Shows
THE FINANCIAL COMMUTEWatch This Before You Move States to Avoid TaxesOn this week's THE FINANCIAL COMMUTE episode, CPA Chris Passmore joins Chris Galeski to discuss moving states to save on taxes. Does it always make sense?Here are some key takeaways from their conversation:Headlines about high California taxes can be misleading—actual savings vary widely based on income and lifestyle.States like Texas may have no income tax, but property tax rates can reach up to 3%, significantly higher than California’s Prop 13-capped rates.Factors like homeowners insurance, electricity (especially in hot climates), and DMV registration fees can increase expenses elsewhere.Sales tax can make an u...2025-04-1520 minTHE FINANCIAL COMMUTE5 Must-Know Travel Tips for Your Next VacationOn this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and COO & CMO Stacey McKinnon discuss their five best travel hacks.Here are some key takeaways from their conversation:FLIGHTS: Once you have an idea of your vacation dates, try using the date finder on airline websites or Google Flights to see which specific days are the cheapest to fly. Chris says opening a new credit card in advance of a big trip can be a great way to get one or two flights covered, especially if the card offers transfer specials between airlines.HOTELSThe Am...2025-04-0122 minTHE FINANCIAL COMMUTEMoney Conversations Every Couple Should HaveOn this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and his wife Briana discuss the importance of having intentional conversations about money with your partner and how to do so. Here are some key takeaways from their conversation:On average, couples argue about money 58 times per year. Having open, productive conversations about money can improve a couple's understanding of each other and their financial success.Establishing clear financial responsibilities and potentially delegating certain tasks can improve efficiency. For example, Briana oversees most of their day-to-day financial decisions, optimizing their credit card points and allocating m...2025-03-1816 minTHE FINANCIAL COMMUTEAre Tariffs Making America Stronger or More Expensive?On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Beau Wirick discuss tariffs, their effect on the market, and how to prepare for the future as a consumer/investor. Chris notes that we filmed this episode on the morning of March 10th in case anything changes by the time this is released. At the time of filming, the S&P 500 was down 8%. Markets typically do not respond well to uncertainty, which Beau says is the only way to describe these policies since there is a new change every day.The U.S. has re...2025-03-1115 minTHE FINANCIAL COMMUTEU.S. Stocks Are Expensive – Time to Invest Abroad?On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes CEO Jeff Sarti to discuss overpriced U.S. stock valuations and whether investors should consider international stocks.Here are some key takeaways from their conversation:With the recent outperformance of U.S. stocks as compared to international stocks, many investors are questioning whether they should ditch international stocks altogether.However, U.S. equities are trading at historically high valuations, raising concerns about future returns. Investors may find better value in international stocks.While the U.S. makes up 27% of the global economy, we make...2025-02-2521 minTHE FINANCIAL COMMUTEBeyond the Green: How Pro Golf Led Chris to FinanceOn this week's episode of THE FINANCIAL COMMUTE, we learn about host Chris Galeski's background in professional golf and how he made the switch to wealth management. Chief Operating Officer and Chief Marketing Officer Stacey McKinnon takes over as our temporary host and interviewer.Here are some key takeaways from their discussion:Chris's father worked at Callaway Golf, and his grandfather was a golf professional, giving him early exposure to the sport.Chris played at San Diego State, benefiting from high-level coaching and competition.His golf career taught him perseverance, self-reflection, and a strong work ethic...2025-02-1219 minTHE FINANCIAL COMMUTEThe Hidden Forces Driving Interest Rates & Market VolatilityOn this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Chief Investment Officer Meghan Pinchuk to discuss interest rates, the hidden forces behind them and their impact on the economy.Here are some key takeaways from their conversation:While many perceive current interest rates as extreme, they are in line with long-term historical averages.Despite Fed rate cuts in 2024, long-term rates (like the 10-year Treasury yield) rose, making mortgages and loans more expensive.The Federal Reserve influences short-term rates, but the bond market determines longer-term rates based on inflation expectations, supply and demand, and...2025-02-0423 minTHE FINANCIAL COMMUTEInvesting Wisely in 2025On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Chief Operating Officer and Chief Marketing Officer Stacey McKinnon to discuss how to invest wisely in 2025, especially during uncertain times.Here are some key takeaways:Uncertainty is a constant in investing and is not a reason to stop investing.Stacey and Chris suggest considering the bucket approach. This involves dividing funds into buckets for emergencies, income generation, and long-term growth, aligning investments with life goals.Many headlines are meant to elicit fear, surprise, or excitement. Therefore, long-term investors should ignore sensationalist news pieces and...2025-01-0722 minTHE FINANCIAL COMMUTETime's Running Out: Financial To-Dos Before 2025On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Financial Planning Advisor Amber McBride discuss year-end financial planning items to stay on top of. Here are some key takeaways from their conversations:- Ensure you are maximizing contributions to employer-sponsored retirement plans. The limit is $23,000 for people under 50, and $30,500 for those 50 and over with the catch-up contribution.- Consider tax loss harvesting to offset capital gains by selling investments at a loss. Amber and Chris generally recommend listeners to monitor this strategy throughout the year for better opportunities. ...2024-12-1712 minTHE FINANCIAL COMMUTELiquidity: Blessing or Curse?This week’s episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth’s 2024 Investor Symposium. CEO Jeff Sarti, Chief Investment Officer Meghan Pinchuk, and Wealth Advisor Chris Galeski discuss the advantages and drawbacks of liquidity. Here are some key takeaways from their conversation:It is crucial to maintain 3-6 months' worth of living expenses in a liquid emergency fund to manage unexpected life events without disrupting long-term investment plans.The downsides of excessive asset liquidity include the possibility of making more impulsive decisions driven by emotions and frequent trading, which can promo...2024-12-0319 minTHE FINANCIAL COMMUTEInvestor Symposium Spotlight: Key Moments with Our CEO Jeff SartiOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes CEO Jeff Sarti to review our 2024 Investor Symposium, and the topics discussed at the event.Here are some key takeaways from their discussion:- Grant Williams, our keynote speaker and author of Things That Make You Go Hmmm…, highlighted his thoughts on the election, the polarization in the U.S., concerns over rising debt levels globally, interest rate policies, and gold as a source of value against currency debasement. - Jeff and Chris also touch on Sasan Faiz’s panel with Gu...2024-10-2217 minTHE FINANCIAL COMMUTEWhat's Behind the Fed's Interest Rate Cut?On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Kevin Rex to discuss the recent 50 basis point rate cut by the Fed and its implications. Here are some key takeaways from their conversation:Kevin says he was surprised by the Fed's decision, noting that prior economic data like jobs and GDP did not indicate a need for such an aggressive rate cut.Kevin and Chris discuss this uncertainty around the Fed's motivations, with speculation that factors beyond just data might be at play.They delve into the impact of federal debt, e...2024-10-1513 minTHE FINANCIAL COMMUTEMedicare 2025: Key Changes & InsightsOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Brian McArthur, President of Design My Medicare to discuss upcoming changes to Medicare.Here are some key takeaways from their discussion:- Starting in 2025, Medicare Part D will see significant changes, including a $2,000 annual out-of-pocket cap on drug costs, aiming to provide relief for beneficiaries with high prescription costs.- Insulin users will benefit from a $35 monthly cap, which began in 2023, and this will continue under the new changes to reduce financial burdens on those with diabetes.- Th...2024-10-0824 minTHE FINANCIAL COMMUTEWhat the Next Generation Should Know About Financial LiteracyOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Client Coordinator Morgan Jul to discuss financial literacy and a new California bill requiring high school students to take a financial literacy course starting in 2031. Here are some key takeaways from their conversation:- The bill requires financial literacy courses to be offered to all California high school students by the 2027-28 school year and be part of the graduation requirements for the class of 2031.- Research shows financial habits are often formed by the age of seven, making early edu...2024-09-2514 minTHE FINANCIAL COMMUTEGrant Williams on Investing vs. Speculating in Uncertain TimesWe are celebrating our 100th episode of THE FINANCIAL COMMUTE this week! Thank you for listening and supporting Chris and our guests these past two years. We are excited to continue empowering our listeners with financial confidence and knowledge through this podcast. To make this episode extra special, host Chris Galeski had a conversation with Grant Williams, author of Things That Make You Go Hmmm…, host of The Grant Williams Podcast and co-founder of Real Vision. Here are some key takeaways from their discussion:- It is important to decide if you ar...2024-08-2725 minTHE FINANCIAL COMMUTEReal Estate FAQ: Investing in a Challenging MarketOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Chief Investment Officer Meghan Pinchuk to discuss the current real estate environment and investment opportunities.Here are some key takeaways from their conversation:- There is a noticeable drop in real estate transaction volume due to high interest rates and sellers holding out for better prices.- Many real estate loans are coming due soon, creating potential opportunities for buyers as sellers may be forced to refinance at higher rates.- Potential interest rate cuts are anticipated but ar...2024-08-2019 minTHE FINANCIAL COMMUTEThe Stock Market Selloff: Morton's PerspectiveOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Managing Director of Investments Sasan Faiz to discuss the global stock market selloff. Here are some key takeaways from their conversation: - Tech stocks’ valuations were high due to AI excitement and hype, but recent corrections highlight the importance of true diversification.- The ISM Manufacturing Index indicates a recession in the manufacturing sector, though consumer spending, a major economic driver, remains relatively strong.- Indicators of financial stress among consumers include low savings rates and rising credit card bal...2024-08-0512 minTHE FINANCIAL COMMUTEHow Much Do I Need to Retire?On this episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes COO & CMO Stacey McKinnon to discuss retirement planning. How much do people really need to retire comfortably?Here are some key takeaways from their conversation:- Over 55% of Americans feel behind in retirement planning.- It is crucial to create a retirement plan custom to your lifestyle instead of taking generic advice from people who may have different standards than you. - 65 is generally seen as the “right” time to retire. However, Stacey and Chris urge listeners to consider their finan...2024-07-2618 minTHE FINANCIAL COMMUTEDoes Dollar Cost Averaging Work When Investing?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Patrice Bening to discuss dollar cost averaging, an investment strategy where investments are bought over time. Purchases occur regularly regardless of the asset’s price. Here are some key takeaways from their conversation:- Patrice shares her first experience with dollar cost averaging through her 401(k), highlighting its discipline and long-term benefits despite market volatility. - Dollar cost averaging (DCA) can help mitigate emotional stress when investing large sums. It can also offer potential tax benefits and loss offsetting throug...2024-07-2315 minTHE FINANCIAL COMMUTEBehind the Scenes: How Morton Manages Investment PortfoliosOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Portfolio Management Analyst Hunter Daniel to discuss Morton’s approach to portfolio management.Here are some key takeaways from their conversation:- For clients bringing cash to invest rather than an existing portfolio, Hunter and his team will use dollar cost averaging to mitigate market timing risks. This means they will make periodic investments over time which helps average the purchase cost and reduce the impact of market volatility. - Hunter and Chris highlight strategies like tax loss harvesting and the u...2024-07-1617 minTHE FINANCIAL COMMUTEBuffett's Bet: Exploring International Investments & JapanOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jon Wingent to discuss opportunities in international investing.Here are some key takeaways from their conversation:- Most investors tend to have a home country bias, allocating most of their investments toward domestic stocks and companies.- Most investors hold less than 10% of their portfolios in international stocks, despite the U.S. making up only 24% of global GDP.- Jon says U.S. stocks are currently more expensive compared to international stocks. Furthermore, international stocks can offer higher divi...2024-06-1113 minTHE FINANCIAL COMMUTEMarket Highs Amid Consumer StrugglesOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jenn Caruso to discuss recent financial headlines.Here are some key takeaways from their conversation:- The Dow Jones and NASDAQ have reached new highs; however, clients and consumers feel nervous.- Clients often react emotionally to investment performance, wanting to sell underperforming assets and buy high-performing ones. - Jenn and Chris emphasize the importance of rebalancing portfolios and diversifying investments to manage risk, avoid chasing growth blindly, and align one’s portfolio with their personal goals...2024-06-0412 minTHE FINANCIAL COMMUTEThe Risk of Taking Social Security Too EarlyOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Financial Planning Manager Brittany Yudkowsky to discuss Social Security, acknowledging its relevance due to heightened public interest during an election year.Here are some key takeaways from their conversation:- Many Americans fear Social Security may not be available in the future, thereby considering taking benefits early.- They examine taking Social Security early, including reduced benefits and penalties for earning above certain thresholds before full retirement age.- Chris and Brittany discuss the break-even analysis, a calculation used...2024-05-2012 minTHE FINANCIAL COMMUTEWhy Warren Buffett Embraced Taxes By Selling AppleOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Jeff Sarti, CEO of Morton Wealth, to discuss Warren Buffett’s sale of Apple shares. Here are some key takeaways from this conversation:- Warren Buffett recently sold about 100 million shares of Apple, significantly reducing Berkshire Hathaway’s holdings from $174 billion to $135 billion.- The sale was attributed to Buffett’s strategy to capitalize on currently low corporate tax rates.- Chris and Jeff agree that many investors hesitate on selling assets with large unrealized gains to avoid facing tax bills...2024-05-1414 minTHE FINANCIAL COMMUTEWhy Google Advice is Usually WrongOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Beau Wirick to discuss the potential dangers of following generic financial advice on the Internet.Here are some key takeaways from their conversation:- Beau stresses that financial advice online cannot be personalized the way a financial advisor can tailor their guidance to your individual situation and needs. - Many social media wealth “gurus” make content about financial decisions that can significantly impact one’s life, like social security, real estate investing, and health savings accounts. Influencers or gurus may...2024-04-3018 minTHE FINANCIAL COMMUTEHow to Manage Risk Amid Geopolitical Unrest & InflationOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Investment Officer Meghan Pinchuk to discuss geopolitical tensions and how investors can protect their portfolios amid market uncertainty.Here are some key takeaways from their conversation:- The global environment has become increasingly complex with the geopolitical unrest between Israel and Iran, alongside rising inflation and higher interest rates.- Meghan advises against making impulsive investment decisions based solely on headlines. Data suggests that by the time news impact markets, it’s generally too late for investors to react beneficially.2024-04-2312 minTHE FINANCIAL COMMUTEHomeowner’s Insurance: Are You Covered From Fire and Flood Risks?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Justin Pizzola, co-CEO of Greyhawk Insurance, to discuss homeowner’s insurance coverage. Here are the key takeaways covered in their conversation - Flood insurance can be very complex, as internal water damage is generally covered but external water intrusion is not typically covered without specific insurance.- While insurance typically covers accidental water discharge, it does not cover wear or tear or aging infrastructure.- They also discuss fire insurance, as the impact of fires in California has led to higher premium...2024-04-0219 minTHE FINANCIAL COMMUTEHow Will Realtor Fee Changes Impact Home Buyers and Sellers?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Beau Wirick discuss the recent policy changes around realtor commissions due to the National Association of Realtors’ settlement and how they may affect the market.· Three key changes are highlighted:Listing agents are now banned from offering co-fee sharing with the buyer’s agentBuyers are now required to pre-negotiate agent feesRealtors are now prohibited from insisting sellers offer compensation to cooperating brokers· Because of the elimination of automatic co-fee sharing between sellers’ and buyers’ agents, buyers would now be responsible for directly compensat...2024-03-2612 minTHE FINANCIAL COMMUTEEstate Tax Changes: Will They Affect You?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Estate Planning Attorney Brian Standing to discuss upcoming estate tax law changes and how they may affect you. - The estate tax exemption as of today is $13.6 million per individual, meaning estates valued over this amount are subject to estate tax. This amount is expected to be cut in half to about $7 million at the end of 2025. - Using entities like Family Limited Partnerships (FLPs) or Limited Liability Companies (LLCs) for estate planning can lead to discounted valuations of transferred assets, potentially reducing estat...2024-03-1927 minTHE FINANCIAL COMMUTEMarch Economic Highs & Lows: Should Investors Worry?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Investment Officer Meghan Pinchuk to discuss recent headlines and the overall economic landscape. They highlight topics like:-Recent banking sector issues, with a focus on New York Community Bank’s struggles -The Federal Reserve’s potential interest rate cuts-Market volatility, including the impact of geopolitical tensions like the war in Ukraine-How investors can balance between risk and opportunity, and the risks of chasing market trends-How investors can diversify their portfolios with private lending and credit 2024-03-1212 minTHE FINANCIAL COMMUTE8 Ways to Reduce Your Taxes in 2024On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to discuss eight tax-saving strategies.1. Health Savings Accounts (HSAs) are highlighted as a triple benefit tax-saving strategy, allowing pre-tax contributions, tax-free growth for medical expenses, and tax-free withdrawals for those expenses2. Retirement contributions to plans like 401(k)s and IRAs are recommended for tax savings.3. Marriage can offer tax benefits by providing access to wider tax brackets and potentially lowering the overall tax liability for the couple. 4. Some eco-friendly purchases on items like solar panels and electric veh...2024-03-0813 minTHE FINANCIAL COMMUTETech Unicorns: Will Companies Like NVIDIA Last?On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Joe Seetoo to discuss the recent rise in NVIDIA's stock price, including topics like:- how NVIDIA's groundbreaking work in AI has contributed to their stock valuation- competition from AMD, Intel, and potential threats from startups and cloud providers- whether NVIDIA’s current valuation at $800 a share is justified or if its success will burst like BlackBerry- how quickly technology evolves and how this may impact NVIDIA2024-02-2714 minTHE FINANCIAL COMMUTEBrokerage vs. RIA: Is There Really a Difference?In this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Priscilla Brehm to discuss the differences between brokerage firms and RIAs (Registered Investment Advisors). Priscilla and Chris encourage listeners to understand how compensation works when choosing between an RIA and brokerage firms, as brokerages often compensate their advisors based on transactions, which can lead to potential conflicts of interest. On the other hand, RIAs are generally compensated through a fee structure, which may align the advisor’s incentives more closely with the client’s success. Furthermore, listeners should understand the investment philosophy of the advisor, whether the a...2024-02-2018 minTHE FINANCIAL COMMUTEHighs & Hazards: Market Surges and Banking RisksOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to examine the stock market, the economy’s resilience, and last year’s banking crisis that may potentially resurface.They discuss the exposure of small and mid-sized banks to commercial real estate loans. With interest rates on the rise, these banks face increased risk as loans come due and need refinancing. Given the tightening credit guidelines, there is a looming threat of liquidity issues, which could compound the challenges these banks are facing. Especially given the high vacancy rates in office spaces, and...2024-02-1314 minTHE FINANCIAL COMMUTEWhat a Resilient Investment Portfolio Means to UsOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites CEO Jeff Sarti to discuss building a resilient investment portfolio and what “resilience” means.Jeff and Chris define resilience as an investment’s capability to withstand a variety of unforeseen scenarios without significant loss. Although uncertainty is inevitable, building a diversified portfolio can help investors navigate tumultuous circumstances. Private lending, specifically equipment lease financing, can be a solid example of a resilient investment, as it may offer consistent returns and security even in downturns. Compared to bonds, private lending may be even more resi...2024-02-0617 minTHE FINANCIAL COMMUTEDifferent Ways to Access Real Estate: REITs vs. Private FundsOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Kevin Rex to discuss different methods of investing in real estate. Although being a landlord is a popular way to invest in real estate, Kevin says it requires consistent effort to resolve maintenance issues and handle difficult tenants. If an investor is interested in a more passive strategy, REITs (real estate investment trusts) and private funds are options to consider. REITs are publicly traded equities, making them highly liquid. This allows for easy entry/exit, but also subjects the investment to t...2024-01-3118 minTHE FINANCIAL COMMUTEMastering the Balance: Liquidity vs. IlliquidityOn this week’s episode of THE FINANCIAL COMMUTE¸ host Chris Galeski welcomes COO and Wealth Advisor Stacey McKinnon to discuss liquidity. Illiquidity can be nerve-wracking due to the emotional bond people have with their money and the comfort that comes from having easy access to it. Stacey discusses conversations she has with clients about balancing liquid assets for immediate needs versus investing in long-term illiquid assets like businesses or real estate, which may offer better returns but less accessibility. Different account types, cash flow needs, and individual circumstances have a huge impact on which illiquid investments one...2024-01-2316 minTHE FINANCIAL COMMUTEBitcoin ETFs: What We Think You Should KnowOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Investment Officer Meghan Pinchuk to discuss Bitcoin ETFs that have recently been approved by the SEC (Securities and Exchange Commission). They discuss Bitcoin’s similarities to gold, particularly its role as a potential store of value as opposed to fiat currencies, while also noting Bitcoin’s relatively short history and high volatility compared to gold’s long-standing stability. Meghan and Chris also consider the technological complexities associated with direct Bitcoin ownership, including private keys and the irreversible nature of losing them. Therefore...2024-01-1611 minTHE FINANCIAL COMMUTEA Year In Review & Looking AheadHappy New Year! On today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Investment Officer Meghan Pinchuk to reflect on 2023 and discuss what this new year may bring.Due to the recent moderation in the inflation rate, markets responded positively, and the Fed announced they will cut interest rates in 2024. Meghan reminds listeners that just because the inflation rate has moderated, prices won’t necessarily come down- they will just increase at a slower pace. Meghan and Jeff also discuss how bonds’ performance rebounded in 2023 after a poor 2022, as well as gold. They agree that g...2024-01-0212 minTHE FINANCIAL COMMUTEGenerating Attractive Returns Through Creative Private Lending | The Financial Commute (Ep. 64)This week’s episode of THE FINANCIAL COMMUTE features a conversation on private lending from Morton Wealth’s 2023 Investor Symposium led by host Chris Galeski and Managing Director of Keystone National Group John Earl. They discuss Keystone and their approach to lending and investments. Keystone is a private credit platform with a focus on asset value. They provide lending and leasing services to companies, family offices, and fund managers with a typical transaction size of $20 million to $50 million. Keystone tends to thrive in high interest rate environments, as traditional banks may become more conservative, thus triggering more priva...2023-12-2121 minTHE FINANCIAL COMMUTEGenerating Attractive Returns Through Creative Private LendingOn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Managing Director at Keystone National Group John Earl to our 2023 Investor Symposium stage. They discuss Keystone and their approach to lending and investments. Keystone is a private credit platform with a focus on asset value. They provide lending and leasing services to companies, family offices, and fund managers with a typical transaction size of $20 million to $50 million. Keystone tends to thrive in high interest rate environments, as traditional banks may become more conservative, thus triggering more private lending opportunities. One of their specialties is equipment lea...2023-12-1921 minTHE FINANCIAL COMMUTELending to Out-of-Favor Companies with Substantial AssetsOn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Bob Louzan, Managing Partner at WhiteHawk Capital Partners to the 2023 Investor Symposium stage. WhiteHawk specializes in lending to companies that cannot secure loans from traditional banks or capital providers. Because of this structure, WhiteHawk tends to perform well during economic downturns when organizations face difficulties accessing capital markets. Their primary focus is on the liquidation value of the assets that a borrowing company possesses rather than solely relying on the company's performance. Bob highlights consumer goods, healthcare and automotive as industries that may present mor...2023-12-0621 minTHE FINANCIAL COMMUTEDecoding Bitcoin: The Future of CryptoThis week’s episode of THE FINANCIAL COMMUTE features a conversation on Bitcoin from Morton Wealth’s 2023 Investor Symposium led by host Chris Galeski, Wealth Planner Brian Standing and founder of The Bitcoin Layer Nik Bhatia. Nik is also a CFA® charterholder and teaches finance and business economics at USC. Nik explains that Bitcoin is both a software and a unit of account within the software. The unique innovation Bitcoin offers is that people can use and move these units without a central party (like a financial system or government authorities). This makes it resistant to censorship and in...2023-11-2823 minTHE FINANCIAL COMMUTEAcross the Pond: Navigating the Expat Financial Journey In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Jon Wingent discuss international living and the financial uncertainties often faced by expats. Many expats may have questions about whether their contributions in another country will count towards their U.S. Social Security benefits. The U.S. has Social Security treaties with many countries to prevent double taxation and ensure individuals receive the appropriate benefits. Systems can vary from one country to another, so it is important to research each nation and its terms. Expats who have contributed to Social Security-equivalent programs in m...2023-11-2119 minTHE FINANCIAL COMMUTETop Wealth Hacks & Tax Strategies in 2023In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Kevin Rex to discuss wealth hacks and tax planning strategies.Some strategies they explore are Donor Advised Funds and Qualified Charitable Distributions. These methods can help individuals save on taxes while supporting philanthropic causes. Health Savings Accounts can also be advantageous as contributions made to an HSA are tax-deductible, funds within an HSA can be invested and growth is tax-free if used for qualified medical expenses, and withdrawals are also tax-free if used for qualified medical expenses. After age 65, you can withdraw fu...2023-11-1418 minTHE FINANCIAL COMMUTEReviewing a Century of Investment Trends: Small vs. Large CompaniesIn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Bruce Tyson to discuss how the market has performed this past year, including bank failures, debt issues, government shutdowns, inflation, and interest rates. They dissect the common belief that the average annual return of the stock market over the long-term is around 9-10%. The market experiences fluctuations, sometimes delivering very positive and negative returns. Therefore, investors should not expect a consistent 9-10% return year after year in the stock market and must maintain a long-term perspective. Bruce and Chris also go o...2023-11-0718 minTHE FINANCIAL COMMUTEAI, Bias, and Financial Decision-MakingIn this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Mike Rudow discuss artificial intelligence and its potential impact on the financial industry/other fields. Mike emphasizes that AI is a large language model with access to data, which can be flawed due to inherent biases. Because it still has a long way to go in making totally accurate conclusions and analyses, it is not recommended to take financial advice from AI. However, Chris and Mike acknowledge the effectiveness of using AI in conjunction with human expert knowledge. Studies show that AI can...2023-10-3120 minTHE FINANCIAL COMMUTECan We Thrive Amidst Uncertainty: War, Rising Rates, and Political ChaosIn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Managing Director of Investments Sasan Faiz to discuss the current economic landscape.The global economy is uncertain due to the war happening in the Middle East, rising interest rates driven by the Fed’s efforts to lower inflation, and the dysfunction in the U.S. Congress related to budget resolutions. The 10-year U.S. Treasury yield reaching a 16-year high of 5% also magnifies the risk that the higher rates environment poses to the economy. Furthermore, U.S. consumers and corporations are facing higher borrowing cost...2023-10-2417 minTHE FINANCIAL COMMUTEEmbracing Uncertainty: Insights from the Investor SymposiumOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites CEO Jeff Sarti to recap the Investor Symposium and looks ahead to Morton’s future. Firstly, Jeff and Chris address the Israel-Hamas war and its potential impact on global markets. Jeff emphasizes the importance of diversification in building resilient portfolios to weather unforeseen events like this. Last Thursday, we delved into the different funds and strategies that strengthen and diversify our clients’ portfolios at the Investor Symposium. Morton advisors, fund managers, and other external speakers discussed investment and financial planning topics like how to raise...2023-10-1718 minTHE FINANCIAL COMMUTENavigating Financial Turbulence & Inflation with GoldIn this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Managing Director of Investment Sasan Faiz to discuss Q3 and how investors can try to protect themselves in unpredictable market conditions. Q3 saw a struggling market with the S&P 500 down 3.2% and MSCI EAFE down 4%. Bonds have also faced challenges as they were down 3.2% for the quarter and 1.2% for the year. This is because higher interest rates have had a negative impact on equities and bonds. Sasan and Chris agree that investors should consider adding gold to their diversified portfolios to try shielding themselves ag...2023-10-0312 minTHE FINANCIAL COMMUTECelebrating a Year of Financial Commute Insights: Join Us at the Investor SymposiumOn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Mike Rudow, his very first guest, to celebrate the podcast’s one year anniversary. Chris reflects on this accomplishment and feels grateful that he and his guests have been able to deliver valuable financial knowledge to listeners for a year.Chris and Mike also discuss the Investor Symposium and the topics they are excited to listen to, like Battle of the Spouses, Current Me vs. Future Me, and Possibilities & Pitfalls of Artificial Intelligence. Furthermore, Chris will be talking with private lenders like Keystone and...2023-09-2614 minTHE FINANCIAL COMMUTEFrom Mortgages to Market Trends: A Deep Dive Into Real EstateOn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Brian Farwell, Branch Manager at CrossCountry Mortgage, to discuss residential real estate and interest rates. The single-family home market remains resilient due to limited supply and high demand. It’s an expensive market for buyers, but Brian says it may be best to buy now rather than wait for prices to decrease significantly, as that is not likely to happen. Brian also thinks in the next couple years, interest rates may stabilize and come down due to election cycles. Buyers may be able to refinance loans...2023-09-2017 minTHE FINANCIAL COMMUTEInvesting with Patience: Real Estate in a Changing MarketOn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Managing Director at KCB Real Estate Megan Pautler-Gutnikov to discuss KCB Real Estate and their investment strategies. KCB is a buy-and-hold control investor in a wide variety of income-producing property types. We have felt confident in our partnership with KCB because of their long-term, disciplined, and patient outlook. They work with operating partners with a strong track record and prefer assets they can hold indefinitely. Megan emphasizes the need for investors to balance patience with a willingness to adapt to changing conditions, as risi...2023-09-1217 minTHE FINANCIAL COMMUTEThe Modern Real Estate Dilemma: Gifting or Loaning to the Next GenerationOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Planner Brian Standing. They discuss potential complications that may arise when a parent or grandparent helps their child buy real estate.Firstly, it is critical to decide if the financial assistance offered is considered a gift or a loan. Gifts may be subject to gift taxes, and there may be income tax consequences for loans. Furthermore, it is important to ensure your child is financially stable enough to maintain their property and pay property taxes after they become a homeowner. If you are helping with...2023-09-0620 minTHE FINANCIAL COMMUTEInheriting Wealth: Navigating Complex DecisionsOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Beau Wirick to discuss assets that may or may not be beneficial to inherit.Chris and Beau agree that a Roth IRA is the best type of account to leave heirs as money grows tax-free, and withdrawals are tax-free. Brokerage/non-retirement accounts are also beneficial, as the heir can sell shares without paying capital gains taxes on them. Traditional IRAs may not be as advantageous because distributions are taxable, and new legislative changes under the SECURE Act forces heirs to withdraw the entire balance...2023-08-3017 minTHE FINANCIAL COMMUTEDiversifying Beyond Stocks & Bonds: Our Investment ApproachOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski and Jeff Sarti, our CEO, discuss our investment philosophy and upcoming Investor Symposium. Although many investment firms place an emphasis on stocks and bonds, other assets tend to be more resilient in volatile times. Jeff says we are willing to look different than the rest of the industry because we believe our focus on the alternatives space is in our clients’ best interest.Clients will be able to meet fund managers, learn more about our investment strategies, and hear live conversations about various financial planning top...2023-08-2314 minTHE FINANCIAL COMMUTEYour Guide to Biden's Student Loan Debt Forgiveness: Who's Eligible?On today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to discuss recent changes to student loan repayment plans. It is important to note these changes impact federal student loans, not private loans. The Department of Education started notifying eligible borrowers (those who have been on repayment plans for 20-25 years of qualifying months) on Friday, July 14. The Department of Education will continue to notify eligible borrowers who have reached the forgiveness threshold every two months. Income driven repayment plans previously had four options: income based, income-contingent, pay as you earn, and...2023-08-1614 minTHE FINANCIAL COMMUTEWhat the US Credit Downgrade Means for YouOn today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Kevin Rex to discuss Fitch Ratings’ downgrade of U.S. debt from AAA to AA+. Fitch warned that the “rating downgrade of the United States reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden, and the erosion of governance.”Kevin and Chris agree that this downgrade has been a long time coming and could hopefully bring about some reform. Chris says the only way to bring the rating back up is for the government to becom...2023-08-0811 minTHE FINANCIAL COMMUTEInvesting in China: Attractive Opportunity or Value Trap?On this episode of THE FINANCIAL COMMUTE, Wealth Advisor Mike Rudow steps in for Chris Galeski and invites Managing Director of Investments Sasan Faiz to discuss China’s economy. China's economy has been growing at a high rate of almost double digits or high single digits for the past 20-25 years, mainly driven by investment and infrastructure projects. However, now that China has reached late-stage urbanization, their economic growth is slowing due to several headwinds like high unemployment rates, government debt and a smaller population of young people. As China decelerates, Sasan suspects the next emer...2023-08-0215 minTHE FINANCIAL COMMUTEAre You Paying More in Taxes Than You Have to?On this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to discuss tax efficient strategies. Retirement accounts: Patrice reminds listeners to maximize retirement accounts like a 401(k) or 403(b) to optimize tax-deferred growth. Chris says when one is younger and does not have the professional success yet to pay more in taxes and has more time to invest, it may make more sense to contribute to a Roth account. Treasury and municipal bonds: Patrice encourages listeners in states with high taxes to consider investing in short-term tr...2023-07-2614 minTHE FINANCIAL COMMUTENo One Likes Taxes: Tax Efficient StrategiesOn this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Patrice Bening to discuss tax efficient strategies. Retirement accounts: Patrice reminds listeners to maximize retirement accounts like a 401(k) or 403(b) to optimize tax-deferred growth. Chris says when one is younger and does not have the professional success yet to pay more in taxes and has more time to invest, it may make more sense to contribute to a Roth account. Treasury and municipal bonds: Patrice encourages listeners in states with high taxes to consider investing in short-term tr...2023-07-2514 minTHE FINANCIAL COMMUTEMoney Rules to Live By: Fact or Fiction?On today’s episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Mike Rudow share their takes on some points in a CNBC article about financial “rules” people should abide by.Firstly, the article suggests readers avoid taking on debt for college. However, Mike says sometimes, taking on debt is the only route students can take. This is okay if the student is responsible and has the right personality to successfully finish college and eventually pay their debt off.Secondly, the article encourages listeners to try to buy a home in cash. Mike says t...2023-07-1816 minTHE FINANCIAL COMMUTEMidyear Market Update: Opportunities in the Second Half of 2023On this episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Managing Director of Investments Sasan Faiz to discuss trends and headlines that have set the landscape for the first half of 2023. Although there have been slowdowns in some areas of the economy, the S&P 500 is up almost 17% for the year. However, Sasan says the S&P’s growth is not as steep as it looks and is mostly due to a handful of companies that are up almost 58% for the year, like Apple, NVIDIA, Tesla, Google, Microsoft, etc. Most other S&P 500 companies are only up...2023-07-1118 min