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 That is an outdated belief.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 be “smart?” Find out in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:10] Surround yourself with smart people [2:58] What does it mean to be smart? [5:48] Trait #1: The ability to read the room [8:25] Trait #2: Fast decision-making [10:59] Trait #3: Learn to save time [14:35] Trait #4: The power of self-awareness [16:22] Trait #5: Personal responsibility [18:...
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 sold everything and went into cash. They said there was no way the market was going to recover. But no one tells you when to get back in. No one knows when to get back in. So what does it cost you? I did some research and tried to answer that very question in this episode of Best in Wealth. [bctt tweet="Trying to time the market? Find out what that could cost you in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthMa...
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 purely informational. Please contact a CPA or reach out to Fortress Planning Group for professional advice. [bctt tweet="What is tax-loss harvesting? Learn the basics in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Taxes" username=""] Outline of This Episode [1:11] Can you boycott financial news for 30 days? [4:28] So just what is tax-loss harvesting? [8:03] Two ways tax-loss harvesting helps manage taxe...
Has recency bias affected your investment decisions, now or in the past? https://www.schwabassetmanagement.com/befi-barometer-2021 (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 SandP 500’s high. It has a lot of people concerned. But should it? In this episode of the Best in Wealth podcast, I cover what recency bias is and how to keep it from derailing your retirement. [bctt tweet="Recency bias can destroy your retirement if you let it. Learn how to keep that from happening in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Bias...
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 #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement #Ibonds" username=""] Outline of This Episode [1:13] Control what you CAN control [6:23] What is an I bond? [10:40] How to buy an I bond [13:17] The risks of buying I bonds [19:00] Who should buy an I bond [21:17] What are the alternatives? What is an I Bond? “I bonds” is just another name for Series I savings bonds. The interest rate on Series I bonds is indexed to inflation. The rate changes every six months ba...
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 would get a percentage off the car. The bottom line is that the preferences and needs of each individual must be considered along with the overall costs. Many competing factors bear differing degrees of importance. Fortress Planning Group has a flowchart to cover the key things to consider: cost, cashflow, mileage, safety, technology, depreciation, and flexibility. In this episode of Best in Wealth, I want to help you identify the best course of action for you. Let’s walk through the questi...
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 people investing in meme stocks? Learn how to teach your kids that they must invest carefully in this episode of Best in Wealth. #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:08] Being a family steward is hard [4:58] The popularity of meme stocks [10:40] Why individuals cannot beat the average ROR? [15:32] What good investing looks like [18:28] Your job as a family steward The rise of meme s...
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 through which one is right for YOU. [bctt tweet="Did you know there are 3 types of retirements? Learn which path is right for you in this episode of Best in Wealth! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:15] Can you live in the gray instead of black and white? [3:48] How retirement impacts your sense of purpose [9:22] The three different types of retirement you can consider [17:42] Plan...
I read an article in Barron's entitled, “https://www.barrons.com/articles/retirement-spending-nest-eggs-savings-51639778414 (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 Podcast! #wealth #retirement #investing #PersonalFinance #FinancialPlanning #RetirementPlanning #WealthManagement" username=""] Outline of This Episode [1:26] Making financial decisions in the context of your life [5:32] You probably will not spend enough in retirement [8:34] Understanding the sequence of return risk [12:48] What happens when you follow the Bengen Rule [16:48] How to live your best life in...
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 SandP 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 considerable angst among investors. Many investors—in an attempt to time the market—moved into less risky investments than stocks. Is that a wise move? To determine the best exit and re-entry points, my colleague looked at the market six months prior to the invasion and 18 months after in five of the most recent wars. When was the best time to get back in? Find out in this episode of Best in Wealth! [bctt tweet="How will the Russia-Ukraine crisis impact your investments? I share my educated opi...