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Take Your Family Stewardship to the Next Level with These 5 Steps, Ep #163

Take Your Family Stewardship to the Next Level with These 5 Steps, Ep #163

COVID has turned the world upside down. We are all entrenched in the depth of winter. There is 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 will not make your walls stronger. You are the one responsible for building your four walls. No one else will do it for you. You do not 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 family

Do not 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. Do not stress about what you cannot 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 is a game-changer. When you work to be present, you are pouring a strong foundation.

#2 Build your financial fortress

How 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 is not a constraint on your money—it is permission to spend. Do not feel guilty when you have it as part of your spending plan.
  • Set up a great retirement plan. You will feel more secure and will feel like you are 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 do not 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 others

I am tired of all of the hatred in the world—aren’t you? Why can we not 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 are giving. Give a little now so you can give a lot later. It does not have to be monetary—you can give your time, too.

Step #4: Take care of yourself

Everyone focuses on self-care at the beginning of a year, right? It os so easy to start strong, then you start to go downhill. It will be rough at first. But once you get in the groove, you will want to keep those endorphins around. You also need to take care of your mental health. If you are not in a good physical or mental state, you are like a hollow door. But when you are strong—both physically and mentally—you can take on the world.

Step #5: Get spiritual

You need a sense of purpose in your life. The world is bigger than you. Do not forget that you have someone to lean on. We all fall, but you can get back up stronger than ever. When you have a strong spiritual base, it is 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.

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Podcast Disclaimer:

The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the Securities Act of Wisconsin in accordance and compliance with securities laws and regulations. Fortress Planning Group does not render or offer to render personalized investment or tax advice through the Best In Wealth Podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.

About the author, Scott Wellens

Scott Wellens, CFP® is an investment advisor and founder of Fortress Planning Group. After earning his Bachelor of Science degree from the University of Wisconsin-Oshkosh, Scott quickly ascended to become a Vice President of North American Sales at a major regional provider of telecommunications infrastructure. While financially successful in this role, Scott searched for ways to pursue his passion related to financial literacy and providing financial freedom for both his own family and others. During his search, Scott became curious about the significant gap he found in the financial services sector: he was unable to find a comprehensive financial planner that maintained a family stewardship lens without being attached to financial products. Scott decided to fill that gap by creating his own planning firm that maintains a strong passion for comprehensive, unbiased wealth planning that is genuinely client-centered.

Scott resides in Menomonee Falls, WI with his family. He is the father of three active and independent daughters who keep him on his toes. Scott is an active community member, serving on the Hamilton Education Foundation Board, serves as a Dave Ramsey Financial Peace facilitator and leads the All Pro Dad’s group at their local elementary school. Scott enjoys spending his free time visiting state parks with his family, reading, and watching the Milwaukee Bucks and the Green Bay Packers win ball games.

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