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 and three variations of the FIRE Movement. Do not miss it! [bctt tweet="What is the FIRE Movement retirement strategy? Learn all about it in this epis...
Jul 22, 2022•21 min•Ep. 200
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 That is an outdated belief.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 this episode of Best in Wealth, I will share the 6 traits I think define a smart person. [bctt tweet="What 6 traits do I believe you need to master to ...
Jul 08, 2022•23 min•Ep. 199
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. The thought of selling everything likely crosses everyone’s mind. In 2020, the market dropped 37%. When it was down around 20%, one of my clients so...
Jun 24, 2022•21 min•Ep. 198
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 paying excess taxes? Learn what you need to know in this episode of Best in Wealth. NOTE : I am not a CPA and this is not formal tax advice but pure...
Jun 10, 2022•23 min•Ep. 197
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 matter? What can you do about it so it does not ruin your retirement? On May 20th, 2022, we hit bear market territory—a 20% drop from the S&P 500’...
May 27, 2022•22 min•Ep. 196
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? Should you buy some? Listen to this episode of Best in Wealth to hear my thoughts! #wealth #retirement #inves...
May 13, 2022•24 min•Ep. 195
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 0.9% financing. I went to a dealership with cash and was told if I got a loan—even for 3 months—I wo...
Apr 29, 2022•23 min•Ep. 194
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 this episode of Best in Wealth to hear my thoughts! [bctt tweet="Investing is NOT a game—so why are...
Apr 15, 2022•21 min•Ep. 193
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 episode of the Best in Wealth podcast, I will share the three types of retirement and help you think ...
Apr 01, 2022•21 min•Ep. 192
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="Retirees: You might be able to spend MORE in retirement. Learn how in this episode of the Best in Wealth ...
Mar 18, 2022•26 min•Ep. 191
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 started. One thing is for certain: the market doesn’t like uncertainty. On Thursday, there was consid...
Mar 04, 2022•21 min•Ep. 190
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 reframing the way I talk about retirement—and you should, too. [bctt tweet="In this episode of ...
Feb 18, 2022•18 min•Ep. 189
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 not have future knowledge of what was going to happen during the game. The Packers were awful offensive...
Feb 04, 2022•21 min•Ep. 188
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 25%. Did you? So in this episode of Best in Wealth, I will share why your best plan of action is to r...
Jan 21, 2022•25 min•Ep. 187
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 future. In other words, set goals and strive to achieve them. But have you ever considered that you ca...
Jan 07, 2022•24 min•Ep. 186
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 of lies that I was telling myself, things like, “I do not have the time anymore” or “It is not that i...
Dec 24, 2021•24 min•Ep. 185
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 reasons, but the info I provide on this episode might change your mind. Outline of This Episode [1:0...
Dec 10, 2021•27 min•Ep. 184
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 Wealth! NOTE : I am not an affiliate of or compensated by Greenlight. I simply think it is a great ...
Nov 26, 2021•23 min•Ep. 183
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 parenting styles, and sex. These three things cause lowered relationship quality. But I only have the e...
Nov 12, 2021•24 min•Ep. 182
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 this episode of Best in Wealth, I share 5 retirement mistakes and how to avoid them! #wealth #retiremen...
Oct 29, 2021•20 min•Ep. 181
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 record-high prices in the stock market? Listen to this episode of Best in Wealth to hear my thoughts! ...
Oct 15, 2021•21 min•Ep. 180
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="How can owning a home benefit you in retirement? Learn more in this episode of Best in Wealth! #we...
Oct 01, 2021•24 min•Ep. 179
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 more in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlann...
Sep 17, 2021•27 min•Ep. 178
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 timing the market—and what to do instead. #wealth #retirement #investing #PersonalFinance #FinancialPla...
Sep 03, 2021•23 min•Ep. 177
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. What will it take to get there for the average person? What are some tips to help you get on track? Listen to this ep...
Aug 20, 2021•25 min•Ep. 176
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 portfolio? Learn more in this episode of Best in Wealth! [bctt tweet="Everything is pointing to inflation....
Aug 06, 2021•23 min•Ep. 175
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 accelerating [8:13] The definition of the new retirement [14:00] The definition of success [18:56] The...
Jul 23, 2021•27 min•Ep. 174
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="Don’t let your investments “drift” away! Find out what I mean in this episode of Best in Wealth. #...
Jul 09, 2021•22 min•Ep. 173
“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 to save for retirement depends on four factors . Listen to this episode of Best in Wealth to find out...
Jun 25, 2021•24 min•Ep. 172
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 you buy the top 10 companies in the US? Listen to this episode of Best in Wealth to hear my thoughts! ...
Jun 11, 2021•17 min•Ep. 171
