What is strategic rebalancing? Why should you rebalance your portfolio? How do you rebalance your portfolio? In this episode of the Best in Wealth Podcast, I share what it is, why you want to do it, and the best way to strategically rebalance your portfolio. Don’t miss it! [bctt tweet="This episode of the Best in Wealth podcast is your guide to the strategic rebalancing of your portfolio. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Balance" username=""] Outline of This Episode[2:37] Cleaning out my junk drawer [5:15] What is strategic rebalancing? [9:09] Rebalancing reason #1: Risk tolerance [12:14] Rebalancing reason #2: Buy low and sell high [14:05] Time-based portfolio rebalancing [18:22] Employ strategic rebalancing [22:05] Invest in the low performers What is strategic rebalancing?What is strategic rebalancing? Why do you do it? Let’s say you have allocated your 401k into five different mutual funds. For example, you may be invest 20% into the following asset classes; a US fund, an international fund, an emerging markets fund, a real estate fund (REIT) and a bond fund. Then, over time as the market goes up and down, let's say the US markets are down and the international market is doing well. Your 20% allocation in the US mutual funds drops to 18% and your international funds might be at 23%. Now, your portfolio is out of alignment. Rebalancing a portfolio is getting it back to square one, with each fund at 20%. But there are different ways to go about it. The TWO big reasons to rebalanceAt Fortress Planning Group, we define risk between 1 and 99. “1” means you hide your money under your mattress (and have next to zero risk tolerance). If you are a “99,” you are able to invest in volatile stocks (you have a high risk tolerance). Your risk tolerance should be somewhere in-between 1 and 99. You set your portfolio to a certain risk level because it fits your risk tolerance. The market will go up and down. You cannot time it. But if your risk tolerance is a 65 and you are in a portfolio that is a 70, you may not be able to handle a volatile market. Your emotions will lead to poor decisions. You need your risk tolerance to be in the right place. You have to rebalance so your risk tolerance stays aligned. You cannot be at risk of making emotional decisions. This is the #1 reason why you rebalance. Reason #2 is that rebalancing offers you the opportunity to buy low and sell high. If your international mutual fund is doing well and is now at 25% of your portfolio, you can "sell high" to get your portfolio back to 20%. You can then buy your US mutual fund and while it is down, "buy low" and get the fund back up to 20% while it is underperforming. [bctt tweet="What is strategic rebalancing? Why do you do it? Learn more in this episode of the Best in Wealth podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Balance" username=""] Time-based portfolio rebalancingHow do you rebalance your portfolio? One option is to do it at a set time monthly, quarterly, or yearly. In most 401ks, you can set it up so that it automatically rebalances. What is the best option? How often should you rebalance? A Vanguard study says there is no perfect time to rebalance. Rebalancing monthly might be excessive and you may pay too much in fees. If you rebalance too soon, you can miss out on momentum. If recessions and corrections lasted the same amount of time, you could do time-weighted rebalancing. But no one knows how long a recession and correction will last. If your choice is regular rebalancing, aim for yearly rebalancing. But this is not the method that I recommend. What is? Strategic rebalancing 101At Fortress Planning Group, we employ strategic rebalancing as often as we need to. The research suggests this is the way to get the most bang for your buck. We do not want to leave money on...

COVID has turned the world upside down. We are all entrenched in the depth of winter. There’s a lot of hatred permeating politics. The economy is overwhelming. It feels like the walls are caving in around you, right? But none of these things are under our control. Focusing on these things won’t make your walls stronger. You’re the one responsible for building your four walls. No one else will do it for you. You don’t want a weak house that leaks. You want a strong fortress. So how do you build your fortress? In this episode of Best in Wealth, I share 5 things you can control and focus on. Check it out! Outline of This Episode[1:15] Welcome! [2:04] Growing up a carpenters kid [4:14] The state of our world [9:18] How to build your fortress [10:00] #1: Take care of your family [11:36] #2: Build your financial fortress [14:59] #3: Be kind to others [16:41] #4: Take care of yourself [19:27] #5: Get spiritual Step #1: Take care of your familyDon’t take your spouse for granted. Everyone can work on their marriage. Are you a parent? Become the best parent that you can be. How? Be present. Don’t stress about what you can’t control. Listen to your kids. A client told me that instead of asking your child “How was your day?” you have to say “Tell me about your day.” It’s a game-changer. When you work to be present, you’re pouring a strong foundation. #2 Build your financial fortressHow can you take care of your financial fortress? Here are some ideas: Set up a budget! Get a spending plan in place. You feel so much better. It isn’t a constraint on your money—it’s permission to spend. Don’t feel guilty when you have it as part of your spending plan. Set up a great retirement plan. You’ll feel more secure and like you’re making better decisions with your money. Get a sound investment plan in place. When you have an investment policy statement in place, you feel less out of control when the market dips. Get the insurance you need (and get rid of what you don’t need). Pay attention to your taxes. Get estate-planning documents in order. If this is too overwhelming, reach out to me! This is what I do for a living. I can help you get it all together. Step #3: Be kind to othersI’m tired of all of the hatred in the world—aren’t you? Why can’t we just be kind to others? Let people pass you on the freeway. Open the door for someone. Smile. Give. You can do three things with your money: spend it, save it, or give it away. You will be happiest when you’re giving. Give a little now so you can give a lot later. It doesn’t have to be monetary—you can give your time, too. Step #4: Take care of yourselfEveryone focuses on self-care at the beginning of a year, right? It’s so easy to start strong, then you start to go downhill. It’ll be rough at first. But once you get in the groove, you’ll want to keep those endorphins around. You also need to take care of your mental health. If you aren’t in a good physical or mental state, you’re like a hollow door. But when you’re strong—both physically and mentally—you can take on the world. Step #5: Get spiritualYou need a sense of purpose in your life. The world is bigger than you. Don’t forget that you have someone to lean on. We all fall, but you can get back stronger than ever. When you have a strong spiritual base, it’s hard to get knocked down. You are being protected. When you feel that, your fortress is growing even stronger. You can work to be a better person every day. Connect With Scott Wellenshttps://calendly.com/fortress/15-minute-conversation-with-scott?back=1andmonth=2020-03 (Schedule a discovery call with Scott) https://bestinwealth.com/contact/ (Send a message to Scott) https://fortressplanninggroup.com/ (Visit Fortress Planning Group) https://www.linkedin.com/in/scott-wellens-cfp%C2%AE-a066643/ (Connect with Scott on LinkedIn) https://twitter.com/scott_wellens (Follow Scott on Twitter) https://www.facebook.com/FortressPlanning/ (Fortress Planning Group on Facebook)...

If you haven’t heard about what’s happening with Reddit and GameStop stock, you must be living under a rock. It all started in a Reddit forum whose sole intent was to punish “the man.” Thousands of users banded together to run the price of GameStop up. GameStop went from $20 to $460 in a matter of days. Some people have made millions of dollars—others have lost their entire life savings. Should you get in on the frenzy? Listen to this episode of Best in Wealth for my thoughts! [bctt tweet="Do you want in on the #GameStop stock frenzy? What do I think about it? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Stock #StockMarket #Reddit" username=""] Outline of This Episode[1:13] My experience with sports betting [3:34] The Gamestop stock frenzy [5:49] What is shorting a stock? [10:15] The impact on short-sellers [11:29] The impact on individuals [18:35] Is this trend unprecedented? [19:37] Why this trend scares me What is shorting a stock?Shorting a stock is when you borrow shares from a company (like a mutual fund) that owns shares of the stock you want to short. You promise to give those shares back after a set time and pay the mutual fund interest and fees for borrowing these stocks. When the hedge fund borrows the shares, they usually turn around and sell them, betting the stock will drop. So if they sell at $20 and make $2 million and the stock price drops to $5, they go out and rebuy the stock for $500,000 to return to the mutual fund. In the process, they make $1.5 million. The hedge fund gets to keep the difference. Hundreds of thousands of people bought GameStop, driving the price up. One year ago, the stock was selling at $4 a share and in recent days it’s hit over $400. It’s experiencing wild price swings. But you have to remember: there’s no profit until you sell. How it impacted the short-sellersAs the stock price went up, the hedge funds got squeezed. This happens when they have to cover their losses. Some of the hedge funds had to buy back the shares that they borrowed and give them back to the mutual funds. If they sold a stock at $20 and now have to buy it back at $300 a share, it costs them $30 million. If they previously sold them for $2 million, they lost $28 million. During this GameStop saga, hedge funds have collectively lost over $3 billion. [bctt tweet="How has the #GameStop + #Reddit market frenzy impacted the short-sellers? I explain what’s happening in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Stock #StockMarket " username=""] How it’s impacting individualsI read that one kid got $50 for Christmas and turned it into $1,000. But he hasn’t sold the stock yet. Another guy had a few thousand in his account. The next day, it went up to $1 million. He quit his job to do this full-time. But he didn’t cash out. He’s holding on thinking it will go higher. Why are people holding on to stocks that aren’t worth anything? These Reddit groups are encouraging risky trades with your whole net worth. They’re betting as much as they can at the highest possible risk. It’s the very thing that makes my stomach turn over. They seem to be more interested in the game than the outcome. But this is real money. This can be extremely dangerous. One student bet $6,000 and lost it all. So he took all of his student loan money and sold his car—just to lose another $30,000. True investors focus on long-term investments, diversification, and costs. These Reddit investors don’t want to wait 20 years for a payoff. They want to get rich quick. The guy that started the frenzy is reportedly up $14 million. But he left millions in his tracks that will lose big time. A lot of people bought high are going to be in for a rude awakening. This is high stakes gambling. Why this trend scares meWhen I was a kid, a local...

I expect the stock market to go up every day. What do I mean by that? Is it a realistic expectation? In this episode of Best in Wealth, I dissect a Business Insider article written by David G. Booth about chasing expected returns. I also share WHY his opinion is one that matters. Don’t miss it! [bctt tweet="As a long-term investor, you need to chase the expected returns—not the expected. I talk through what I mean in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:09] Listeners: I need YOU to weigh-in [4:04] Just who is David G. Booth? [11:36] What David Booth’s Business Insider article tells us [22:35] Why you should pursue expected returns Three facts about David G. BoothThere are three facts you need to know about David G. Booth: Firstly, David Booth went to the University of Kansas and graduated with a Bachelors Degree in Economics and a Masters Degree in Business. He graduated in 1969 and went to the University of Chicago School of Business. The University of Chicago is where The Center for Research of Security Prices (CRSP) is. All of the information on all stock prices exists at the CRSP. If you’re reading research papers, they need to talk about the CRSP. Secondly, David Booth was the research assistant to Eugene Fama, the father of modern portfolio theory. He was named a Nobel Laureate and highly recognized in the field of finance. Thirdly, the University of Chicago School of Business is now called the Booth School of Business. Named after—you guessed it—David Booth. A brief—but important history—of David G. BoothDavid Booth left the University in 1971 to work for Wells Fargo. In the early 1970s, the very first index fund was developed—the SandP 500. Before this, every available mutual fund available was actively managed. This SandP 500 was only available to institutional investors. In 1976, John Bogle started Vanguard, with the first retail index 500 fund. In 1981, David left Wells Fargo and started Dimensional Fund Advisors (DFA). Why did he start a company? He believed that a small-cap index could be developed. People said no way—that trading costs would outweigh any benefits of being in an index fund. He didn’t care. So he built a board of directors including the brightest minds in financial market research. He proved everyone wrong. The small-cap index proved to be a winning strategy. [bctt tweet="In this episode of Best in Wealth, I share a brief—but important history—of David G. Booth. Why? You’ll have to listen to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] What’s different about Dimensional Fund Advisors?An index fund beats approximately 83% of actively managed mutual funds. The longer you hold, the better chance you have of beating the equivalent actively managed fund. The DFA manages over 600 billion dollars. They follow the science and build strategies around science. Since their inception, they’ve developed numerous successful strategies. Since 2000, only 17% of actively managed mutual funds beat the market. 84% of DFA funds beat the market. Index funds make up trillions of dollars worth of assets. Why is this important? Why am I telling you a story about David Booth? Because you need to listen to him. What David Booth’s Business Insider article tells usPlease Note: This is not a recommendation to purchase a specific index fund. It’s simply talking through an article by someone you should listen to. David expects the stock market to go up but isn’t upset when it doesn’t. He’s there to capture the long-term ups. The SandP 500 sees an average 10% annualized return, right? 10% seems sensible. When it’s divided throughout the year, you expect your portfolio to grow 0.0275% every day. But the market rarely goes up 10% per year. In the past 100 years, the stock market has never...

Forget about New Year’s resolutions. 87% of people make New Year's resolutions, but by the end of January, 50% have already failed. By summer, most people forget about their goals. You end up feeling like a failure when you do not reach your goals. That is why I do not think we should set ANY goals for 2021. You heard me right—zero goals for 2021. Why? I think you should focus on one word instead. In this episode of Best in Wealth, I will talk about a concept shared in the book—https://www.amazon.com/Word-That-Will-Change-Expanded/dp/1118809424 (The One Word That Will Change Your Life). I will walk you through how to come up with your one word for 2021. [bctt tweet="In this episode of Best in Wealth, we are doing the one word challenge. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:11] Just keep digging, digging, digging [4:02] The one-word challenge for 2021 [10:23] How to come up with your one word [13:57] What do you do once you have your word? [17:50] My one word for 2021 The proven way to create clarity, power, passion, and life changeThe one-word challenge is a proven way to create clarity, power, passion, and life change. We need to embrace our word and live our word, right? I believe it will have a powerful impact in 2021 on the 6 dimensions in your life: spiritual, physical, emotional, relational, mental and financial. When I read the book, I thought it sounded a lot like the cornerstones that I talk about in this podcast. The goal is to find this one word that will have an impact on all of your cornerstones. How to come up with your one wordThe first step is to prepare your heart and commit to the investment that you will make to this word. Secondly, unplug! Spend time alone praying, meditating and thinking about the word. Ask yourself these questions: What do I need? What’s in my way right now? What needs to go in my life? If you are a spiritual person, talk to God—then listen. Think about who and where you are today—and who and where you want to be at the end of 2021. What do you need to do to get from here to there? What word will help bridge the gap? You can write down some goals, do a brain dump, create a mind map—just get everything out. Then create a list of words that describe what you need to do to meet your goals. What will help you be a better person in 2021? Take your favorite words and mull them over for a few days. Choose the word that speaks to you. Choose the word that you can say over and over in your head and still feel inspired by. I get it, it sounds fluffy. Do not overthink it. If you spend just a little time on it, your word will hit you in the face, just as mine hit me. [bctt tweet="What is the one word challenge? How do you come up with your one word? Listen to this episode of Best in Wealth to find out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] What do you do once you have your word?Live out your word. How? Write it down in prominent places. Create a screensaver with your word. Craft a sign and hang it somewhere. Keep a journal. Talk about it with other people. Create a weekly challenge. Find a song that relates to it. Write a poem or prayer about your word. The more you think about it, the more you will take 2021 to the next level. Is that not what we all want? All of your big plans, goals and promises are narrowed down to this one word. How can you live out your word in 2021? What word sums up who you want to be? What word can you focus on all year long? Think of the great things that could happen. This one word could shape who you are forever. It will become the compass that directs your decisions and guides your steps. [bctt tweet="You’ve done the one word challenge. What’s next? I share my thoughts in this episode of Best in Wealth. Don’t miss it! #wealth #retirement #investing...

What is a benchmark? Why is it important to be familiar with what your benchmark is? How can it impact the decisions you make? In this episode of Best in Wealth, I walk you through why it is so important to know your benchmark. I guide you through how to figure out which benchmark to follow and break down why you need to rethink your strategy. Do not miss this important episode! [bctt tweet="What is a benchmark? Why is it important to know what your benchmark is? I share more in this episode of Best in Wealth! Don’t miss it! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:50] Scams are running rampant [5:43] The most common benchmarks [8:07] Why it is time to rethink your strategy [9:58] Look at other asset classes [13:08] Why you need to know your benchmark [18:31] Do not be chasing the hot dot [19:55] Do you have an investment policy statement? The most common benchmarksWe always hear about the common benchmarks or indexes such as the Dow Jones, The SandP 500, and the NASDAQ. The Dow Jones consists of 30 large companies representing different sectors in the United States. The SandP 500 is the 500 largest companies in the US. The NASDAQ consists of tech-heavy stocks. But none of them represent every asset class you can invest in. None of these are how your portfolio should look. You might have an index fund in your portfolio tracking one of these indexes. If so, your return might be pretty good in 2020. It would be a little over 14% as of December 17th, 2020 (minus the fund cost). A lot of people look at 14% and think that’s the benchmark for their portfolio. I am going to walk you through why that is not the case—or should not be. Why it is time to rethink your strategyThe SandP 500 averages 10% per year. If you are following that with your portfolio, you have gained 10% minus fund expenses. But research shows that these traditional active management funds do not do as well as the index. Only 23% have beat the index. If you are just in the SandP 500, you have to consider longevity. You can see very dark times for a long period of time if you are only invested in one asset class. For example, from 2000–2009 the SandP 500 averaged -1% per year. If you started retirement with $1 million and you only invested following the SandP 500 for 10 years, you lost $100,000 in 10 years. Look at other asset classes. [bctt tweet="Why do you need to rethink your strategy when it comes to tracking benchmarks? I share my thoughts in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Look at other asset classesThere are thousands of companies that trade in the U.S. You might want to look at another index fund that tracks the Russell 2000. It is doing pretty well this year, but people never reference it. Russell 2,000 was down most of the year but is now up over 10%. What about a large value fund? They may look at the top 1,000 companies. Your benchmark would be the Russell 1,000 Value Index (it is down 1% this year). What if you are investing internationally? You might be tracking the MSCI World Index (that excludes the US). It is up 2.91% as of 11/30/2020. What about emerging markets? What about real estate? If you are in any of these asset classes, your benchmark is not the SandP 500. Why you should not chase the marketAre you looking at your 401k or IRA and seeing less of a gain than the SandP 500? When the market dropped a lot in March, most people did not get out of the market. However, a lot of people have been chasing returns ever since. They try to make changes in their portfolio to track the SandP 500—when it is not their benchmark. That has cost investors millions and millions of dollars. What if your 401k was tracking US Small Value? US Small Value was about even for the year as of October 1st, 2020—severely...

What five major areas should you look at at the end of every year? End of year financial planning should include looking at assets and debt, tax planning, cashflow issues, insurance planning, and estate planning issues. Why does it matter? How can it help you from a tax-saving standpoint? Learn more in this episode of the Best in Wealth podcast! [bctt tweet="In this episode of Best in Wealth, I share 5 things you NEED to look at in your end of the year financial planning. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:08] Why you need an investment policy statement [8:00] #1: The asset/debt issues to consider [9:45] #2: Tax planning issues [15:17] #3: Cashflow issues [17:11] #4: Insurance planning issues [18:52] #5: Estate-planning issues Why you need an investment policy statementAre you staying disciplined and staying in the stock market? Are you staying disciplined in each asset class? An investment policy statement can help you stay disciplined. The SandP 500 is doing quite well with a few companies driving them forward. People have started moving out of other assets to capture some of the returns of the SandP 500. But that isn’t sticking to your plan. Small-value is up 27%. Small companies are up 21% and large value is up 17%. You missed out on the recovery if you got out of these asset classes. An investment policy statement will keep you disciplined through the good and the bad times. It puts YOU in control. The asset/debt issues to look intoDo you have unrealized investment losses? If you have a taxable account and you did tax-loss harvesting, it means you have some losses generated in the account. What can you do? You can look at where you might have selling opportunities to offset the losses with gains (and offset the taxes). If you carry those losses, you’re allowed to write off up to $3,000 each year. You can deduct this from your regular income. If you generated $9,000 of losses in your taxable account, for the next 3 years you have a $3,000 deduction because the loss carries forward. It’s a great way to offset gains or carry forward and offset income. [bctt tweet="What asset/debt issues should you look into as part of your end of the year financial planning? I share some thoughts in this episode of Best in Wealth. Go check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Tax planning: How to save on your taxesThere are so many things you can do to save on your taxes. Do you expect your income to increase in the future? Many people were victims of the pandemic and lost their jobs. If you’re one of those people, it means you won’t make the kind of money you’d normally make. Your taxable income may be lower than it ever has been. If you’re in this situation, now might be the time to contribute to a Roth IRA. Why? Because you’re in a lower tax bracket. If your tax bracket is lower this year, consider doing a Roth conversion. The money starts growing tax-free. If you make around the same amount as you have previously, are you on a threshold of a tax bracket? We live in a progressive tax system which means the first $19,750 you make is taxed at 10%. If you make more than that, you’re taxed at 12%. If you make more than $80,250, you’re taxed at 22%—which is a huge jump. So how do you stay in the lower tax bracket? You could fully fund your HSA or your 401k. Anyone on a threshold should make the same maneuvers if you have the money to do so. What else can you do? Listen for a few other tax-planning savings ideas! I also share some ideas to mitigate cashflow and insurance issues—don’t miss it. Estate-planning [unexpected things you can do]One of the big things you need to look at is your beneficiaries. Did you have a baby? Do you want to remove someone? Are your personal representatives still the right people? Is...

What is just as important as building wealth for retirement? Understanding and preparing for the six stages of retirement. You experience different situations and emotions through each stage of the journey. If you know what to expect ahead of time, you can strategize how to emotionally—and monetarily—prepare. Listen to this episode of Best in Wealth to help prepare for your retirement. [bctt tweet="What are the six stages of retirement? Listen to this episode of Best in Wealth to learn how to navigate them! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:26] Health comes before wealth [4:40] Stage one: pre-retirement [8:48] Stage two: retirement day [10:07] Stage three: the honeymoon stage [12:03] Stage four: disenchantment [17:37] Stage five: your new identity [19:55] Stage six: Moving on [22:04] How do you want to be remembered? Stage one: pre-retirementYou need to make sure you have the right amount of money in the bank, right? This tends to be one of the only things people think about when planning for your retirement. But all of your dreams need to come to the surface, too. All of your goals and what you want to leave behind need to be discussed. Do you have enough to accomplish your goals? Are you addressing everything? What if you end up in a nursing home? Will you and your spouse have enough to provide for that? Can you withstand social security being cut in half? We go through all of these scenarios in the planning stage of retirement. If you’re not sure if you’re prepared—or don’t want to do this on your own—feel free to https://calendly.com/fortress/15-minute-conversation-with-scott?month=2020-11 (reach out to me). I work with clients all over the United States. Stage two: retirement dayThis is your last day of work. You’ve likely worked for the last 30, 40, or 50 years. Your last day is a HUGE deal. There’s a ton of excitement around the big day. You can do whatever you want without the stress and burden of your job. [bctt tweet="The big retirement day is here! Now what do you do? Listen to this episode of Best in Wealth as I talk through the six stages of retirement! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Stage three: the honeymoon stageOnce the retirement celebrations are over, retirees can begin to do everything they’ve always wanted to do. They may travel, complete a honey-do list, visit family, or pick up a new hobby. The length of this phase varies depending on how much activity you’ve planned. Everything is awesome. But eventually, the excitement wears off. Eventually, you run out of planned activities. That’s when you move to stage four. Stage four: disenchantmentOne day you wake up and think that retirement isn’t all that you thought it would be. You may feel like you’ve lost your identity. You were needed at your job. People counted on you. You felt more self-worth while you were working. The honey-do list is done. But you have so much free time left. The feeling of disenchantment can be accompanied by depression. This is the time when it’s important to ask for help. Talk about it with your family, spouse, friends, or even your financial advisor. This is just as important as all of the money that you saved. This might be a time to invest in something bigger than yourself. You need a sense of purpose. Maybe you can volunteer at a local organization or your church. Maybe you could take some continuing education classes. Maybe it’s time to plant a garden. Find people to talk through this stage with you. Find the deeper meaning of your life. Stage five: your new identityYou familiarize yourself with the landscape of your new circumstances and new higher purpose. You manage the inevitable self-examination. You begin to find answers to the question: Who am I now? In this new stage, you start to figure things out. You

How do you build your family fortress? I talk about cornerstones often, including how to figure out what yours are and how to build abundance within them. Your family is one of—if not THE—most important cornerstones in your life. But what do I mean by building your family fortress? How do you do it? Listen to this episode of Best in Wealth to learn more! [bctt tweet="How do you build your family fortress? What does it mean? Find out in this episode of Best in wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:02] My dream of being a coach [3:43] Build your family fortress [7:26] The family cornerstone [8:16] The Single Page Life Plan [9:26] Determine your mission statement [10:32] What are your top cornerstones? [11:27] Actionable steps in the SMART goal format [18:42] Spend time building your family fortress Building abundance in your cornerstonesIf you’re listening to this podcast, you’re likely your family steward. You handle the finances. You need to build abundance in your cornerstones to build your family fortress. It’s why I call my business the “Fortress Planning Group.” Building your fortress isn’t all about money. But money is the fuel to help you build abundance. We have some castles scattered in our office to remind our clients that our job is to help you build your fortress so you can feel peace and security. We handle your financial cornerstone to allow you to concentrate on your family. It’s not about overly-focusing on one cornerstone. You can’t lose sight of all the others. Friends are important, but you can’t spend all of your time with them at the expense of your family. You need to build balance within the cornerstones. Place your family firstSome people place their spirituality first—which is understandable—but family is usually the most important cornerstone. Are they the most important thing in your life? Your spouse and kids? Your parents? Siblings? If the answer is yes (and it is to a lot of people) let's build abundance there. To do that, you need to build a plan around it. The book “https://www.amazon.com/Single-Page-Life-Garrett-Scanlon/dp/0975361252 (Single Page Life Plan)” says that people who don’t care where they are going don’t need a roadmap. But I recognize the value of adding direction to my life and setting a course that aims my family toward our dreams and aspirations. Builders need an architectural plan. Pilots need a flight plan. CEOs need to build a business plan. Coaches need a game plan. Leaders need a life plan. We are the leaders of our family and responsible as a family steward to build a plan. So how do you do that? [bctt tweet="How do you build your family fortress? What does it mean? Find out in this episode of Best in wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] The single page life plan processWhat does the process of crafting a life plan look like? Here’s the single page life plan framework: Start with a mission statement. For example, “Be a positive influence in the lives of others at home and at work. Lead by example.” Secondly, you list your life categories (or what I call cornerstones): Family, friends, spirituality, health, career, finances, hobbies/interests, travel and entertainment, etc. Everyone’s cornerstones are different. You just need to nail down 6 cornerstones. Under each cornerstone, you need to list actionable steps to take following the SMART goal format (specific, measurable, achievable, relevant, and timely). The plan that you’re making should be well thought out by you. Here are some examples from the book: Schedule time with your spouse: Life gets busy. It’s necessary to make sure you’re giving your spouse intentional time together. Prepare and eat meals together: Plan and cook fun meals with your family. Continually strengthen your marriage: I use

How will the election impact your long-term investments? Will the election impact your long-term investments? Everyone is reading the headlines that are written for shock, awe, and impact and taking them as the gospel truth. Doing so can harm your investments. You need a long-term perspective on the stock market. Listen to this episode of Best in Wealth to hear how I think the election will impact your investments—and why you shouldn’t do anything about it. [bctt tweet="Will the outcome of the election impact your investments? I share my thoughts in this episode of the Best in Wealth podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode[1:13] No one has a long-term outlook [4:33] The two questions I get asked [7:42] It doesn’t matter who is in office [10:51] The annualized market returns for 9 presidents [15:43] Why you should embrace a long-term outlook What should you do if either president is elected?Most of the questions I’ve gotten recently about the stock market have to do with the election. They're one of two questions: What should I do with my investments if Biden is elected? What should I do with my investments if Trump gets reelected? I want to start by saying that the market does get volatile around election season because the market hates uncertainty. People make their trades based on millions of opinions. But if you check out the graph linked below, it separates each president from 1929 to 2020 and shows what their stock market returns looked like. There were 8 Republican presidents and 7 Democratic presidents during this time period. No matter who was president, the growth of your money has gone up in the long-run. There have been recessions, but the market always corrects itself. Keeping your money in the market is good for your long-term success. There is NO discernible conclusionBased on the information presented, it’s challenging to draw any conclusion. The market does just as well when a Democrat is in office versus when a Republican is in office. There is no discernible pattern between the two. We as investors want to see a connection so we can conclude what will happen in the stock market. But the reality is that there are so many different factors that impact the stock market beyond who is president. Investors want to simplify things to one driving factor, but that’s possible. What about oil prices? Interest rates? How will other countries impact the market? What about the pandemic? What if we go to war? Any of these things—and thousands more—can influence the stock market. They impact stock prices every single day. That’s not to say that the president can’t have an impact on the stock market and the economy. But there are so many other factors at play. [bctt tweet="What should you do with your investments if Trump is elected? What about Biden? I share my thoughts in this episode of the Best in Wealth podcast. Check it out! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] What the annualized market returns tell usWhat do the annualized market returns (of the SandP 500) for the last 9 presidents show us? Richard Nixon: annualized return of -2.9% Gerald Ford (Republican): annualized return of 20.2% Jimmy Carter (Democrat): annualized return of 11.7% per year Ronald Reagan (Republican): annualized return of 15.8% per year George Bush (Republican): annualized return of 13.9% per year Bill Clinton (Democrat): annualized return of 17.6% per year George W. Bush (Republican): annualized return of -4.4% per year Barack Obama (Democrat): annualized return of 16% per year Donald Trump (Republican) = based on my research, his approximate annualized rate of return was 8.25% per year This is why it’s hard to predict what will happen in the stock market. Other than a couple of years likely influenced by recessions, the returns