200 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

    • Business
    • 4.8 • 51 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.

    The Best in Wealth Guide to Understanding Medicare

    The Best in Wealth Guide to Understanding Medicare

    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 help you understand the basics of Medicare.

    [bctt tweet="In this episode, I share a simple guide to understanding Medicare. This is something everyone nearing retirement age NEEDS to understand. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    Outline of This Episode

    [4:47] Step #1: What is Medicare?
    [7:31] Step #2: What does Medicare cost?
    [10:54] Step #3: What does Medicare cover?
    [14:34] Step #4: Understanding supplemental coverage
    [23:29] Medicare planning is for everyone


    What is Medicare?
    Medicare is split into three parts: A, B, and D. Part A is hospital coverage, which pays for room and board if you are hospitalized or in a skilled nursing facility (not to be confused with assisted living or nursing home). Part B is “outpatient coverage,” which includes pretty much everything else: Doctor visits, equipment, lab work, surgeries, diagnostics tests, and more. Part D is prescription coverage.

    You are eligible for Medicare on the first day of the month during which you turn 65 (or earlier if you qualify due to a disability). You should enroll in Medicare three months before you turn 65. However, if you are still working and covered under your employer, you can apply for a waiver to wait to enroll until you are fully retired. But if you are already 65, you might be penalized if you do not enroll immediately.
    What does Medicare cost?
    Part A is free. Yes, you read that right—free! It has no premium attached. In 2023, Part B will cost $164.90 per month (for most people). If you are a high-income earner, you will likely have to pay more ($238, $340, $544, or $578 depending on how much you make).

    Part B premiums come directly out of your social security check monthly, unless you are delaying social security (then you will get billed quarterly). Part D drug coverage has many different options. But the national average is around $34 a month in 2022. These premiums also vary based on where you live and how much you make.

    [bctt tweet="What does Medicare cost? Learn more about the basics of Medicare in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagemen" username=""]
    What does Medicare cover?
    Medicare covers most of your healthcare costs. However, you’ll still be responsible for your deductibles, co-insurance, and copays. Part A will pay for 60 days in the hospital. Your share of the cost is a deductible of $1,556 in 2022. After 60 days in the hospital, you have to pay a larger share in the form of a copay—which could be hundreds of dollars per day. This could cost you a lot of money.

    Part B covers 80% of outpatient care after a small deductible of $233 per year. You will always have to cover 20% of services with no cap. Part D helps cover prescription medications—but not everything. It is around $35 a month and some things are excluded.
    Understanding supplemental coverage
    Some sort of supplement is necessary for every individual. Medicare covers approximately 80% of your healthcare. But what if you end up with cancer? What if your medical treatments cost $100,000? 20% of that is still $20,000. There are two main types of supplemental coverage: a Medigap plan or a Medicare Advantage Plan.

    A Medigap plan or Medicare supplement covers things that would normally be your share—such as the 20% Medicare does not cover. Some plans also...

    • 26 min
    The Pros and Cons of Being Rich

    The Pros and Cons of Being Rich

    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 pros and cons of becoming rich? Hear my thoughts in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    Outline of This Episode

    [2:09] Who would not want to be rich?
    [3:16] The pros of being rich
    [7:58] The cons of being rich
    [13:41] How will becoming rich change you?


    What if you won the lottery?
    The other day, I had lunch with my dad and brother. Our lunch conversation centered around the Powerball jackpot being at $1.5 billion. We were all amazed by the cost of the chicken we had ordered, which led to the conversation about winning the Powerball. My dad said, “If I win the Powerball, I am gonna buy your company.”

    But honestly—what would life look like if you won the lotto? What would the pros and cons of being extremely wealthy be? Let’s dive in.
    The pros of being rich
    Everyone wants to be rich, right? Who would not? I am sure being super-rich would be a nice problem to have. Let’s say you won the lottery, got a huge insurance settlement, or inherited a windfall from a relative and became super rich. So what are the pros?

    Financial freedom: Financial freedom allows you to make decisions based on things that bring joy to your life. I love what I do, so I would continue to run Fortress Planning Group when I am financially free.
    Go on vacations whenever and wherever you want: Maybe you can own or rent a yacht wherever you want.
    Build a dream home: You can build houses in different states or countries. We just built our house five years ago and my wife is already talking about things she wants to change.
    Fund your passions: You will be able to pay for all of your favorite pastimes.
    Wear the best clothes: My kids would wear Lululemon day and night.
    Pay for the best healthcare: You could have the best healthcare possible and pay for cosmetic surgeries not covered by healthcare.


    You could put in a swimming pool, throw the biggest parties, and the list goes on. What would be on your list?

    In his book, “The Psychology of Money,” Morgan Housel writes that “Money’s greatest intrinsic value is its ability to give you control over your time.” Isn’t that what financial freedom is all about? It is a luxury. If you are wealthy, you do what you want, where you want, when you want, and with who you want. Does that not sound amazing? But there are downsides.

    [bctt tweet="What are the pros of being rich? I share what I think some pros are in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement " username=""]
    The cons of being rich
    Some people would say that there are no cons to being rich. But the reality is that there are. We have read stories about the curse of those who have won the lottery. Many become broke or their lives are far worse than they were before.

    Money will not make you happy: Once you hit a certain income level, your happiness does not increase. If you have nothing and you are living in a house that is falling apart, more money will make you happy to an extent.
    The end of your goals and ambitions: If your goal is becoming financially free and you reach that goal, what is next? If you get there on your own...

    • 16 min
    How 17 Different Countries Define Meaningful Lives

    How 17 Different Countries Define Meaningful Lives

    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. In this episode of Best in Wealth, I cover some of the results of this study and share why a meaningful life is an important piece of retirement planning. Check it out!

    [bctt tweet="In this episode of Best in Wealth, I share how 17 countries define “meaningful lives” and why it matters for your retirement. Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    Outline of This Episode

    [1:07] What brings meaning to your everyday life?
    [3:32] What makes your life meaningful
    [5:07] The four most important sources of meaning
    [12:18] The other sources of meaning
    [13:18] Faith, religion, and spirituality
    [14:24] Under 30 vs. 65 plus
    [16:58] Why this exercise is so important


    What makes life meaningful?
    At Fortress Planning Group, we focus on the cornerstones in our lives. If you can figure out those cornerstones, you can build a plan around each of them to build abundance. But most clients do not know how to answer “What brings meaning to your life?”

    What do you want to accomplish before you die? When do you want to retire? How do you want your retirement to look? How are you going to address healthcare? What about being snowbirds for part of the year?

    Many people have not thought through how they want to live in retirement. And if I ask them what makes life meaningful, I might get a blank stare. That’s why you need to think about what brings your life meaning now and if that will change in retirement.
    Family is the #1 source of meaning and fulfillment
    The countries surveyed were the United States, New Zealand, Australia, Canada, the Netherlands, Germany, Greece, Italy, Singapore, Spain, Taiwan, the UK, Belgium, France, South Korea, Sweden, and Japan.

    By far, the #1 thing that brought meaning to people’s lives was their family. Family was the #1 choice in 14 of the 17 countries. People highlighted their relationships with parents, siblings, children, and grandchildren and quality time with them. They are proud of the accomplishments of their relatives. Family makes their lives fulfilling.

    [bctt tweet="For most people, family is the #1 source of fulfillment in their lives. Why does this matter when you’re about to retire? Learn more in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    People find fulfillment in their occupations
    The second source of fulfillment was one’s occupation/career. Think about that for a second. Does your occupation bring meaning to your life? Some say, “yes.” Others do not find meaning in their occupation at all. Before I started fortress and I was in sales, I did not find it meaningful.

    Maybe occupation is at the top for you, but maybe it is not. Maybe you are just working for a paycheck so you can create abundance in other cornerstones of your life. But if you want your career to be meaningful, figure out how to make that transition.
    Source of meaning #3: Material well-being
    What is material well-being? It includes satisfaction with a range of economic concerns, such as the government's handling of the economy, taxes, the cost of necessities, household income, pay, financial security, etc. That was the #1 source of meaning in South Korea. It was #2 for...

    • 19 min
    How Do You Earn More Time?

    How Do You Earn More Time?

    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 dividends and rebalancing so you buy at the lowest possible point? Let’s control what we can control.

    And there is one thing you can control to add more years to your life. If you’re behind on retirement planning, this could be the key to a successful retirement. Find out what it is in this episode of Best in Wealth!

    [bctt tweet="How do you earn more time? How do you add years to your life so you have more time to invest in the retirement of your dreams? Find out in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]

     
    Outline of This Episode

    [1:07] Let’s control what we can control
    [3:25] How do you earn more time?
    [7:09] The difference between lifespan and healthspan
    [8:40] How much do you need to exercise?
    [10:31] What else can add years to your life?
    [13:53] What are you doing to increase your healthspan?


    How do you earn more time?
    How do you make up time? Is there an option other than saving as much as you can? Or taking too many risks in your portfolio? I typically recommend saving as much as you can. However, an article written by Nick Maggiulli called “How to Get More Time” made me realize that I was looking at this all wrong.

    Instead of focusing on how to get and save more money—why not focus on getting more time? There is more time to save, more time for the stock market to recover, and more time for compounding interest. So how do you get more time? You have to earn more time.

    And you earn more time by exercising. Exercising regularly to improve your strength and cardiovascular health is the most effective way to increase how much productive time you have left on this earth. Anything can happen to anyone at any time. But all things equal, exercise has the most influence on earning more time.

    [bctt tweet="How do you make up time? Is there an option other than saving as much as you can? Or taking too many risks in your portfolio? Find out in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]

     
    The difference between lifespan and healthspan
    Peter Attia shares that “Proper cardiovascular fitness can add three to five years to your lifespan and six to eight years to your healthspan.” Healthspan is how long you live while in good health. Doesn’t 6–8 more years of living the life that you want sound wonderful? Isn’t that what everyone wants? If you could earn that through cardiovascular and strength training, isn’t that motivating? I am up and down with my fitness journey but gaining years on my life is highly motivating.
    How much do you need to exercise?
    But what if you hate exercising? What do you have to “give up” to gain 6–8 years? Turns out, if you spend four hours a week exercising for 50 weeks a year for 50 years, that would be 10,000 hours of lifetime exercise. One year of exercise gets you 6–8 additional years of disability-free health.

    Every hour you spend exercising is 6–8 hours of additional healthy living. Of course, it is not guaranteed, nothing in life is. But why not stack the odds in your favor? That is also why we invest in highly diversified portfolios. That will give you the greatest chance for financial success.

    What else can...

    • 16 min
    7 Tips to Help You Navigate Money in Your Marriage

    7 Tips to Help You Navigate Money in Your Marriage

    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 might do differently. Even if you do not fight about money, this episode of the Best in Wealth podcast is full of tips and tricks anyone can implement to change the money conversation. Check it out!

    [bctt tweet="In this episode of Best in Wealth, I share 7 tips to help you navigate money in your marriage. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    Outline of This Episode

    [1:05] My oldest daughter is getting married!
    [2:52] 7 tips for a healthy relationship with money
    [5:37] Tip #1: Keep a joint bank account
    [8:02] Tip #2: Discuss lifestyle choices together
    [9:37] Tip #3: Recognize your difference in personality
    [11:45] Tip #4: Do not let salary differences come between you
    [13:22] Tip #5: Keep your purchases out in the open
    [14:40] Tip #6: Set expectations together
    [16:37] Tip #7: Do not let the kids run the show
    [18:12] Learn how to talk about finances productively


    Tip #1: Keep a joint bank account (if it works for you)
    One of Rachel’s tips is to only have a joint bank account. When we got married, we kept separate counts and a joint account. I thought we would pool some money in the joint account to cover bills (based on how much each person made). It did not work out as I anticipated.

    Instead, when we are creating our spending plan, we set aside a flex account for money that each of us can spend monthly—no questions asked. It is the only line item that rolls over into the next month.
    Tip #2: Discuss lifestyle choices together
    You and your spouse may have different shopping habits. One might spend money on designer clothes and the other might shop at thrift stores. Get on the same page and come to a compromise about where and how to spend money (another reason I love each person having a flex account).
    Tip #3: Recognize your difference in personality
    Dave Ramsey talks about two types of people: The “free spirit” and the “nerd.” In any relationship, there is usually someone who likes to spend more than the other. Who is the nerd in your marriage? That person should handle the day-to-day operations of your finances. But when you create your spending plan and allocate where every dollar is going, do it together. You must both look at it and agree on it.

    [bctt tweet="Dave Ramsey talks about two types of people: The “free spirit” and the “nerd.” Learn how your personality can help you navigate money in marriage in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #WealthManagement" username=""]
    Tip #4: Do not let salary differences come between you
    I see this time and time again. The higher income earner in a marriage feels like they should have more power over what is happening with the money. Remember, it is not your money. When you get married, it is “our” money. Even if you keep separate accounts, do not use it as a power trip in your marriage. You are on the same team!
    Tip #5: Keep your purchases out in the open
    The #1 reason people get divorced is infidelity. The second reason is because of money. Being unfaithful to your spouse does not always involve an affair. What if you are keeping a separate account and hiding money and purchases from your spouse? One in three people has hidden purchases from their spouse. It will not end well.

    [bctt tweet="The #1 reason people get divorced is infidelity. The...

    • 20 min
    8 Reasons to Remain Positive about the Stock Market

    8 Reasons to Remain Positive about the Stock Market

    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 points. My end goal is to encourage you to remain hopeful about the economy.

    [bctt tweet="In this episode of Best in Wealth, I share 8 reasons to stay positive about the stock market. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    Outline of This Episode

    [1:10] The positive impact of routines
    [2:45] Inflation, the Fed, and midterm elections
    [7:40] 8 reasons to have a positive outlook
    [10:17] The impact of midterm elections on the stock market
    [12:49] Discipline is the key to successful investing


    Inflation, the Fed, and midterm elections
    On August 26th, Jerome Powell told investors that the Fed is committed to raising rates to fight inflation until it gets the job done. The stock market has steadily declined ever since.

    However, Brian points out that September is traditionally a weak month in the market. The upcoming midterm elections also leave people fearful. Why? The Fed is getting aggressive with interest rates. Their end goal is to return inflation down toward the 2% range, or a “neutral rate of inflation.”

    In the 12–15 years before 2021, we averaged 2% inflation. The labor markets are still tight and economic slowing is needed. Europe is about to enter a recession. China is still implementing its zero-Covid policy, impacting supply chains. Russia is causing problems with global energy supplies. Add all of this up and we likely see little upside in stocks.

    [bctt tweet="What do inflation, the Fed, and midterm elections have in common? Find out in this episode of the Best in Wealth podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""]
    8 reasons to remain positive about the stock market
    I believe we can have hope. Here is why.

    Leading indicators continue to point to deviation/disinflation. Over 40% of the components that make up the consumer price index have declined from their recent highs.
    US corporations remain impressively resilient, emerging from the global pandemic efficiently, with better cost discipline. They are weathering the inflation surge impressively.
    The US economy has absorbed the massive Fed rates.
    Labor issues are improving, evidenced by last month's job reports showing an increase in participation rates.
    Investor sentiment remains near rock bottom, worse than the great financial crisis. Why is that good news? When it is low, it is a sign of the bottom.
    There has been a drop in energy, housing, and commodity markets which supports a lower inflation outlook.
    We were supposed to hit $140 per barrel of oil this summer. Currently, oil sits at $86 a barrel—far below the Russia/Ukraine crisis levels. Oil was higher when the war with Ukraine started.
    ISM manufacturing prices paid index fell to the lowest levels of the year, in line with pre-pandemic figures.


    These 8 positive signs show us that we can see positive outcomes in the remainder of 2022. This is all good news for investors and the mainstream media is not pointing it out.
    The impact of midterm elections on the stock market
    We cannot forget about the role of elections. The midterms are Tuesday, November 8th. Historically, in the 12 months before election day, market performance has been muted at best and is generally volatile.

    But in the year after midterms, the S&P 500 sees market...

    • 15 min

Customer Reviews

4.8 out of 5
51 Ratings

51 Ratings

#sosfavdaughter ,

Best in wealth

Scott’s podcasts make my day and are so inspirational to my everyday life! Keep it up Sos!☺️

Bilbon1575 ,

Decent content but distracting speaking style

Content is pretty solid but the manner in which he speaks is distracting and annoying to me in the way he emphasizes certain words and how he stretches words out. It may be the way he normally speaks but it disrupts the flow of information. He also takes too long to get to the content with his initial commentary. I usually skip pay it when I listen.

Doug Meier ,

Informative with captivating topics!

Scott brings a ton of fun with informative topics that are important to me! Great listening for long road trips!

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