Best In Wealth Podcast

By: Scott Wellens
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  • Summary

  • 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.
    Copyright 2024 Scott Wellens
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Episodes
  • Why I Don’t Want You to Spend the Money in Your HSA, Ep #255

    Why I Don’t Want You to Spend the Money in Your HSA, Ep #255
    Dec 13 2024
    What is an HSA? Who can invest in one? What can you use the money for? Why do I love them? Why shouldn’t you spend the money you save in an HSA? I’ll unravel all of these questions in this episode of Best in Wealth. [bctt tweet="Why don’t I want you to spend the money you’ve saved in your #HSA? I share the surprising truth in this episode of Best in Wealth! #retirement #Investing #RetirementPlanning #FinancialPlanning " username=""] Outline of This Episode
    • [1:08] It’s time to plan your 2025 goals
    • [3:14] What is an HSA?
    • [4:48] How can I invest in an HSA?
    • [6:43] Why I like HSA accounts
    • [7:43] How much can you save in an HSA?
    • [9:13] What can I spend the money on?
    • [11:11] What if you can’t afford to save in an HSA?
    • [12:13] Don’t spend the money in your HSA

    The basics of an HSA An HSA is a health savings account. Don’t confuse it with a flexible savings account, or FSA. An FSA allows you to save money—taken out of your paycheck with a tax deduction—that can be used for healthcare expenses. The money must be used within a certain timeframe. If you leave your employer, that money is gone. However, an HSA doesn’t require you to spend the money if you don’t want to. If you leave your employer, that HSA account is yours for life. To qualify for an HSA, you must have a high-deductible insurance plan with a minimum annual deductible of $1,650 and an out-of-pocket maximum of $8,300 or more in 2025 (for families, it’s $3,350 and $16,600). [bctt tweet="What are the basics of HSAs? Why do I love them? Learn the amazing details in this episode of Best in Wealth. #WealthManagement #Retire #Investments" username=""] Why I like HSA accounts Some of the benefits I’ve stated already: You get a tax deduction for every dollar you put in. Secondly, there are no income limit caps on who’s allowed to have an HSA. HSA accounts allow you to take that money with you wherever you go and you don’t have to spend it. Secondly, an HSA allows you to save quite a bit of money. An individual is allowed to contribute $4,300 in 2025. Families can contribute up to $8,550. If you turn 55 in 2025, you can contribute an extra $1,000. If you’re in the 24% tax bracket, you’ll save $2,300 in taxes in 2025 by putting that money away in an HSA. Your deduction will change based on the tax bracket you’re in. What can you spend the money on? Healthcare-related expenses (except the monthly premium). It can go toward copays, out-of-pocket expenses, coinsurance, medicines, etc. Medical expenses add up quickly. Why I don’t want you to spend the money in your HSA The simple answer? Because you can invest the money. Many HSA accounts allow you to invest the money once you’ve saved $1,000. If you start saving $8,000+ a year for the next 20 years, think of how much it will grow by the time you retire. It’s a great way to fund your healthcare in retirement. The next best part? Let’s say you contributed $250,000 and it grew to $500,000. When that money is used on healthcare expenses, you don’t have to pay taxes on that growth. Once you retire, and go on Medicare, HSA money can be used to pay for Part B and D expenses. In 2025, the starting cost of Medicare is $185 a month. If your Modified Adjusted Gross Income is high, you may be paying a lot more for Medicare. If you don’t end up spending the money on healthcare, once you turn 65, you can use the money on whatever you want—with one caveat. You will have to pay taxes on those dollars (just like a traditional IRA or 401K). Listen to the whole episode for all of the details! [bctt tweet="HSAs offer amazing tax benefits. But why else do I love them? I cover the details in this episode. #retirement #Investing #RetirementPlanning #FinancialPlanning " username=""] Connect With Scott Wellens
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    20 mins
  • The Importance of Remaining Disciplined with Asset Allocation, Ep #254

    The Importance of Remaining Disciplined with Asset Allocation, Ep #254
    Nov 15 2024
    We invest in large companies, small companies, value companies, international companies, emerging markets, etc. We practice discipline when investing in all of these asset classes. If we want 20% of a portfolio allocated to large value, we maintain that percentage. We also practice strategic rebalancing. If something has an upward momentum, we set tolerance zones. If we go above or below those tolerances, we buy or sell. We practice discipline. Why? I share more in this episode of Best in Wealth. [bctt tweet="Discipline in asset allocation means sticking to your plan—no matter the headlines. Find out why this matters in today’s investing landscape. 🎧 #AssetAllocation #InvestingDiscipline #BestInWealth" username=""] Outline of This Episode
    • [1:02] The importance of reading the full story
    • [3:13] Why we practice discipline in asset classes
    • [8:00] Taking a look at the big picture
    • [11:02] Developed markets vs emerging markets
    • [13:23] A disciplined approach to investing matters

    Why we practice discipline in asset classes By the end of the third quarter of 2024, the S&P 500 was up almost 20%. It’s up another 6% since then. The S&P 500 is one of our best-performing asset classes. If we’re just reading the headline, “The S&P 500 is doing the best,” we might think we should put more money in. But hindsight is 2020. And if we’d listened to the experts, many of them said that small-caps were going to perform the best in 2024. But small-caps are only up a little over 10% after the third quarter. It’s also gone up 6–8% since then but is still underperforming the S&P 500. If we’d listened to the experts, we’d be tempted to put more money into small-caps. But that’s not the right decision either. We need to remain disciplined to our plan for each asset class. [bctt tweet="The S&P 500 is up, but that doesn't mean we chase momentum. Strategic rebalancing is key! Learn how to stay disciplined in your investment choices. #InvestingStrategy #AssetClasses #WealthManagement" username=""] Taking a look at the big picture Looking back 95 years, the small-cap index has done better than the large-cap index. We call this the small-cap premium. However, it comes with more risk. Because of the risk, investors demand a higher average return for owning smaller companies. Our portfolios skew more large than small because of the risk. However, we do want to capitalize on some of those returns—but not because of headlines. If you choose something riskier, it won’t always do better. On average, stocks do better than bonds because they’re riskier—but it doesn’t mean stocks always beat bonds. Developed market small-caps on average bean developed markets large-caps by about a percent and a half per year. Small-caps over the last 20 years perform better than large-caps in emerging markets. Remember, past performance is no guarantee of future results. Have small-caps have underperformed large-caps in the recent past? Yes. Does that mean we abandon small-caps? No? Does that mean the premium is gone? We don’t think so. A disciplined approach to investing matters We need to investigate every headline that we read because they don’t tell the full story. If we’re just reading the headlines, we might make an emotional decision about asset allocation. We can’t try to guess which asset class will do the best. When we do that, we’re putting our family and our future in jeopardy. A disciplined approach to investing matters. Learn more in this episode of Best in Wealth. [bctt tweet="Reading the full story helps you make smarter choices. Get the full breakdown on disciplined investing in today’s episode of Best in Wealth! #InvestingInsights #BestInWealthPodcast" username=""] Connect With Scott Wellens
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    16 mins
  • Are You in the Top 5% of Income-Earners or Net Worth? Ep #253

    Are You in the Top 5% of Income-Earners or Net Worth? Ep #253
    Oct 18 2024
    Ever wondered where you rank financially among Americans? Curious about what it takes to join the top 5% in income or net worth? Every three years, the Fed surveys the finances of American households, tracking assets, debt, and more. One of the things they cover is who landed in the top 5% of both income earned and net worth. In this episode of Best in Wealth, I will share the income that puts you in the top 5% of income earners by age, what lands you in the top 5% of net worth by age, and why none of it matters. Don’t miss it! [bctt tweet="Are you in the top 5% of income-earners or net worth? Learn what it takes in this episode of Best in Wealth! #PersonalFinance #FinancialPlanning #Wealth #WealthManagement " username=""] Outline of This Episode
    • [1:15] Getting into the University of Wisconsin Madison
    • [3:21] The income that puts you in the top 5% of income
    • [11:12] Individual versus household income
    • [12:00] The income that puts you in the top 5% of net worth
    • [17:21] Are you in the top 5% of income or net worth?

    The income that puts you in the top 5% of earned income by age Do you land anywhere in these brackets?
    • 18-29: If you earn $156,732 or more, you are in the top 5%. You are just launching your career and starting to earn an income.
    • 30-39: If you earn $292,927 or more, you are in the top 5%. You are getting more established in your career and perhaps started a business or received a promotion.
    • 40-49: If you earn $404,261 or more, you are in the top 5%. Maybe you continued to receive promotions or your business grew.
    • 50-59: If you earn $598,825 or more, you are in the top 5%. The 50s are your highest potential for earnings years. Maybe you sold your business or became the CEO of a company.
    • 60-69: If you earn $496,139 or more, you are in the top 5%. You may be retired and living on social security and your investments during these years.
    • 70 or older: If you earn $350,215 or more, you are in the top 5%. Most people in their 70s probably are not working any longer and that income is being derived from Social Security, pensions, and investments.

    What does it take to be in the top 5% of households? If you earn $499,000 or more, at any age, you are in the top 5% of all income earners. [bctt tweet="What income puts you in the top 5% of earned income by age? I hash out the numbers in episode 253 of Best in Wealth! #wealth #retirement #investing" username=""] The income that puts you in the top 5% of net worth What does the top 5% of net worth look like in each age group?
    • 18-29: $415,700 or higher
    • 30-39: $1,104,100 or higher
    • 40-49: $2,500,000 or higher
    • 50-59: $5,001,600 or higher
    • 60-69: $6,684,220 or higher
    • 70 or older: $5,860,400 or higher

    Your net worth is far more important than your income. You can make all of the money in the world but if you do not save anything, your net worth will never increase. It will stay zero. Secondly, you can earn a lot less than the top 5% of income earners and still save enough to be in the top 5% of net worth. Are you in the top 5% of income or net worth? It is okay if you do not fall into any of these categories—they can be very skewed. Numerous factors impact these numbers. Secondly, these numbers don’t matter. If you have the right retirement plan for you, you will have the retirement of your dreams regardless of whether or not you land in the top 5%. [bctt tweet="Are you in the top 5% of income or net worth? Does it matter? Let’s hash it out in this episode of
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    20 mins

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