the 15 recessions required holding your portfolio 3-5 years to see positive returns


    Only one recession—the great depression—required holding your portfolio for over 10 years to see a positive return


    Recessions don’t need to be scary. The mass media wants us to believe they are so we make emotional decisions. Stocks WILL go down, but the WILL recover. So hold tight and don’t make emotional decisions.


    [bctt tweet="What can we learn from past recessions? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    5 tips to prepare for a recessionI wanted to share 5 tips to help you prepare for a session. You don’t have to panic and make hasty decisions. Instead, this is what I recommend:


    Keep investing. The money you invest this year will have more growth potential than what you invested in 2019 because you’re buying in at lower values. Have any extra money on the sidelines? Put it to work!


    Don’t take your inflation adjustment. If you’re retired you typically take out 4% from your retirement plus a percentage for the rate of inflation. I recommend leaving the extra in your portfolio this year to extend its longevity.


    Build a spending plan. Put a budget in place and track your expenses so you use your money wisely. You’ll often be able to find extra money that was being wasted.


    Increase your emergency fund. I recommend having 3-6 months worth of expenses in an emergency fund. The larger it is, the longer you can withstand not getting a paycheck. I recommend splitting any extra money (stimulus checks

    • 27 min
    Dissecting 3 Market Timing Strategies, Ep #142

    Dissecting 3 Market Timing Strategies, Ep #142

    Is it ever a good time to take your money out of the market? I’m sure everyone was tempted to jump ship when they saw the S&P 500 drop to negative 37.4%. Numbers like those can make anyone reconsider their investment strategy. Will we be better off if we step out of the market for a while? In this episode of Best in Wealth, I dissect 3 market timing strategies. I’ll cover which yields the most favorable results—and land on one strategy that outperforms the rest.


    [bctt tweet="In this episode of Best in Wealth I dissect 3 Market Timing Strategies—and share which gives you the best return. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Outline of This Episode[1:12] When people say “I told you so”


    [4:07] Stick to a set of fundamental principles


    [9:59] The two decisions you have to make


    [11:36] Market timing strategy #1


    [14:22] Market timing strategy #2


    [16:31] Market timing strategy #3


    [19:17] The buy and hold strategy


    [21:15] What can we learn from these numbers?


    [23:01] How do we maintain control?


    Market Timing Strategy #1If we owned stock in the market from July of 1926 to December 2019, we’d have an annualized rate of return of 9.57%. In the following strategies, we will be comparing the approximate annualized rate of returns to that average.


    The first timing strategy involves taking your money out when the market is down 10%. Then, you wait either 100, 200, or 300 days to inject your money back into the market. After each time-frame, this is what the returns look like:


    100 Days: Annualized rate of return of 7.11%


    200 Days: Annualized rate of return of 6.67%


    300 Days: Annualized rate of return of 5.89%


    As you can see, these numbers are far below the average of 9.57%. We need a timing strategy that outperforms these numbers.


    Market Timing Strategy #2In this strategy, we hold our money until we hit bear market territory—a 20% drop from the high. If we pulled our money out of the market and reintroduced it at:


    100 days: 6.8% annualized rate of return


    200 days: 6.08% annualized rate of return


    300 days: 5.75% annualized rate of return


    This strategy still isn’t faring any better—let’s move on to the 3rd.


    [bctt tweet="One market timing strategy consists of pulling your investment out of the market when it’s down 20%. Listen to this episode of Best in Wealth for a full explanation! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Market Timing Strategy #3You’ve waited almost as long as you can bear. The market has dropped 30% and everyone feels the need to bail. We want to get to safety and wait for better times. So what happens if you yank your money at this point?


    100 days: 8.71% annualized rate of return


    200 days: 8.55% annualized rate of return


    300 days: 8.66% annualized rate of return


    Alright, so this is by far the best strategy. It’s a decent rate of return—but still over a percent away from that 9.57% average that we want to be hitting. So what do you do?


    The BEST strategy: Buy and HoldAs much as it pains you to think about it, the buy and hold strategy is your best bet. In fact, leaving your money in the market will add up to hundreds of thousands of dollars throughout your lifetime of investing. Granted, these are all hypothetical numbers based on looking at the indexes, but the concept holds true.


    Financial downturns are unpleasant for everyone, but investors are trained to reduce an exasperating circumstance by adhering to our core principles. A famous quote of unknown origin goes: “You don’t rise to the occasion, you sink to the level of your training.” It’s why we diversify your assets, consistently allocate them, and move towards higher expected returns. We stay away from

    • 25 min
    What you NEED to Know About the CARES Act, Ep #141

    What you NEED to Know About the CARES Act, Ep #141

    The CARES Act—Coronavirus Aid, Relief, and Economic Security Act—is at the forefront of everyone’s mind right now. It’s an estimated $2 trillion relief package with over $500 billion being allocated to individual rebate checks. $500 billion is being dispersed to affected industries, $400 billion for small businesses, $300 billion for state and local government, and $150 billion for hospitals and healthcare systems.


    That is a LOT of money. In this episode of Best in Wealth, I aim to help you understand what affects you as an individual. I’ll cover who qualifies for a recovery rebate check and how it’s calculated. I’ll also talk about when and how you’ll be receiving the money—and what the government wants you to do with it. Don’t miss this episode that’s packed full of need-to-know information.


    [bctt tweet="In this episode of Best in #Wealth I dissect what you NEED to know about the CARES Act—and the rebate check you may get. Don’t miss it! #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Coronavirus" username=""]


    Outline of This Episode[2:13] Every corner of our house is spotless


    [3:28] Breaking down the CARES Act


    [5:21] Details on the recovery rebate checks


    [12:40] How your qualification will be calculated


    [17:57] WHERE and WHEN will we be paid?


    [20:16] How else will the CARES Act help?


    [27:35] Embrace the practice of patience


    Breaking down the recovery rebate checkEveryone is eligible for a rebate check. Just let that sink in for a second. Every single adult qualifies up to $1,200 and couples filing jointly up to $2,400 in total. You will receive up to $500 for each child under the age of 17 (NOTE: that does NOT include ages 17 & over). The average family with two children would receive $3,400 in total.


    Notice how I said "up to" in the previous paragraph. That's because there are thresholds in place—for every $100 you are over the threshold you lose $5 of the rebate check. For an individual, the income threshold is $75,000. If you are married-filing-jointly the threshold is $150,000. Hypothetically speaking, if you are married and have 4 children (with an excluded 17 y/o) you’d qualify for $3,900. If you make $176,000 then you are $26,000 above the threshold. $5 being removed for every $100 is a 5% deduction. 5% of $26,000 is $1,300. So the maximum you would’ve received is $3,900 minus $1,300 = a $2,600 rebate check.


    Keep in mind this is calculated from your adjusted gross income—so student loan interest payments, IRA or HSA contributions, etc. would be excluded from the calculation.


    How are they calculating WHO will receive the rebates?If you have filed your 2019 taxes your rebate will be based on your 2019 return. If you have not already filed your 2019 taxes, they will determine who gets the rebate based on your 2018 tax return. If you have not filed and made less in 2019 than you did in 2018—file immediately. If you made more in 2019, hold off on filing your tax return if it puts you over the threshold (but be sure to file before July 15th). Technically speaking, this is a 2020 tax rebate. Luckily, if you’ve already received the rebate check and you file your tax return for 2019 and are over the threshold you won’t have to return the money.


    The downside is for those who made well over the threshold in 2018/2019 but have since been laid off—joining the 3.3 million people who have already filed for unemployment. Your taxes will indicate that you don’t deserve the rebate check—until you file for 2020. If you fall under the threshold at that point, then you will receive the rebate after filing 2020 taxes.


    [bctt tweet="How are they calculating WHO will receive the #Coronavirus relief rebate checks? Listen to this episode of Best in #Wealth for the details! #retirement #investing #PersonalFinance #Finan

    • 29 min
    3 Unexpected Ways to Build Wealth During the Coronavirus, Ep #140

    3 Unexpected Ways to Build Wealth During the Coronavirus, Ep #140

    What do I mean by ‘build wealth’ while you’re quarantined at home? Many businesses are closing for the foreseeable future. Schools are closing. Parents are learning to navigate working from home while keeping their kids occupied. Our routines are being ripped apart. We are living in unusual times. What was normal yesterday won’t be today.


    So what do we do? How do we manage this ‘free’ time at home? In this episode of Best in Wealth, I’ll share 3 ways—that aren’t what you think—you can build wealth during the Coronavirus quarantines the world is experiencing.


    [bctt tweet="In this episode of Best in Wealth, I share 3 unexpected ways to build wealth during the Coronavirus. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement " username=""]


    Outline of This Episode[1:13] Start a family movie night!


    [3:47] What you think the episode is about


    [6:50] Wealth is about all of your cornerstones


    [7:42] #1 - Reconnect with your family


    [12:17] #2 - Focus on personal development


    [17:02] #3 - Stay positive amidst the negativity


    [21:14] How I overcame a stutter and found my voice


    What you think I mean when I say ‘Build Wealth’This would be the perfect time for me to tell you to buy into the stock market right now, while they’re at rock-bottom prices. You could get them at steep discounts. Or I could tell you to take some time to assess your risk, perhaps rebalance your portfolios into different asset classes.


    I could tell you to refer back to your personalized investment policy statement so you don’t make panicked decisions. I could tell you to stay disciplined—it is one of the most important things you can do during this time. But I’m not going to talk about any of these things.


    So what are the 3 things I am going to share?


    #1 Reconnect with your familyWealth refers to all of your cornerstones. It isn’t just about building something of monetary value. Have you noticed lately how busy you’ve been? Have you looked at your calendar, like I have, and questioned how you’re going to get everything done? Now, suddenly, we’ve been forced to slow down and take a step back.


    Volleyball tournaments are canceled. Birthday parties are no more. Church services are being moved online. All of the things that overwhelmed my schedule have disappeared. So I’m going to be intentional about this time and spend time with my family.


    We’re going to have movie nights and Netflix binges, play board games, and even put on scarves and gloves to play basketball on a still chilly Wisconsin day. We’re going to make meals together. Focus on building a bond with your family. At the end of your life, your pile of money won’t matter much without them.


    [bctt tweet="In this episode of Best in Wealth, one of the topics I cover is taking this time to reconnect with your family. Listen to the whole episode for other quarantine ideas! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    #2 Focus on personal-developmentWe aren’t watching sports, going to the movie theatre, and we’ve spent time with our family—now what? Why don’t we focus on reconnecting with ourselves? What are things you’ve been putting off? You could read a book, take an online class, or take up a new hobby. Go for a walk in nature and enjoy the beauty around you.


    If you’re a spiritual person, it's a great time to reconnect with God. Start reading your bible and setting aside time for prayer. Of course, you could take this time to think about your financial cornerstone. Build your habit goals, define a spending plan, sit down with your spouse and go over your retirement dreams.


    #3 Stay positive amidst the negativityLearn how to stay positive in the negativity. We can choose a different direction. We need

    • 24 min
    Will the Coronavirus Outbreak Affect my Investments? Ep #139

    Will the Coronavirus Outbreak Affect my Investments? Ep #139

    The coronavirus is making waves around the world, inciting fear in its wake. But what will it’s true impact be on a global scale? Will it affect my investment portfolio? In this episode of Best in Wealth, my goal is to quell your fears. I’ll talk about recency bias, how past pandemics affected the stock market, and what to expect from the coronavirus.


    So what is the coronavirus? The official name is COVID-19. According to the CDC (https://www.cdc.gov/coronavirus/2019-ncov/faq.html#basics) , current symptoms include mild to severe respiratory illness with fever, cough, and difficulty breathing. The virus originated from an animal (similar to MERS and SARS) but can be transmitted by human-to-human contact.


    [bctt tweet="Will the Coronavirus Affect my Investments? I share my thoughts on the pandemic In this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Outline of This Episode[1:59] The topic of the day: coronavirus and your investments


    [2:05] What do you do when your kids get hurt?


    [3:37] How will the coronavirus affect my investments?


    [6:14] Current global toll from the coronavirus (Feb. 27th)


    [7:54] SARS impact on the stock market and global economy


    [9:20] The impact the Bird Flu had—lethal but short-lived


    [10:21] The Swine Flu was the most widespread pandemic


    [12:09] Put the current pandemic in the proper perspective


    [12:49] The impact of Ebola and the Pneumonic Plague


    [13:14] The market will recover quickly based on past trends


    [14:54] What happens next?


    [17:17] What do we do with our investments?


    You must overcome recency biasRecency bias is a simple construct: you remember clearly what’s happened most recently, compared to something that has happened in the near past. With every new virus that becomes widespread, we forget the impact of those that have come previously. Human instinct—and certainly that of the media—is to revert to panic.


    I’ve done extensive research this week to gain information about pandemics that have struck within the last twenty years to see what the recent past tells us. Outbreaks come and go, but we need to be sure to educate ourselves and be prepared for the potential outcomes.


    How global pandemics of the past impacted the stock marketI’ve narrowed down and gathered some statistics on a few outbreaks and how they impacted the global economy:


    Severe Acute Respiratory Syndrome (SARS): Sars began to spread in early 2003 with an outbreak concentrated in Asia. It reduced the global GDP by 33 billion dollars. The first month after it broke the market was up 86%. After 6 months, the market was still up 21.5%.


    The bird flu: In 2016, the bird flu affected fewer people but had a higher death toll, which was quite scary. While lethal, the epidemic was short-lived. After one month the market was flat, but 6 months later the market was up 10%.


    The swine flu: The CDC announced the spread of the swine flu in 2009. It originated in Mexico and could not be contained. It became so widespread that President Obama declared a public health emergency. Between 700 million and 1.5 billion people contracted the swine flu with close to half a million deaths. Despite everything, the market was up 11% a month into the epidemic and was up 40% after 6 months.


    Keep listening as I share a few more statistics on widespread viruses. But the long-term impact of nearly all of them was a rebounding market.


    [bctt tweet="In this episode of Best in Wealth, I share how global pandemics of the past impacted the stock market—and what we could expect from the coronavirus. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]


    Put the Coronavirus in proper perspectiveIn light of our tendency towards re

    • 20 min

Customer Reviews

4.7 out of 5
28 Ratings

28 Ratings

BevPotter ,

Best in Wealth

Great podcast!

Rob Gir ,

Best Financial Podcast

Always has great advice and perspective

jherrig ,

Best in wealth

Very awesome

Top Podcasts In Investing

Listeners Also Subscribed To