Financial Commute

In our modern world of noise, trends, exaggerated stories, and "expert" online investment advice, it's wise to be at least a little skeptical. On this episode of THE FINANCIAL COMMUTE, Chris sits down with Morton Wealth CEO Jeff Sarti to unpack the 10 core investment principles in his latest newsletter, The Healthy Skeptic.Tune in if you're interested in the following:Why healthy skepticism—not blind optimism or fear—is key to making smart financial decisions.How questioning government data, market forecasts, and media narratives can help you become a more empowered investor.Why trying to predict the market often leads to poor outcomes—and what to do instead.How diversification beats overconfidence and chasing trends.

Last week, House Republicans advanced a multitrillion-dollar tax and spending bill that could affect millions of American households. With the 2017 Tax Cuts and Jobs Act set to expire at the end of the year, this bill aims to make several key provisions permanent.Join Chris Galeski and Beau Wirick as they unpack what's in the bill, who it benefits, and what it means for the broader economy. Note: This episode was filmed on May 22nd, 2025.Tune in if you're interested in the following:• How the bill could affect your income and estate taxes in 2025 and beyond• What the proposed $3.8 trillion in tax cuts and $1 trillion in spending cuts mean for the national debt• Why this legislation matters for estate planners, retirees, and middle-income households• What's next as the bill heads to the Senate—and how fast things could move

In celebration of the women of Morton – both team members and clients – we welcome you to listen to this episode where we explore the role women play in the financial services industry and the growth of female investors. According to recent studies, women are taking more leadership roles in investment decisions, which has progressed the way advisory firms deliver advice and services.Join Patrice Bening and Stacey McKinnon for a powerful and personal conversation about women in wealth on the latest episode ofTHE FINANCIAL COMMUTE.Tune in if you're interested in the following:• Why having both male and female financial advisors is important for many clients• The challenges and cultural shifts for women in finance• What makes female investors and clients unique• How we've engaged all clients more thoughtfully 

Ever wonder how our Chief Investment Officer, Meghan Pinchuk, decides which investments are worth it and which are overhyped? Join Chris and Meghan on this week's episode of THE FINANCIAL COMMUTE as they discuss what makes an idea worth exploring, why due diligence is key, if AI is an overhyped investment, and alternative investments.Tune in if you're interested in the following:• Preserving and growing your wealth• How we evaluate new opportunities• Diversifying your portfolio beyond stocks and bonds• Market trends and the broader financial landscape• How we conduct due diligence and assess risk

This episode is relevant to you if...• You purchased long-term care insurance years ago and are now receiving notices about major premium increases.• You help your parents/grandparents manage healthcare and financial decisions, especially around long-term care.• You are a single person who wants to ensure you have a plan in place for long-term care without burdening family members.• You are a financial professional looking to increase your knowledge around long-term care planning and insurance so you can better serve your clients.

On this week's episode of THE FINANCIAL COMMUTE, Financial Planning Advisor Brittany Yudkowsky joins Chris to talk about RMD planning.• Required Minimum Distributions (RMDs) must start by age 73.• Strategies like Roth conversions can be used before reaching RMD age to reduce future taxable distributions.• After age 70½, individuals can donate up to $108,000 (2025 limit) directly from their IRA to charity, reducing taxable income.• Making large contributions to a donor-advised fund in high-income years can offset the tax impact of RMDs or Roth conversions.• In the first year, you can delay your RMD until April 1 of the following year — but that means taking two RMDs in one year, possibly increasing taxes.• If still working and participating in a 401(k) (and not a 5%+ owner of the company), you may be able to delay RMDs from that plan — but not from IRAs.• If the RMD isn't needed for living expenses, options include reinvesting it in a trust account, using it for charitable giving, or funding experiences.• You can take RMDs monthly, quarterly, or at the end of the year; spreading them out can ease market timing risks and prevent last-minute errors.

On this week's episode of THE FINANCIAL COMMUTE, Wealth Advisor Mike Rudow joins Chris to discuss the Fed's decision to keep rates high.Here are some key takeaways:Trump recently criticized the Fed for keeping rates high and hinted at wanting to replace Powell.Inflation has been stubbornly high, making it risky for the Fed to cut rates prematurely.Chris says the Fed is in a difficult position right now as the economy is slowing, tariffs are creating uncertainty, unemployment might be ticking up, and inflation may continue to rise. Trump wants rates to come down because it could help stimulate businesses and increase borrowing/purchasing power for consumers. However, if we lower interest rates too quickly, it could potentially cause inflation to shoot up which would eventually increase rates. Chris and Mike agree that building resilient portfolios is even more important in volatile, uncertain times like now. 

On 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 unexpectedly large difference in your wallet. California's near-10% sales tax contrasts with Oregon's 0%, which offers large savings when shopping or dining out. Other states that don't have a sales tax include New Hampshire, Montana, Alaska, and Delaware.  To be considered a non-California resident, one must sever ties—like doctors, voter registration, library cards—and clearly establish residency elsewhere. California can pursue back taxes indefinitely if it deems someone a resident. CA imposes a 0.4% exit tax on net worth over $30 million (excluding primary residence) for those relocating out of state. States like South Dakota offer favorable retirement income tax rules, making them attractive—but weather and lifestyle may still be tradeoffs.

On this week's episode of THE FINANCIAL COMMUTE, Chris and Kevin discuss a book they recently enjoyed, Die with Zero by Bill Perkins. Are most of us over-saving and under-living?Here are some key takeaways from their conversation:Bill Perkins argues that most people die with too much money. He says wealth should be used to create meaningful experiences while we're healthy enough to enjoy them.Kevin notes that life is made of seasons — in youth, you have time, energy, and health. Optimal planning aligns spending with life stages to maximize fulfillment.Instead of waiting to pass on wealth after death, giving earlier can be more impactful — for kids, grandkids, or charities — while you're still around to see the results. Chris and Kevin agree it is important to prepare for the future and make wise financial choices while spending with purpose on things that bring the most value and joy. The book gives a new perspective to the FIRE movement (Financial Independence, Retire Early) and questions delaying enjoyment for a future that may never arrive or be as fulfilling.

On today's special episode of THE FINANCIAL COMMUTE, Jeff and Meghan address the recent volatility in the stock market and how Morton Wealth protects clients' portfolios amidst uncertainty.This episode was filmed on the morning of April 4th. Here are some key takeaways from their conversation:Meghan and Jeff emphasize the importance of preparing in advance for market uncertainty. Rather than reacting to volatility, Morton Wealth's portfolios are designed to anticipate it.While many traditional firms hold 50 to 80% stock exposure, Morton's average client has much lower weighting to stocks.Diversification beyond domestic stocks includes investing in assets like gold/gold mining stocks, international stocks, bonds, and private lending.Jeff and Meghan elaborate on our philosophy towards diversification and highlight that portfolios have held up well thanks to this approach. If you have concerns, do not hesitate to reach out to your advisor.

On 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 American Express Platinum card offers many upgrades and discounts at many hotels. Stacey says if a guest uses booking sites like Expedia, hotels will usually put them in the lowest room. They prefer when guests book through their website, American Express, or travel advisors. CRUISES/YACHTSBooking last-minute cruise deals can offer great prices since cruises are trying to fill rooms. Booking excursions locally tends to be more affordable than through the cruise line.Chris says after September 1st, yacht and boat deals tend to be heavily discounted.CONCERTS/SPORTING EVENTSYou can access American Express concierge services through their Platinum, Business Platinum, Delta SkyMiles Reserve, and Hilton Honors Aspire cards. The concierge services can help users get tickets and sometimes special seating at exclusive sporting events/concerts.INTERNATIONAL TRAVELStacey urges listeners to take videos of rental cars (exterior and interior) before they start driving so that rental car businesses cannot accuse them of damages that were done by previous drivers.Chris has a Fidelity Cash Management Account, which reimburses him for ATM fees anywhere in the world. They also offer cheaper currency exchange rates when using international ATMs.Many places in Europe don't take American Express cards. It is important to do your research on what cards are usually accepted in the regions you are visiting prior to traveling.Stay updated with the newest travel hacks by following these resources:Colin Stroud: https://www.linkedin.com/in/gosomewhere/The Points Guy: https://thepointsguy.com/Daily Drop: https://www.dailydrop.com/

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Wealth Advisor Patrice Bening discuss buying vs. leasing cars. Which is better?Here are some key takeaways from their conversation:While leasing typically offers lower monthly payments, it can become an ongoing expense with no ownership benefit. Leases usually have mileage restrictions, and exceeding them results in costly penalties.Buying a car means dealing with depreciation, but owners can build equity and eventually sell the vehicle.Buyers should negotiate the total price, not just the monthly payment, to avoid unfavorable terms.Leasing requires higher insurance coverage, and gap insurance is crucial to cover negative equity in case of an accident.While leasing may seem cheaper in the short term, long-term car ownership typically saves money for those who keep cars for many years. Purchasing a two-year-old car with low mileage is often a cost-effective alternative to buying new.Changing life circumstances can influence these decisions. For example, when it came time for Patrice's teenage son to drive, she thought buying an older car would make their insurance cheaper; however, it was more expensive because old cars are more prone to breaking down. She says it is probably a better idea to buy a used car that is only a couple of years old for a new driver. Many dealerships push leasing with attractive deals, but it's important to evaluate if it truly makes financial sense in the long run.

On 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 money toward different accounts while Chris focuses on their investments and long-term goals.Couples should have regular, honest conversations about their money goals, priorities, and habits. Briana recommends having these conversations while on a walk or in the car because it can make these "serious" talks feel more approachable. While Chris and Briana were engaged, they tracked every penny they spent in a month. It was incredibly eye-opening and allowed them to recognize areas they could potentially cut back on. The word "budget" can feel too restrictive for many couples. Instead, try thinking of it as a "spending plan" - where you are aware of your expenses and adjust your spending to align with your goals.It is pivotal for couples to discuss creating an estate plan and having adequate insurance should anything happen to one of them. Even if one partner takes the lead in financial decisions, both should have a foundational understanding of investments and financial planning.

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 relied on globalization for cheaper goods, but tariffs aim to bring manufacturing back to our country.According to Beau, Taiwan Semiconductor Manufacturing Co. (TSMC) will increase U.S. production to avoid tariffs. However, he says this could've been achieved by implementing targeted tariffs instead of broad tariffs.While tariffs may protect U.S. jobs, specifically in manufacturing, they can also raise consumer prices. This can disproportionately affect lower-income households.The ideal outcome is job growth and a stronger middle class, but many economists argue tariffs don't guarantee this and can hurt economic growth. Higher prices from tariffs, combined with rising household debt and economic uncertainty, could push the U.S. toward a recession.Chris says even if the Trump administration does away with tariffs after a few months, prices probably won't come down to what they used to be - at least not for a long time. Individuals should create a spending plan, track expenses to see where they can save, and build an emergency fund to protect against economic downturns. Morton Wealth has taken proactive steps to reduce stock exposure and diversify client investments to minimize risk from market volatility.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Scott Gilmore, CEO of Ascend Tax and Business Advisors, discuss upcoming tax law changes and how to maximize your tax benefits in 2025.Here are some key takeaways from their conversation:Due to the January fires in LA, tax filing and payment deadlines have been extended to October 15th for individuals and businesses residing in Los Angeles County. A Net Operating Loss (NOL) occurs when a taxpayer's deductible losses exceed their taxable income in a given year. For those affected by the LA fires, net operating losses can be especially valuable. If someone suffered a significant loss—such as property damage that wasn't fully covered by insurance—their casualty loss deduction could create an NOL. Since the fire occurred in January 2025, impacted taxpayers can choose to apply their losses to their 2024 tax return rather than waiting until 2025, which could allow them to reduce their 2024 taxable income and qualify for tax refunds.The estate tax exemption is expected to be reduced from around $14 million to $7 million in 2026, prompting some individuals to accelerate their gifting strategies.Taxpayers can use “bunching” (grouping donations into one year) or donor-advised funds to maximize deductions.The $10,000 SALT (State & Local Tax) cap may be removed if tax laws expire, but business owners currently benefit from workarounds like AB 150.401k and other retirement contribution limits have increased for 2025, with a special catch-up contribution for those aged 60-63 allowing them to save more pre-tax.Given ongoing tax law shifts, individuals should engage with advisors to optimize tax strategies and ensure compliance.If you or someone you know has been affected by the fires, Ascend Tax and Business Advisors is happy to take calls from non-clients and answer questions about available tax benefits. Visit their website here: https://www.ascendadvisors.com/

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 up about 55 to 70% of the global stock market. This indicates the overvaluation of U.S. equities compared to international markets.Cycles of outperformance tend to go in 10 to 15 year cycles. An example is the 2000s where U.S. stocks were flat for the decade and international stocks performed very well.Jeff and Chris discuss the tendency for investors to have a home country bias and the pros and cons of taking this approach.Jeff says the effects of tariffs on both U.S. and international companies will depend on whether they're exporters and which industries they're in. In conclusion, it is crucial for investors to diversify their portfolios with stock exposure around the globe.

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Executive Vice President Eric Selter invites Carmine Cicalese, Senior Partner at Digital Privacy & Protection, LLC, to discuss protecting oneself from cybersecurity threats.Here are some key takeaways from their conversation:More than half of U.S. citizens have experienced cybercrime, with identity theft occurring every 22 seconds.Fraudsters typically use phishing (email), smishing (text), and vishing (voice) to manipulate victims, often using AI to clone voices for scams.If money is stolen from an online bank or investment account, recovery is unlikely due to liability agreements customers sign.Best practices for protecting yourself include using a VPN, a password manager, a private email (not a free email platform like Gmail or Outlook) for sensitive matters, multi-factor authentication, ensuring your passwords are strong and unique (20+ characters), changing default passwords on smart home devices, and refraining from posting too much about your personal life on social media.It's crucial to remember that if a platform is free, you are the product. They are probably selling your data, and it is important to practice caution when communicating personal info across these free platforms.The best protection is a healthy dose of skepticism. If something feels suspicious, don't engage.

On 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, which he carried into finance.Realizing he wouldn't make it long-term in professional golf, Chris decided to enter the finance industry in 2009 despite the economic downturn.Starting at Morgan Stanley, he faced difficulties building confidence and credibility in a new industry. Going from having other golfers look up to him to building a network from scratch in a new industry was hard. Chris leveraged skills from golf, like strategic planning, resilience, and mentorship, to succeed in financial advising.Chris highlights that failures in golf (and finance) provide valuable lessons and opportunities for growth. He wouldn't be here today without all the wins, mistakes, twists, and turns of his life and career. 

On 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 debt levels.The U.S. must refinance trillions in debt in 2025 at higher rates, increasing borrowing costs and potentially driving yields higher.Meghan explains that one way to manage high debt levels is to let inflation run slightly high, effectively reducing the value of the dollar over time.While new government efficiency efforts sound good, most spending is non-discretionary (like Social Security and defense), making meaningful cuts challenging.Morton Wealth is prioritizing private lending and floating-rate investments, which provide strong returns without depending on interest rate movements.While markets remain unpredictable, Chris and Meghan stress the importance of avoiding speculation, focusing on solid fundamentals, and being prepared for multiple economic scenarios.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Nik Bhatia, professor at USC, author of Layered Money and host of The Bitcoin Layer podcast to discuss Bitcoin's evolution and role in society and finance. Here are some key takeaways from their conversation:Bitcoin was created as a response to the continuous expansion of the credit system and as a new form of decentralized electronic cash.Bitcoin's finite supply (21 million coins) makes it a unique store of value akin to digital gold.Bitcoin operates on a decentralized protocol with cryptographic security, ensuring transparency and removing the need for intermediaries like banks.Bitcoin has gained legitimacy through institutional adoption, ETFs, and regulatory clarity, reducing its risk profile as an asset class.While technological advancements like quantum computing could challenge Bitcoin's security, advancements in quantum encryption are expected to mitigate these risks.Self-custody provides a direct way to interact with Bitcoin's blockchain, but ETFs and other custody solutions offer a more accessible entry point for many investors.Bitcoin is now 16 years old, growing in legitimacy, and increasingly recognized as a new asset class. Curiosity and open-mindedness are essential for understanding its potential role in the future of finance.

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Our Chief Investment Officer Meghan Pinchuk welcomes our fund managers, Rich Gammill of Proterra, John Ahn with WhiteHawk, and Himani Bhalla with Symbiotic to discuss how they find investments with higher yields and lower relative risk. Here are some key takeaways from their conversation: - WhiteHawk is an asset-based lender focused on underwriting to bankruptcy while Proterra and Symbiotic are niche-focused lenders in the food and healthcare sectors, respectively. - The discussion emphasizes private credit as a favored asset class due to its ability to deliver equity-like returns with lower risk through downside protections and strategic structures.- The growth in private credit is driven by reduced bank lending and higher interest rates. This shift provides opportunities for private lenders to step into underserved markets.- Sector-specific knowledge and strategic partnerships (e.g., with organizations like Farm Credit) create unique advantages for private credit managers, allowing for better terms and premium returns.- Loans are typically customized based on the borrower's assets, risks, and needs. Examples include milestone-based disbursements and covenants tailored to specific growth stages.- A common strategy lenders use is underwriting loans with the assumption that borrowers might default. This helps to ensure robust collateral or recovery plans, emphasizing downside protection and capital recovery.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski and Chief Operating Officer & Chief Marketing Officer Stacey McKinnon share advice for those affected by the Los Angeles fires and tips for preparing for future emergencies.Here are some key takeaways from their conversation:The Morton team is available for anyone in the community that needs advice or support during this time.If you've lost your home, it is crucial to contact mortgage and insurance companies as soon as possible, cancel services you no longer need, update your mailing address to a P.O. box or wherever you are staying, and register with organizations like FEMA and the Red Cross for assistance.Create a detailed record of damaged items and their replacement costs (it might be helpful to go room by room).File for loss of use coverage, a part of your homeowners or renters insurance policy that helps pay for living expenses while you are displaced.Be aware of scams and ensure you are speaking with legitimate organizations and real representatives from those organizations.If your home was damaged or lost, you may potentially qualify for some tax write-offs. You can also reassess your property for property tax purposes and potentially get reimbursements or qualify for delayed payments.For LA County residents and business owners, the tax filing deadline has been extended to October 15th.Stacey recommends doing a video tour of your house every 6 months to ensure you have documentation of the items in your house.When packing an evacuation bag, it is crucial to include a 3 day supply of food, a few gallons of water, a map of routes you can use to evacuate, medication, a change of clothes, eyeglasses, keys, credit cards, cash, a first-aid kit, a flashlight, extra batteries, important documents like passports, birth certificates, and your neighbor's phone numbers.The California FAIR Plan, often a fallback for wildfire insurance, has limitations, such as high deductibles, coverage caps (up to $3 million usually), and the need for supplementary liability insurance that covers things like theft, water damage, etc. since the FAIR plan only covers fire damage.Make sure your insurance plan covers replacement costs and that your insurance company knows the accurate value of your home.  Please find a list of verified resources here, and do not hesitate to reach out to us for guidance or support whether you are a client or not.

On 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 seek investments that are resilient to market and geopolitical fluctuations. Unique investment options, such as whiskey aging, real estate, food, healthcare, and private loans backed by real assets are highlighted as diversifiers that offer returns similar to stocks but are generally less impacted by market volatility.Investments like gold and Bitcoin are explored as potential hedges against inflation and economic uncertainty, though they require careful consideration. It is important to be careful not to overexpose your portfolio to high-risk assets like Bitcoin and stocks.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Patrice Bening to discuss how to strategize distributions when inheriting IRAs, complexities introduced by Secure Act changes in 2020, and what to know for 2025.Here are some key takeaways from their conversation:- In 2020, Secure Act 2.0 made it so non-spouse beneficiaries must fully deplete inherited retirement accounts (traditional or Roth IRAs) within 10 years, instead of stretching distributions over their lifetimes.- Starting in 2025, individuals who inherited IRAs after January 1, 2020, must begin taking annual RMDs within the 10-year window.- Beneficiaries need to consider their income levels, tax brackets, and financial plans when deciding how much to withdraw annually to minimize taxes and maximize financial benefits.- Spouses have unique flexibility, such as rolling an inherited IRA into their own account to delay RMDs or treating it as an inherited IRA to access funds penalty-free.- Minors who inherit IRAs can use their life expectancy for withdrawals until turning 18, after which the 10-year rule applies. Withdrawals can impact eligibility for student aid or repayment plans.- Individuals aged 70.5 or older can make qualified charitable distributions (QCDs) directly from inherited IRAs to reduce taxable income while fulfilling RMD requirements.- Failing to take an RMD incurs a 25% penalty, which can be reduced to 10% if corrected within two years. Beneficiaries must stay on top of annual distribution requirements. 

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Our Chief Investment Officer Meghan Pinchuk welcomes our real estate fund managers, Megan Pautler-Gutnikov of KCB, Todd Williams of Grubb Properties and Shawn Clark of CRG. Each manager focuses on a different niche of real estate investing. They discuss the current real estate environment, future opportunities, and how they structure their deals to protect investors.Here are some key takeaways from their conversation:CRG focuses on modern industrial facilities. Trends in the commercial property sector include larger buildings with advanced features like extensive parking and taller heights. Interest rate hikes have slowed new development, but reduced supply increases the value of existing properties.Grubb specializes in multi-family housing, which struggles with a persistent and serious shortage. Inflation and rising interest rates have driven up construction costs and reduced financing options. However, the long-term fundamentals remain strong.KCB takes a long-term cash flow-oriented strategy, holding properties of various types and industries indefinitely to weather market cycles. High-end, "class A" office buildings that are the highest quality in design, updates, and location are performing well and tend to remain strong even during economic downturns. However, many older office buildings that are not as desirable face demolition. Many class B buildings that are in the middle in terms of quality are being turned into hotels or affordable housing.Senior and student housing remain attractive. Data centers are also an area of opportunity because of the rise of AI. Industrial rent growth and inflation-linked lease bumps have helped offset valuation declines caused by rising cap rates. The panelists emphasize the cyclical nature of real estate and suggest that while challenges persist, the market is at a trough, presenting strategic opportunities for those prepared to invest during uncertain times.

On 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. - If you are subject to required minimum distributions (RMDs), it is important to take them before the end of the year. A good strategy for charitable individuals is to use Qualified Charitable Distributions (QCDs) to reduce taxable income while donating directly from your retirement account.- Review your income and tax bracket to explore Roth IRA conversions, which can provide tax-free income in retirement and potentially benefit your children by leaving them tax-free assets.- Max out Health Savings Account (HSA) contributions if eligible. HSAs provide a triple tax advantage: tax deductions on contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.- For Flexible Spending Accounts (FSAs), be mindful of any remaining funds since they are “use it or lose it.” - The end of the year is the perfect time to think about gifting. Consider making contributions to 529 plans for your children or grandchildren, which offer tax-free growth and withdrawals for educational expenses. Additionally, explore options like gifting Roth IRAs for future generations. 

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Wealth Advisor Mike Rudow to discuss charitable giving strategies to ensure you are optimizing your donations.Here are some key takeaways from their conversation:QCDs (Qualified Charitable Distributions) allow individuals over 73 to send required minimum distribution amounts directly from their IRA to charities, avoiding taxable income. CRTs (Charitable Remainder Trusts) provide a way to donate assets, reduce income taxes, avoid capital gains, generate a beneficiary income stream, and benefit charities at the trust's end.CRTs are especially beneficial for assets like appreciated stock or real estate, allowing tax-free sale within the trust while providing lifetime income to the donor.DAFs (Donor-Advised Funds) are flexible charitable accounts where donors can make contributions, receive immediate tax benefits, invest the funds, and distribute them to charities over time. They can also help families pass down charitable values since the account-owner's children can have access to the account and choose which charities to donate to, but cannot use the funds for their personal needs. Look out for an upcoming episode on a year-end financial planning to-do list, which will also touch on charitable giving action items. 

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 promote a shorter-term speculative investing mindset instead of a long-term one.Meghan, Jeff and Chris also discuss adopting an "ownership" mindset when investing. When investors view assets in their portfolio as something they own, like a house, they are more likely to focus on generating wealth and cash flow over time without being distracted by daily price fluctuations or trends.Illiquidity can promote disciplined, long-term investment behaviors, provide structural benefits in pooled investment funds by preventing forced asset sales during downturns, and offer the "illiquidity premium," meaning higher potential returns for investments requiring capital lock-up.Illiquid investments, especially those controlled by third parties, may receive valuation discounts for estate tax purposes, reducing taxable estate values by 20-35%.

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Wealth Advisors Kevin Rex, Joe Seetoo and Mike Rudow discuss strategies that could help replace income in retirement.Here are some key takeaways from their conversation:- Traditional income strategies like government bonds are less effective due to changing interest rates and market dynamics. Joe and Mike advocate for alternative income sources like private lending and real estate loans.- Examples of alternative income sources include private real estate loans (e.g., short-term loans with high-yield returns) and private diversified lending in resilient sectors like food and education.- It is important to diversify account types (e.g., IRAs, Roth IRAs, HSAs, and taxable accounts) to optimize tax strategies and reduce tax burdens in retirement.- For business owners looking to sell their enterprise and retire, earnouts and seller notes can help align seller and buyer goals and bridge gaps in valuation. - Joe and Mike recommend business owners who may feel anxious about losing their sense of purpose after retirement to consider consulting. 

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Managing Director of Investments Sasan Faiz welcomes Co-Founder of Cordillera “Gus” Araya to discuss new investing trends. Here are some key takeaways from their conversation:- Cordillera typically focuses on niche, non-correlated investment opportunities.- Cordillera seeks early investment opportunities in areas that lack heavy competition, aiming for high returns with lower risks due to less market saturation.-  Cordillera has invested in aging whiskey, sports niches, specialized real estate, carbon markets, and media rights, all of which offer unique market dynamics.-  Cordillera's investments in sports include participation-based revenue, like entry fees for amateur participants, diversifying income sources beyond media rights and sponsorships.-  It is important to consider moving out of asset classes when they become overcrowded. For example, Cordillera moved away from music publishing and litigation finance when these sectors attracted significant institutional capital.  

This week's episode of THE FINANCIAL COMMUTE features a special session recorded live from Morton Wealth's 2024 Investor Symposium. Host Chris Galeski welcomes Mortgage Advisor Brian Farwell and Thousand Oaks City Council Member Mikey Taylor to discuss the California housing market. Here are some key takeaways from their conversation: • Brian highlights that while low-interest rates previously boosted affordability, recent increases have made it difficult for buyers to afford homes, particularly as property prices have not decreased to offset these rates.• Mikey explains that the supply shortage in California dates back to the 2008 financial crisis, which drastically reduced new developments. Ventura County alone now faces a 33,000-unit shortage. • If interest rates decrease, more households would qualify to buy, increasing demand faster than any additional supply from homeowners who might then choose to sell.• First-time buyers are often relying on co-signers or family gifts, while non-QM (Qualified Mortgage) loans and retirement account withdrawals are used as creative financing methods.• For individual buyers, both Brian and Mikey suggest that purchasing a home now may make sense for long-term plans. For investors, they are buying multifamily properties despite challenges, leveraging current market conditions and California's slow-building process to secure profitable assets over the long term.Looking to watch more of the live sessions from our 2024 Investor Symposium? Stay tuned as we release more episodes like these in the coming weeks such as Replacing Income in Retirement, Liquidity: Blessing or Curse?, and New Trends in Investing.

On this week's special episode of THE FINANCIAL COMMUTE, CEO Jeff Sarti and Chief Investment Officer Meghan Pinchuk discuss how the election's results may impact the economy, investors, and consumers. Here are some key takeaways from their conversation:- The morning after the election, stocks saw a 2.5% increase, partially due to market relief from avoiding election uncertainty.-  Anticipated Republican policies, like tax cuts and reduced regulation, may be favorable for businesses and the stock market.-  However, Trump's goal of instituting high tariffs on imports, particularly from China, could lead to more inflation by increasing consumer prices. -  In addition, Trump's goals around border policy and immigration may further exacerbate inflation by pushing up labor costs. These inflationary pressures, coupled with potentially higher interest rates, may be a headwind for stocks.- If higher inflation and interest rates do take hold, Meghan discusses the benefits of continuing with our existing exposure to gold, real estate and private lending.-  Jeff and Meghan also highlight rising national debt levels, which will continue to increase as yearly deficits will likely stay elevated under a Trump administration. Real assets and gold can be hedges in your portfolio against negative effects of high national debt.

In this special session recorded live from our 2024 Investor Symposium, COO and CMO Stacey McKinnon leads a discussion with Wealth Advisors Beau Wirick and Priscilla Brehm about how baby boomers and millennials think about money differently.Here are some key takeaways from their conversation:- Millennials generally see money as less tangible, trusting credit cards and cryptocurrency more than Boomers.- Boomers see money as real and finite, largely due to experiences like the Great Depression. Usually, they emphasize saving money and preparing for the future.- Millennials typically prioritize experiences and memories over long-term financial security. - Boomers and millennials also view debt differently, as millennials often view it as a necessary part of life with student loans and rising housing costs. Meanwhile, boomers generally avoid it as much as possible and may feel uneasy about the idea of “good debt” (like leveraging debt for investments).- Understanding each generation's experiences and mindsets can help families bridge communication gaps.

On 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 Gus Araya from Cordillera, “New Trends in Investing.” They talked about niche investments like agricultural lending, whiskey aging, and boat marine investments, outside of traditional stocks and bonds.- Another session led by Mikey Taylor, Brian Farwell and Chris, explored California's housing shortage. The state only builds around 100,000 to 150,000 new housing units a year, far below what is needed to meet the demand. - One of the most popular sessions was “Estate and Tax Law Changes Coming Down the Pipeline” led by Brian Standing, Scott Gilmore and Stacey McKinnon. They discussed how the Tax Cuts and Jobs Act is set to expire in 2025, reducing the estate tax exemption limit. The speakers highlighted the importance of considering tax-efficient strategies and staying aware of estate taxes as laws begin to sunset and inflation grows. Thank you to everyone who attended our symposium! We hope you were able to leave the event with more knowledge and confidence in your financial future. We plan to release recordings of the sessions on our YouTube channel in the coming months. Please keep an eye out for these videos if you were not able to attend or would like to rewatch the conversations.  

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, emphasizing the strain of $1.1 trillion in annual interest costs on the government budget.Despite the Fed's rate cut, long-term rates like the 10-year Treasury yield have risen, countering expectations of cheaper borrowing for consumers.They explore the inverted yield curve, where short-term rates exceed long-term rates, and its implications for investors and the economy.Kevin emphasizes the challenges of predicting market behavior, stressing the importance of diversified investment strategies.

On 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.- The confusing coverage gap in Part D, known as the "donut hole," is being eliminated, simplifying the cost structure for enrollees.- Adjustments to how premium subsidies are calculated mean that those with lower incomes might qualify for more assistance in paying their Part D premiums.- Pharmaceutical companies will now cover a portion of costs in the catastrophic phase, which previously required the federal government and beneficiaries to bear the bulk of these expenses.-  Those enrolled in Medicare or planning to enroll should review their options during the annual election period, as the changes may significantly alter their cost-sharing responsibilities.- Chris and Brian recommend listeners to consult with a Medicare advisor to navigate these changes and select the most appropriate plan for individual health and financial needs.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Joe Seetoo to discuss building generational wealth as a family business.Here are some key takeaways from their discussion:- Small businesses are the cornerstone of the American economy, and 90% of American small businesses are family owned.- About 70% of family businesses do not get passed down to the second generation successfully. Succession is difficult because there are so many complicated dynamics to navigate. Not only are there familial relationships to consider, but employees who are not related to the family that have a sense of ownership and passion for the company who need to be treated fairly. - Implementing leadership training for the next generation and having more structures in place to ensure everyone is well-equipped and understands the shared vision is crucial.- Assembling the right team with financial experts, estate attorneys, and exit planning advisors can increase the likelihood of a successful transition. Professionals can also help guide your children should they inherit a lot of wealth in how to best handle their new assets.- It is important to have regular conversations with your family/team as a business owner and clearly communicate your intentions.- If you or someone you know is thinking about a business succession, visit our Strategist offering page to learn more about how we can help.

On 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 education critical.- Studies suggest proper financial literacy can add around $127,000 in value through better habits and knowledge around investing and saving. - Morgan shares her story of transitioning from a career in entertainment to finance after taking a financial literacy course. She says the course changed her perspective on money management and equipped her with more confidence and financial stability, ultimately inspiring her to want to help others in the same way. - Morgan and Chris encourage listeners to check out financial resources like THE FINANCIAL COMMUTE, other video series, Couchside Conversations, as well as websites like NerdWallet, Investopedia, and The Points Guy. - Chris also suggests younger, high-earning professionals to learn more about our Modearn offering, which provides tailored financial advice to the next generation who may not meet the typical wealth thresholds of other advisory firms. 

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Mike Rudow to discuss different tax-preference savings vehicles and how high earners can use these accounts to optimize their wealth.Here are some key takeaways from their conversation:-  Health Savings Accounts (HSAs) are highlighted for their “triple tax savings.” They offer tax deduction on contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses. - Traditional IRAs, 401(k)s, and Roth IRAs offer "double tax benefits." Traditional accounts provide tax deductions on contributions and tax-deferred growth, while Roth accounts offer tax-free growth and withdrawals after taxes are paid upfront. People who expect to be in a similar or higher tax bracket in retirement should contribute to a Roth. Sometimes, finding a balance between both can be an optimal tax strategy.- Contribution to accounts should follow a hierarchy, prioritizing emergency funds, employer matches, and then high-interest debt repayment before moving on to other accounts.- 529 plans offer tax-free growth and tax-free withdrawals for qualified education expenses. This includes tuition for K-12 education and college, as well as expenses like books and supplies. They can also be used to pay off up to $10,000 in student loans per beneficiary, and the beneficiary can be changed to another family member. 

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Jenn Caruso to discuss how to financially prepare for a divorce and how a Certified Divorce Financial Analyst (CDFA) can help. Here are some key takeaways from their conversation: - As a CDFA herself, Jenn explains that CDFAs can help clients understand the complex nuances of financial impact before, during and after a divorce. - Before the divorce process actually begins, it is best to get organized, locate important documents and assess one's financial situation. - Jenn emphasizes the importance of cash flow planning and modeling different settlement options to ensure long-term financial stability.- It is helpful to have an objective party involved like a CDFA, as they can mitigate the risk of making emotional decisions which can potentially lead to mistakes. - After the divorce, Jenn suggests reviewing and updating estate documents, insurance policies and financial plans.- Alimony is no longer tax-deductible or considered taxable income for divorces finalized after 2019, except in California where certain exceptions apply. - A frequent mistake people make is wanting to keep the family home purely because of sentimental reasons, when it may not be financially sustainable. 

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes CEO Jeff Sarti to discuss our upcoming Investor Symposium.Here are some key takeaways from their conversation: - Grant Williams, author of Things That Make You Go Hmmm… and co-founder of Real Vision, will be the keynote speaker at our upcoming Investor Symposium. If you haven't watched our special 100th episode with Grant yet, check it out here.- Grant Williams and Jeff both see gold as a reliable store of value in uncertain times. - In a media environment that often encourages short-term speculation, it is more important than ever to maintain a long-term investment mindset. -  Our upcoming Investor Symposium will be held on Thursday, October 17 at the Westlake Village Inn. Topics will include the political environment, how to replace income in retirement, California housing market predictions, upcoming estate and tax law changes set to take effect next year, investment strategies, and more.-  Learn more and RSVP for the Investor Symposium here.

We 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 are a speculator or an investor. - Investors must be patient and adopt a long-term perspective in their investment strategies, focusing on the intrinsic value of what they are buying, and aiming to hold assets for extended periods of time, often through fluctuations.- A speculator's primary goal is to capitalize on market trends. This can be riskier since they are trying to time the market, which is often impossible. - Grant highlights gold as a reliable store of value during turbulent times.- With increasing geopolitical risks, high debt levels, inflation, and upcoming policy decisions, this is a time of instability where investors need to not only worry about growing their wealth but keeping it. - Grant encourages investors to stay updated with the news and consider how governments and central banks may react to certain events or solve issues, and how their policies could impact one's investments. It is important to be adaptable in your financial strategy as circumstances change.- Grant also shares his thoughts on the upcoming U.S. election and potential tax policies of each candidate.

On 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 are not guaranteed. Fed Chair Jerome Powell is speaking this Friday, where he may release more information on rate cuts.- Inventory for single-family homes in California is low, which could drive prices higher if interest rates drop and more buyers enter the market.- Meghan and Chris agree investing in real estate independently allows for greater control and potentially higher returns but requires time and capacity to handle tenant issues. For those looking for an alternative option, investing through a fund can offer access to better expertise and opportunities but may involve fees and less control.- It is important to properly evaluate real estate investments by calculating potential income, expenses, net operating income, and comparing it to other investment opportunities. - People can have a lot of emotional ties to real estate. It's important to understand what certain properties mean to you and how selling, renting, or other actions could potentially affect family dynamics, emotions, etc. 

On this week's episode of THE FINANCIAL COMMUTE, Wealth Advisor Priscilla Brehm joins host Chris Galeski to discuss ways to build financial confidence.Here are some key takeaways from their conversation:- Access to too much information does not necessarily lead to true knowledge or confidence, highlighting the importance of one's mindset towards money.-  People often swing between scarcity and abundance mindsets. Wealth advisors can help clients move towards an abundance mindset to make confident financial decisions and make meaningful memories, instead of merely accumulating wealth.- Creating a financial plan can help provide clarity on spending, income sources, and the rate of return needed for success.- Educating oneself, creating a spending plan that allows enjoyment and security for both the present and future, understanding cash flow, and establishing an emergency fund are all crucial elements of financial confidence. - Having a financial advisor or someone trustworthy to discuss these matters with can give one peace of mind and enhance their decision-making process. 

On 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 balances, with unemployment slightly increasing to 4.2%.- The Nikkei (a stock market index for the Tokyo Stock Exchange) saw significant drops due to the carry trade's impact and the Bank of Japan's interest rate changes.- Chris and Sasan agree investors and consumers should be aware of the ongoing volatility but avoid panicking. Market corrections are necessary for long-term market health, and these volatile times are not unprecedented or insurmountable. It is important to diversify your portfolio beyond traditional stock and bonds to build resilience, and Morton has been preparing for such volatility accordingly.  

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 financial readiness, health and life aspirations rather than defaulting to the traditional retirement age. - Many people target age 65 for retirement to take advantage of Medicare, as it is cheaper than private insurance. But, the savings are around $5,000 to $6,000 annually, which may not make delaying retirement worth it for people who are financially prepared.- Consider diversifying savings between personal savings, retirement accounts and home equity to avoid over-reliance on one source.-  In order to avoid over-sacrificing in the present, Stacey suggests thinking about other ways to fund your retirement, like selling a property, considering the inheritance you may receive from parents/guardians, etc.

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 through tax loss harvesting.- Chris emphasizes DCA's role in systematic and automatic investing, providing stability during market fluctuations.- Studies indicate that lump sum investing may outperform dollar cost averaging two thirds of the time, although DCA still has its benefits.

On 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 utilization of tax loss carryforwards from previous years.- Hunter explains the importance of asset location, which involves strategically placing investments in various accounts (taxable, IRA, Roth IRA) to maximize after-tax returns. For example, the team will aim to locate income-generating investments in IRAs, where the income won't be taxed until withdrawal. Conversely, they might place growth-focused stock funds in taxable accounts, where gains can be managed for tax efficiency.- Client accounts are reviewed daily and trades are made 4-6 times a year to keep portfolios in line with our investment strategies. 

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Jeff Sarti, CEO of Morton Wealth to discuss market conditions and valuations.Here are some key takeaways from their conversation:- Jeff highlights the importance of setting realistic expectations for stock returns, noting that the past decade's 10-12% returns may not continue.- Jeff discusses the benefits of investing in various asset classes beyond stocks and bonds, such as real estate and private lending. Diversification can help manage risk and volatility. - Valuations matter when predicting future long-term returns. Historically, higher starting valuations have been associated with lower future returns. - Jeff is cautiously optimistic about the market and advises careful consideration of valuations to manage risks effectively.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Planner & Estate Attorney Brian Standing to discuss advanced estate tax planning strategies. Here are some key takeaways from their conversation:- Estate tax laws are set to sunset in the next year and a half, potentially reducing the exemption amount from over $13 million to $7 million per person.- High net worth individuals with estates over $26 million (married) or $13 million (single) should consider advanced estate tax planning to avoid higher taxes.- Irrevocable Life Insurance Trusts (ILIT) help create liquidity to pay estate taxes without forcing the sale of assets. This trust owns the insurance policy to avoid taxation on the proceeds.- Spousal Lifetime Access Trusts (SLAT) allow assets to be given to a spouse, maintaining indirect access to income while reducing estate taxes. This strategy has risks, such as the potential for divorce.- Charitable Remainder Trusts allow individuals to donate assets to a charity in the future while retaining income from those assets during their lifetime.- Family Limited Partnerships (FLP) help reduce estate tax liability by discounting the value of restricted or non-controlling ownership interests in assets like real estate or businesses.- Brian advises listeners to organize their assets, income, and future needs to facilitate effective estate tax planning before the law changes in 2026.

On this week's episode of THE FINANCIAL COMMUTE, host Chris Galeski invites Chief Compliance Officer Menachem Striks to discuss cybersecurity measures you should take to protect yourself and your money.Here are some key takeaways from their conversation:-          Menachem advises listeners to create complex, unique passwords (15 to 20 characters) for their accounts. Try not to use the same password for multiple accounts, as if one account is compromised, others can be jeopardized, too.-          Password managers can help generate and store complex passwords. Apple's new iOS 18 update includes a built-in password manager. -          Menachem suggests enabling two-factor authentication for accounts with sensitive information.-          Be cautious with emails and phone calls to avoid phishing scams. Trust your gut instinct if you sense something is off. o    Make sure email addresses are legitimate before replying and limit how much you pick up phone calls from unknown numbers. If you do, try answering calls with a simple "hello" or staying silent initially to determine if the call is genuine. -          Stay aware of new phishing techniques and scams, especially as AI continues to develop. -          Morton consistently runs tests to ensure our internal network is secure and conducts comprehensive research on vendors we work with who have access to client information. We also train employees through phishing tests and are always staying on top of developments in the cybersecurity space.