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 2025 Scott Wellens
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Economics Parenting & Families Personal Finance Relationships
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Episodes
  • Experts, Predictions, and the Uncertainty of the Stock Market, Ep #257

    Experts, Predictions, and the Uncertainty of the Stock Market, Ep #257
    Feb 14 2025
    Did you know that you can pay someone to give you advice on what to bet on? They can look at historical data like rushing and passing yards, touchdowns, and more—but so can we. Honestly, historical data can only tell us so much. If you bet on a game, you are really making a lucky guess. Is it really so different with the stock market? When it comes to predictions—whether for the Super Bowl or the S&P 500—there is a lot of uncertainty. So, let’s break down how predictions are made and whether or not they should guide our investment decisions. [bctt tweet="Predictions are everywhere—whether for the Super Bowl or the stock market. But how reliable are they? In episode 257 of Best in Wealth, we explore the dangers of betting on expert predictions and why diversification is key for your portfolio." username=""] Outline of This Episode
    • [1:13] The Super Bowl: What you can bet on?
    • [2:30] Why are we trusting betting experts?
    • [7:50] Expert predictions for 2025
    • [11:32] Reviewing predictions from 2024
    • [18:06] How do we build a portfolio?

    Expert predictions for 2025 Most of the top analysts—Oppenheimer, Wells Fargo, Deutsche Bank, and others—are bullish, predicting that the S&P 500 will rise in 2025. The consensus seems to suggest that the market will average a 10% return, which has been the long-term norm. Oppenheimer Asset Management stands out with an optimistic prediction of 18.4%, implying that 2025 could be a great year for the market. However, these predictions come with a significant caveat—the stock market, especially the S&P 500, is notoriously volatile. We have seen massive swings in the past, from a 38% drop in 2008 during the Great Recession to a 25% rise in 2024. BCA Research, on the other hand, predicts a 25.8% drop, highlighting just how different expert opinions can be. This stark difference—43% apart between two top analysts—raises an important question: if the experts cannot agree, how reliable are their predictions? It is a reminder that while these predictions may be based on data, the unpredictability of the market remains ever-present. [bctt tweet="Experts predict the future, but how often are they right? In episode 257 of Best in Wealth, we dive into the unpredictability of stock market forecasts and share why building a diversified portfolio is your best bet for long-term success." username=""] Reviewing predictions from 2024 Did the experts hit the mark last year? The S&P 500 went up around 25% (with dividends) and 23.3% without dividends.
    • Oppenheimer, the most bullish of the experts, predicted a modest 8% increase, but the market ended up being nearly three times better than that!
    • Many other firms—Goldman Sachs, BMO, Bank of America—also predicted positive returns, but the actual outcome was far beyond their expectations.
    • In a striking example, some analysts predicted that the S&P 500 would finish the year with negative returns—forecasts that couldn’t have been further from reality.

    This discrepancy illustrates an important point: even the most well-educated and experienced analysts can be drastically wrong. It shows that predictions are based on what experts know at the time, but they can't account for the countless variables that influence market behavior throughout the year, such as political changes, economic developments, and unforeseen global events. How do financial stewards build a portfolio? The answer is diversification. Family stewards—those who manage wealth and invest for future generations—should focus on creating a well-rounded portfolio that can weather any storm. Rather than betting on predictions, diversify your investments across a wide range of asset classes: large-cap stocks, small-cap stocks, international investments, emerging markets, real estate, and bonds. By spreading your...
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    21 mins
  • The Ultimate Planner to Jumpstart Your 2025, Ep #256

    The Ultimate Planner to Jumpstart Your 2025, Ep #256
    Jan 10 2025
    Today, I am sharing something that my family has fallen in love with—The Clever Fox Dated Planner. This planner goes beyond simple scheduling with features like a gratitude section, vision board, habit tracker, and tools for setting and achieving SMART goals. It is designed to help you reflect, plan, and improve every week. If you are ready to take control of your time and goals, let me tell you all about it! [bctt tweet="Start 2025 strong with the Clever Fox Dated Planner! This isn’t just a planner—it’s a tool to reflect, set SMART goals, track habits, and create a vision for your year. My family loves it, and I know you will too. #SMARTGoals #Habits #Goals #Planner" username=""] Outline of This Episode
    • (1:09) I hope you had a wonderful Christmas and New Year!
    • (2:36) The planner that we bought for the entire family
    • (15:45) Spend some time zeroing in on your goals for 2025

    The planner that we bought for the entire family We bought the Clever Fox Dated Planner with habit trackers for goal setting and time management for everyone in the family. Though we were a bit worried that they would not be excited, surprisingly, everyone loved it. But why do I love this planner so much? Because of everything it includes:
    • How-to Guide: It comes with a pamphlet, “How this planner works.” They tell you where to begin, what to think about, and share examples.
    • Gratitude and Self-Awareness: This section gives you space to write down what you are grateful for and passionate about.
    • Daily Rituals: This is an opportunity to think about the skills you want to learn and habits you want to adopt. Maybe a ritual is drinking more water, meditating, or going to the gym.
    • Affirmations: Short sentences with an optimistic tone stated in the present tense, i.e., “I am an architect of my life.” They give you confidence.
    • Vision Board: They provide a two-page outlay where you can create your vision and get clear on what you want from life.
    • Goals: You are given space to write three goals for each of these sections: health & fitness, business & career, personal development, relationships, family & friends, fun & recreation, and spirituality.
    • Mind-Map: This section helps you take the big goals you have written down and break them down into smaller pieces.
    • Monthly Page: This is a full page just like a typical planner (months January through January). It includes areas to write notes and goals.
    • Weekly pages: This allows you to write out the week’s main goals, priorities, etc.
    • Habit Tracker: You can write down things you want to turn into habits. It allows you to check a box for each day.

    Each weekly section includes an area where you can write down how you will improve the next week. What did you not do that you should have? How can you improve the next day and week? [bctt tweet="Why do I love the Clever Fox Planner? It’s packed with features: Gratitude & affirmations, vision board, goal-setting tools, weekly reflection, and a habit tracker. It’s everything you need to stay organized and crush your 2025 #goals. #Gratitude #BestInWealth #Planner " username=""] Implement SMART goals I try to record an episode about goal-setting at the beginning of every year and always encourage you to make sure that your goals are SMART:
    • Specific
    • Measurable
    • Achievable
    • Relevant
    • Time-Bound

    Your goal might be to pay off a credit card by the end of the year. Maybe it is to run a half-marathon by June 15th. Here is my challenge: Write out five SMART goals you want to achieve in 2025 (and it...
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    19 mins
  • 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 will 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 is 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 cannot 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. Do not 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 does not require you to spend the money if you do not 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 have stated already: You get a tax deduction for every dollar you put in. Secondly, there are no income limit caps on who is allowed to have an HSA. HSA accounts allow you to take that money with you wherever you go and you do not 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 are in the 24% tax bracket, you will 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 are 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 do not 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 have 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 is 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 do not 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 do not 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

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