Explore every episode of the podcast Financial Commute

Grocery bills are roughly 25 percent higher than they were a few years ago, and they are not coming back down. That is not a prediction. It is how inflation works. The spike you felt in 2022 and 2023 set a new floor. From here, prices continue rising, just hopefully more slowly.

In this episode of Financial Commute, Chief Investment Officer Meghan Pinchuk and Wealth Advisor Chris Galeski answer the questions everyone is asking: why prices are not going back down, what a K-shaped economy means for households at different income levels, and what investors can do to make sure their assets keep pace with rising costs.

*Questions this episode answers*

• Inflation is a growth rate, not a price level. Prices do not go back down when inflation moderates. 

• Grocery prices are about 25 percent higher today than they were before the recent inflationary period. 

• The K-shaped economy means inflation hits differently depending on whether you own assets. 

• Roughly 40 percent of inflation is tied to housing costs. 

• Owning real assets is the most reliable long-term hedge against inflation.

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Educational content only, not investment advice or an offer of securities. Views are those of the speakers as of October 7th, 2026, and may change. Real estate and private fund investments involve risk, including loss of principal. Private funds are illiquid and available only to eligible investors. Past performance is not a guarantee of future results. Advisory services offered through Morton Wealth, an SEC-registered investment adviser. Registration does not imply a certain level of skill or training.

#inflation #economy #investormindset #groceryprices #useconomy

For most of the past four decades, buying real estate in California was as close to a guaranteed win as investing gets. Prices rose. Interest rates fell. Demographics supported demand. People refinanced, pulled cash out, bought more, and built substantial wealth. That environment no longer exists.

In this episode of Financial Commute, CEO Jeff Sarti and Wealth Advisor Kevin Rex break down what drove real estate returns for 40 years, why those tailwinds have largely reversed, and what it takes to find genuine value in real estate today when the old playbook of closing your eyes and picking a property no longer works.

Questions this episode answers
- Is real estate still a good investment?
- What is a cap rate and why does it matter?
- Why did real estate appreciate so much from 1980 to 2020?
- Is it worth buying rental property in California right now?
- What is the difference between a public REIT and a private real estate fund?
- What are the real downsides of owning a rental property?

Lifestyle creep is not a dramatic financial event. It is a food delivery subscription you barely use, a rent upgrade that felt reasonable at the time, a closet full of things you barely remember buying. It happens when income rises, and spending rises automatically to meet it, and sometimes exceed it, without anyone consciously choosing that outcome.

In this episode of Financial Commute, Priscilla Brehm and Kristin Dillon, a baby boomer and an elder millennial who have each spent decades watching this pattern play out from both sides, talk about what lifestyle creep looks like today, why the antidote is not deprivation but design, and the practical habits that help you live the life you want while building wealth.

*Questions This Episode Answers*

- What is lifestyle creep?
- What is the difference between lifestyle creep and lifestyle design?
- How do I stop lifestyle creep?
- Why is social media making lifestyle creep worse?
- How does a financial advisor help with lifestyle creep?
- What is the cart strategy for avoiding impulse spending?

Seven years ago, roughly $7 trillion was invested in alternative assets globally. Today that number is $18 trillion. By 2030, Fidelity projects it will exceed $30 trillion. The average institutional investor already allocates 25 percent of their capital to alternatives. The average retail investor allocates about 5 percent. That gap is not an accident. 

In this episode of Financial Commute, Chris Galeski sits down with Jeff Sarti to break down what alternative investments actually are, why the industry's standard answer does not go far enough, and what the next 40 years of investing may look like for people who are still relying solely on stocks and bonds to get them there.

*Questions This Episode Answers*

- What are alternative investments?
- Why are alternative investments growing so fast?
- Do alternative investments actually reduce risk?
- Why are alternatives considered complex or risky?
- What is wrong with just owning stocks and bonds?
- What is a healthcare royalty investment?

Every election cycle, clients ask the same question: should I be doing something different with my portfolio right now? The short answer, according to the data, is probably not. 

But the longer answer is more interesting. In this episode of Financial Commute, Chief Investment Officer Meghan Pinchuk and Chris Galeski walk through what historical market data actually shows about midterm election years, why the bigger risk to the current market has less to do with which party wins and more to do with what both parties agree on, and how to think about sizing your stock exposure when markets are expensive, uncertainty is high, and the outcome of any given election is genuinely unknowable.

Questions This Episode Answers

- Do midterm elections affect the stock market?

- What would slow down AI spending and why does that matter for the stock market?

- Why is inflation described as a hidden tax?

- How should I invest before an election?

- What does the current price-to-earnings ratio tell us about future stock returns?

You saved into your 401 (k) for decades, reduced your taxes every year you could, and watched the balance grow. But the IRS doesn’t retire when you do. 

Every dollar you pull from that account in retirement is ordinary income, and if it is your only account, you could end up in the same tax bracket you were in when you were working, or higher. 

In this episode of Financial Commute, Wealth Advisors Ian Rennick and Mike Rudow break down the four types of retirement accounts, why the conventional withdrawal order most people follow might be a short-sighted strategy, and what it looks like to build a customized and flexible tax-smart retirement plan before you need it.

*Questions This Episode Answers*

How do I withdraw from retirement accounts without a big tax hit?
What is the right order to withdraw from retirement accounts?
What is a Roth conversion and when does it make sense?
What is the early retirement tax window?
Should I put all my retirement savings into my 401k?
How does having only a 401k affect taxes in retirement?

Stocks are at all-time highs. Consumer sentiment just hit its lowest point since the Vietnam War. AI is going to transform everything. AI is going to eliminate your job. Gold is the only safe asset. Sell your gold immediately. If any of this sounds familiar, you have been inside the noise.

In this episode of Financial Commute, Chris Galeski sits down with CEO Jeff Sarti to walk through the twelfth edition of the Healthy Skeptic investment letter, "When Headlines Get Loud, Principles Matter More," and the core principles behind the way Morton Wealth builds portfolios when headlines are pulling investors in every direction at once. The principles are not new. The environment that makes them necessary has rarely felt more acute.

Questions This Episode Answers

• What is the Healthy Skeptic investment philosophy?
• Why is consumer sentiment so low when stocks are at all-time highs?
• Is AI a boom or a bust for investors?
• What is wrong with traditional stock and bond diversification?
• How does Morton Wealth build portfolios differently?
• Why does Morton Wealth's size matter for investors?

On October 29th, we are hosting our fifth annual Investor Symposium, and this year’s theme is “Designed for Life.”

It is a phrase that captures what financial planning is actually for: not hitting a number for its own sake, but using your resources to build the experiences, relationships, and life you want. In this episode, Chris and Beau (who will be returning as our MC!) highlight three sessions that are going to be featured at the event, explain why the questions being covered matter more than most people realize, and make the case for why this year is a particularly important moment to get the answers right.

Questions This Episode Answers

What is Morton Wealth's Investor Symposium?

What sessions will be covered at this year's symposium?

Why should I attend the Investor Symposium this year specifically?

What does "Designed for Life" mean as a financial planning philosophy?

What makes this event different from a standard financial education seminar?

What if I lose my job? What if inflation stays high? What if I run out of money? What if I get a raise and do not know what to do with it? These are the questions people type into Google and AI tools at two in the morning, and they rarely get a straight answer. 

In this episode of Financial Commute, Chris Galeski and Mike Rudow pull the most common financial what-if questions and work through each one with the kind of honest, practical perspective that does not show up in a search result. The scenarios are different. The underlying framework that answers all of them turns out to be the same.

Questions This Episode Answers

• What should I do if I lose my job?
• What if inflation stays high for a long time?
• What if I run out of money in retirement?
• What should I do with a raise or a larger bonus?
• What if I have a large unexpected expense like a medical bill or helping a parent?
• How do the three buckets work in financial planning?

If you have ever felt embarrassed about how much you have saved, avoided opening a credit card statement, or justified a purchase to your financial advisor before they even asked, you have experienced money guilt or financial shame. Most people have. What most people do not know is that these two feelings are actually different, that one of them is more useful than the other, and that both of them are far more common in financial planning conversations than anyone talks about openly. 

In this episode of Financial Commute, Chris Galeski and Modearn® Advisor Kristin Dillon break down the difference between guilt and shame around money, why shame in particular tends to keep people stuck, and what the practical path forward looks like regardless of where you are starting from.

*Questions This Episode Answers*
• What is money guilt?
• What is the difference between money guilt and financial shame?
• Is it normal to feel guilty about spending money?
• How do I stop feeling guilty about spending money?
• What should I do if I feel behind on saving?
• Does money shame only affect people who are struggling financially?

Questioning whether you really need a financial advisor is fair, especially right now. Index funds are easy to access, fees are low, and the last decade has rewarded the people who simply bought the market and held on. So what does an advisor actually do that you cannot?

Wealth Advisors Beau Wirick and Eric Selter have both heard this question for years, and in this episode of Financial Commute, they give an honest answer. Not every investor needs an advisor. But if your plan depends on making the right call twice, if you have never lived through a market that stayed underwater for ten years, or if you think you will just buy the dip when things go wrong, this conversation is going to challenge some assumptions worth examining.

Key Takeaways

• Buying index funds is not the same as having a financial plan. If your only goal is broad market exposure, you may not need an advisor. But the moment you need to know how much to save, when you can retire, how to sequence withdrawals, or how to manage risk across different life stages, the complexity compounds quickly. An advisor is not just an investment picker.
• Most DIY investors only hear the highlight reel. When investors talk about their returns at the bar or over coffee, they share the wins. The losses stay private. Advisors, by contrast, see the full picture across many clients over many market cycles, including the war stories. That breadth of experience is what shapes the caution around outsized risk.
• You have to be right twice. Picking a stock that goes up is only half the job. Knowing when to sell is the harder part. Eric puts it plainly: most people who say they are good at picking stocks acknowledge they are not good at knowing when to get out.
• The market has gone sideways for ten-year stretches before. Between 2000 and 2013, and between 1968 and 1982, investors who held diversified stock portfolios effectively lost purchasing power for a decade or more after accounting for inflation. Younger investors who started after the 2009 recovery have no experiential memory of this, and Beau describes that as a form of blind faith rather than informed conviction.
• Thou shalt preserve capital. Morton Wealth founder Lon Morton's guiding principle rhymes with Warren Buffett's: rule one is do not lose money, rule two is do not forget rule one. The math is unforgiving on the downside. A 20 percent loss requires a 25 percent gain just to get back to even. Downside protection is not a conservative choice. It is a mathematical one.

U.S. stocks were down almost 5% in the first quarter. Then up 15% in the second. On paper, the first half of 2026 looks fine. But underneath those numbers, there is a concentration in semiconductor stocks that just had their best quarter in history, an AI spending wave that is running well ahead of the revenue it is producing, margin borrowing at all-time highs, and a consumer savings rate approaching low 2007 levels. 

In this episode of Financial Commute, Chief Executive Officer Jeff Sarti and Chief Investment Officer Meghan Pinchuk walk through what happened in Q2 2026, what the signals in the data are telling them, and how they are thinking about portfolio positioning when the market is this disconnected from the fundamentals.

Key Takeaways

• Semiconductor stocks had their best quarter ever, up over 80% in three months. Intel and Micron were up almost 200% for the quarter. That kind of move comes with a warning: this is also one of the most cyclical industries in the market, with a history of 45 to 80 percent drawdowns when the cycle turns. Semiconductors now make up roughly 20 percent of the S&P 500.
• The four hyperscalers are spending close to $1 trillion a year on AI data centers. Google, Amazon, Microsoft, and Meta have shifted from cash-flow-generating machines to heavily capital-intensive spenders, now issuing significant debt to fund the buildout. The key question investors should be wondering: when does the spending translate into revenue?
• The AI spending boom has a structural problem the railroad and internet booms did not. Railway lines and fiber cables are durable assets still in use today. Computer chips depreciate rapidly. A data center built today may need its chips replaced in three to five years, raising real questions about the long-term economics of this build-out.
• Margin borrowing and leveraged ETFs are flashing speculative excess. Retail margin borrowing is at an all-time high. Leveraged single-stock ETFs, a product that barely existed five years ago, now represent over 400 of the 600-plus leveraged ETFs on the market with nearly $200 billion in the category. Increased borrowing is a sign of escalating speculation and previous peaks in margin borrowing (e.g., 2000 and 2007, and 2022) preceded market corrections.
• Gold pulled back about 7% in the first half after a massive multi-year run, but the thesis is unchanged. Rising interest rates created an opportunity cost for holding gold. But the underlying reasons to own it, a federal interest expense now approaching $1.3 trillion annually, ongoing dollar debasement, and structural deficits running nearly $2 trillion per year, have not changed.

It is a simple question. And for most investors holding concentrated stock positions, the honest answer is no.

On this week's Financial Commute, Chris Galeski and Chief Investment Officer Meghan Pinchuk walk through why the answer is almost always taxes, why letting the tax decision drive the investment decision is a risk in itself, and what the after-tax value of a highly appreciated position actually looks like when you do the math.

They also cover the middle path most investors do not consider: trimming gradually, staying in favorable long term capital gains treatment, and using the rebalancing process to reduce concentration without triggering a single large tax event.

If you are holding something you would not buy at today's price, this one is worth eight minutes.

Key Takeaways

• Most people who hold concentrated stock positions would not repurchase them at today's price. Chris has asked this question to senior executives holding company stock for years. More than 90 percent say they would do something different with the money. The reason they have not is almost always taxes.
• Letting the tax decision drive the investment decision is a known risk. Known in the industry as the tax tail wagging the dog, this pattern leads investors to hold positions longer than their actual conviction warrants, increasing concentration risk in the process. Portfolio allocation, Meghan argues, should be the first question, with tax efficiency as the second.
• Tax loss harvesting and direct indexing strategies are useful but often misunderstood. Some of these products are genuinely valuable. Others are more marketing than math. Even the best of them are typically deferral strategies, not permanent solutions. The tax liability moves, it does not disappear.
• The real after-tax value of a position is lower than the account balance suggests. A $2 million stock position with a low cost basis is not worth $2 million in spendable terms. Factoring in the embedded tax liability, it is closer to $1.4 or $1.5 million. That reframe changes how clients think about concentration risk.
• Trimming gradually is a viable middle path between holding and selling everything. Chris and Meghan both point to a practical guideline: realizing roughly 5 percent of a taxable account's value in long term capital gains per year is a reasonable pace for managing down a concentrated position while staying in a favorable tax treatment relative to ordinary income rates.

Most of the conversations clients have had about long-term care insurance are based on products that no longer exist.

On this week's Financial Commute, Chris Galeski sits down with Russell Boring, Founder of Elevated Strategies Insurance Services, to walk through what has actually changed. The carriers that mispriced their policies are mostly gone. What replaced them are hybrid and annuity-based structures that solve the biggest objection people have always had: what happens to the money if you never need care?

The short answer: it comes back.

They also cover why people in their 70s who assumed they had aged out of the conversation now have options they did not before, and why the clients who can afford to self-fund are sometimes the ones who need this conversation most.

Key Takeaways

• 70 percent of people over 65 will likely need some form of long-term care before they pass away. Roughly 1 in 5 of those people will need care for more than five years. At six figures per year, a multi-year long-term care event is a real and meaningful risk to a retirement plan, not a remote possibility.
• The traditional long-term care model has largely disappeared. Carriers mispriced their products for years, which drove most of them out of the market. In California today there are fewer than five traditional carriers remaining. The products that replaced them are structured differently and carry different trade-offs.
• Hybrid and annuity-based structures solve the "money gone" problem. With newer products, money placed into a long term care policy either gets used for care or comes back as a death benefit to your heirs. A $100,000 contribution on a leveraged structure might provide $300,000 in long term care coverage day one, with the original contribution returned if care is never needed.
• Age is no longer the barrier it once was. Older product structures tied to life insurance became expensive and harder to qualify for as clients aged. Annuity-based long term care options have changed that. Someone in their 70s who previously would have been priced out can now access meaningful leverage on their safe-bucket assets without taking on additional market risk.
• Existing life insurance or annuity cash value can be repositioned. If you are holding a policy you no longer need for its original purpose, it may be possible to exchange that into a long term care structure in a tax-advantaged way, removing gain exposure and creating a leveraged, tax-free benefit pool for care.

Everyone has been waiting for rates to come down.

It has not happened. And on this week's Financial Commute, Chris Galeski and Chief Investment Officer Meghan Pinchuk explain why the Fed's new chair is holding firm, what energy prices and the war in Iran have to do with your portfolio, and why the national debt makes this moment more complicated than the headlines suggest.

They also get into the practical side: how to think about inflation as a slow tax on cash, why gold has held its value for over a century, and the one mistake a lot of people are quietly making right now.

If you have been making any financial decisions based on the assumption that rates are coming down soon, this one is worth a listen.

Key Takeaways

• The Fed is holding rates because the economy does not need stimulus right now. Unemployment is low and inflation is still running above target. Cutting rates in that environment would add fuel to a fire that has not gone out. The political pressure to cut may be strong, but the economic case for it is not there yet.
• Inflation is more connected to global events than most people realize. The war in Iran is pushing energy costs higher, and energy feeds into the price of nearly everything else. What looks like a foreign policy story is also a personal finance story.
• The government's debt load makes this moment especially complicated. Interest costs on the national debt are already ballooning at current rates. Keeping rates elevated for too long compounds that problem. But cutting too soon risks letting inflation run further. Meghan and Chris both believe the most likely long-term path is to inflate the debt away gradually rather than address it through austerity.
• Inflation is a slow tax on anyone who is not invested. If your money is sitting in cash over the long term, its purchasing power is shrinking every year. Stocks, real estate, gold, and short-term private credit are among the tools Meghan and Chris discuss for staying ahead of it.
• Do not make financial decisions based on a bet that rates will come down. Both hosts push back on the widespread assumption in real estate and lending circles that refinancing is just around the corner. The range of possible outcomes is wider than most people are planning for.

If you have been watching housing prices and wondering whether the new executive order restricting institutional investors is the fix everyone is hoping for, you are not alone. The frustration is real, and the concern for affordability is legitimate. 

In this episode of Financial Commute, Chris Galeski sits down with Mikey Taylor, Mayor of Thousand Oaks and CEO of Commune Capital, to examine what the data actually says about who owns single-family homes, why the ban on institutions is unlikely to move the needle on prices, and what the real barrier to housing affordability in California looks like.


Key Takeaways

• Institutional investors own roughly 1 to 3 percent of single-family homes nationwide. The scale of institutional ownership is far smaller than most headlines suggest, and geographically, it is concentrated in the South and Midwest, not California. Banning future purchases does not force existing owners to sell, so the immediate supply impact is minimal.
• Individual investors and mom-and-pop landlords make up the larger share. When you include all investor categories, roughly 20 percent of single-family homes are investor-owned. Most of that is not institutional. Policies targeting only large institutions leave the broader picture largely unchanged.
• The housing affordability crisis in California is primarily a supply problem. Decades of constrained permitting, high construction costs, and land scarcity have kept new supply well below demand. Changing who owns existing homes does not create new ones.
• The rent-versus-buy math is discouraging homeownership for younger buyers. In many parts of Southern California, renting is 40 to 50 percent cheaper on a monthly basis than buying the same property. Mikey Taylor argues this is a serious long-term problem because homeownership remains one of the most reliable tools for building personal wealth and staying out of poverty.
• Major institutional landlords are already net sellers. With yields on fixed income and private credit now competitive with rental returns, the investment case for single-family homes has weakened significantly. The institutional pullback may already be underway regardless of legislation.

Most people come to a wealth manager for one reason: their finances. But what if focusing exclusively on financial wealth is actually making it harder to achieve? Nurturing the various types of wealth (social, physical, mental, time, and financial) is the central idea behind Sahil Bloom's book, The 5 Types of Wealth. 
 

In this episode, host Chris Galeski sits down with Wealth Advisor Bruce Tyson to reflect on Bloom's framework. The conversation weaves together philosophy, personal experience, and practical wisdom, including Bruce's own story of losing his home in the Palisades Fire and how decades of intentional relationship building showed up exactly when it mattered most. 

Key Takeaways 

• Financial wealth is the starting point, not the destination. Focusing exclusively on money at the expense of your health, relationships, and time can make the very life you are building toward feel empty when you arrive. The five types of wealth work together as a system. 
• Social wealth is the one most likely to get sacrificed — and the hardest to rebuild. People who spend years prioritizing work over relationships often retire to find their social circle has quietly disappeared. The time to invest in relationships is before you need them. 
• Curiosity is one of the few things that can permanently raise your baseline happiness. Most achievements — awards, promotions, financial milestones — produce a temporary lift before happiness returns to its baseline. Intellectual curiosity is different. It compounds. 
• Time wealth is what most people are actually trying to buy. The goal of financial planning is not a number. It is control over your time. Understanding that early changes how you save, spend, and make decisions throughout your life. 
• Living within your means is not a limitation — it is a foundation. The pursuit of wealth that exceeds your actual assets is a reliable source of stress. Knowing what is enough, and being honest about it, is one of the most underrated financial decisions a person can make. 

SpaceX is going public and everyone is talking about it. Neighbors, friends, group chats... the excitement is real. But most of the conversation is missing the most important question: what are you actually paying for? 

In this episode of Financial Commute, host Chris Galeski sits down with CEO and Partner Jeff Sarti to break down the SpaceX IPO from a valuation standpoint. Recorded on June 8th, this is the conversation the headlines are not having. Chris and Jeff walk through what price to sales ratio means, why a $10 stock is not cheap and a $1,000 stock is not expensive, and what history tells us about companies trading at extreme valuations. The story is incredible. The price is another matter entirely. 

Key Takeaways 

• Stock price tells you nothing about value. A $10 stock is not cheap and a $1,000 stock is not expensive. What matters is the underlying valuation — and SpaceX at roughly 100 times price to sales is extreme by any historical measure. 
• A great company is not automatically a great stock. Rivian grew its revenue 100 times over and is still down 90% from its IPO price. Cisco was the largest company in the world during the dot-com boom and collapsed 90% — taking 27 years to recover. Growth does not guarantee returns at any price. 
• 100 times price to sales is not a growth premium — it is speculation. The S&P 500 is currently at an all-time high of roughly 3.5 times price to sales. SpaceX is trading at nearly 30 times that. Even if SpaceX fell 80% from its IPO price, it would still be more expensive than Nvidia on a price to sales basis. 
• Volatility is near-certain even in good outcomes. Facebook fell 50% within six months of its IPO before going on to become one of the most valuable companies in the world. Buyers of the SpaceX IPO should expect a similarly turbulent ride regardless of the long-term outcome. 

Most clients trust their wealth manager to make sound investment decisions on their behalf. Far fewer ever get to see exactly how those decisions are made. This episode is for the ones who want to know. 

In this special edition of Financial Commute, Executive Vice President Eric Selter sits down with Chief Investment Officer Meghan Pinchuk to pull back the curtain on Morton Wealth's full investment research process. From what triggers a new idea to how funds get vetted, how structures get scrutinized, and what it actually takes to earn conviction, this is the conversation most firms never have in public. 

Key Takeaways

• The investment process starts long before any money moves. From initial sourcing to final funding, a new investment can take 18 months or more. That is not a flaw in the process. It is the process. 
• The structure around an investment matters as much as the investment itself. A great underlying asset in a poorly structured fund can leave you locked out, illiquid, or exposed to risks that have nothing to do with market performance. 
• Good market conditions hide a lot. It is easy to look like a strong fund in a good market. The real test is how someone handles adversity. Morton Wealth actively looks for funds that have been tested and can clearly articulate what they learned. 
• People are still the most important variable. AI can streamline data processing. It cannot assess character. Whether a fund will do the right thing when things are hard is a judgment call that requires real relationships and real time. 

It's one of the most common questions people type into Google once they hit 50: should I be taking less investment risk? It feels like a reasonable question. But according to Chief Investment Officer Meghan Pinchuk, it may be the wrong one entirely. 

In this episode of Financial Commute, Meghan and host Chris Galeski unpack what drives the right level of investment risk at any age, from longevity and sequence of returns risk to the emotional factors that quietly derail even well-built plans. Spoiler: age is further down the list than most people think.

KEY TAKEAWAYS FROM THIS EPISODE

Age is not the right variable.

The question is not how old you are. It is how long your money needs to last, how much growth you need to get there, and whether your portfolio structure matches both your financial needs and your emotional tolerance for volatility.

Behavioral risk may be your biggest threat.

A well-designed portfolio abandoned in a panic produces worse outcomes than a simpler, more conservative one you can stick with. Building a plan that accounts for how you actually behave under pressure is more valuable than optimizing for returns on paper.

Longevity has changed the math on risk.

Portfolios that need to last 30 or more years cannot be managed the same way as portfolios designed to last 10 or 15. Being too conservative too early is a real risk, not just a missed opportunity. Your money has to outpace inflation over a very long horizon.

The bucket approach gives you permission to stay invested.

When you know your near-term expenses are covered by stable assets, you do not have to make emotional decisions about your growth assets during a downturn. Structure removes the need for in-the-moment courage.

For most of your working life, the financial question is straightforward: earn more, save more, invest wisely. Then retirement arrives, and the question flips entirely. How do you turn decades of saving into a reliable paycheck that lasts as long as you do?

In this episode of Financial Commute, Morton Wealth advisors Chris Galeski and Mike sit down to tackle the retirement income questions clients ask most: the 4% rule, Social Security timing, sequence of returns risk, and the three-bucket strategy that can protect your lifestyle through any market cycle.

Key Takeaways From This Episode

• ‍People are more afraid of running out of money than dying 
  • That fear is real - and the only real fix is having a system in place. Understanding your financial DNA (all income sources, account types, tax situation) and building a plan around it replaces anxiety with confidence.
• ‍The 4% rule is a starting point, not a strategy‍
  • It was designed for simplicity, not sophistication. A real retirement income plan goes much deeper - accounting for taxes, account sequencing, guaranteed income, and how you actually want to live.‍
• ‍The bucket approach protects your lifestyle through volatility‍
  • With two or more years of expenses in a stable bucket, you never have to sell growth assets at the wrong time. Recessions become manageable - not because you predicted them, but because you planned for them.‍
• ‍Social Security timing is a lifestyle decision, not just a math problem‍
  • The “correct” answer depends on how long you live - something nobody knows. The better question: given your savings, your health, and your goals, what decision can you make today that you’ll be comfortable with in hindsight?

Most business owners spend years, sometimes decades, building something remarkable. But when it comes time to exit, the majority aren't prepared for what happens next. According to research from the Exit Planning Institute, 75% of business owners regret selling their business within the first year. 

In this episode of Financial Commute, Wealth Advisor Joe Seetoo sits down with host Chris to walk through the exit planning framework Morton Wealth uses with business-owner clients, from protecting against the Five D's to building transferable enterprise value and knowing who you'll be on the Monday after closing day.

Key Takeaways from This Episode

Start planning earlier than you think you need to

The best time to start exit planning was five years ago. The second-best time is now. Unsolicited offers from private equity arrive without warning and if you haven't done the planning, you're reactive, not strategic.

The three-legged stool: business, finances, and identity

Most owners focus on the business leg and neglect the other two. A successful exit requires planning across all three simultaneously: the health of the business, the clarity of your personal financial picture, and an honest reckoning with who you are outside the company.

Transferable enterprise value is the goal

A business that can run without you isn't just good operations. It's a more valuable, more sellable asset. Building it takes time, which is another reason to start planning early.

The highest price isn't always the best outcome

The clients who don't regret their exits are rarely the ones who got the highest number. They're the ones who knew what the number meant for their life and who they were going to be afterward.

Giving money to your children is one of the most generous things a parent can do. It’s also one of the most consequential. And the consequences aren’t always the ones you planned for.

In this episode of Couchside Conversations, Stacey McKinnon and Chris Galeski walk through what actually happens when families transfer wealth without a plan, the five mistakes they see most often, and what it looks like when families get it right.

Tune in if you're thinking about...

• Whether you can afford to give and how much is actually safe to gift right now
• What happens when you treat children equally instead of equitably
• How to give without quietly creating dependency or resentment
• Whether to tell your kids what they'll eventually receive, and when
• Whether the real risk is the money itself, or the silence around it

To watch this episode or read the transcript, visit our website here.

Markets don’t move in straight lines, and the first quarter of 2026 was a perfect reminder of that. Between geopolitical conflict, rising oil prices, and renewed inflation concerns, investors faced a volatile environment that left markets unsettled.

In this episode, Chief Executive Officer Jeff Sarti and Chief Investment Officer Meghan Pinchuk break down Q1, exploring consumer sentiment, why traditional diversification didn’t behave as expected, and how different asset classes responded during this period of uncertainty. The conversation highlights a key theme: resilience doesn’t come from predicting markets. It comes from preparing for multiple outcomes.

Tune in if you’re interested in…

• What drove market volatility in Q1 2026
• Why we remain confident in gold despite short-term volatility
• How stocks, bonds, and alternative assets behaved differently
• Why traditional bonds didn’t provide a safe haven
• What stagflation is and how it impacts portfolios
• How Morton’s approach to diversification made clients resilient during this period of volatility

About 54% of teenagers are worried about financing their futures. How can parents help their adolescents gain financial confidence and responsibility, especially in a world where money is invisible and gratification is immediate?

Join host Chris and Wealth Advisor Patrice Bening, a mom of two young adults, as they discuss various conversations and principles to implement with your kids as they grow an understanding of money and how to use it.

If you’re interested in learning about…

• The importance of starting early when instilling money habits.
• Giving money a purpose through simple frameworks (like 50/30/20) to plan before it’s spent.
• Making currency "feel real" in a digital world by allowing your kids to see the exchange of cash 
• Encouraging adolescents to make the most of their biggest asset: time. Even small amounts grow meaningfully when you start early and stay consistent.
• Modeling behavior for your teens. Kids learn more from what you do than what you say

What if you could give more to charity and pay less in taxes? In this episode, host Chris invites Wealth Advisor Austin Overholt to explore how strategies like donor-advised funds and qualified charitable distributions can help you give more intentionally while potentially reducing taxes. From donating appreciated stock to planning around high-income years, they highlight how thoughtful giving can align with retirement, estate planning, and long-term legacy goals. 

Tune in if you're interested in…

• Tax-efficient ways to give, including donor-advised funds and QCDs
• When to use different strategies based on age, income, and account types
• How to maximize deductions in high-income years
• The benefits of “bunching” donations for greater tax impact
• Using charitable giving to create a lasting family legacy

In today’s increasingly digital world, cybersecurity is more important than ever and often comes down to simple habits. In this conversation, Adam Moseley and Patrick Hennessey of Charles Schwab share practical, real-world strategies to help individuals protect themselves from evolving cyber threats.

Key takeaways:

• Best practices when it comes to email, passwords, Wi-Fi, VPNs, and more
• The rise of AI-powered scams and social engineering tactics
• The importance of regularly updating devices and software
• The growing sophistication of global cybercrime operations

Retirement isn’t just a financial transition. It’s a psychological one. In this episode, host Chris and Wealth Advisor Priscilla Brehm explore what it means to shift from earning a paycheck to living off your wealth, and why this transition can feel more challenging than expected. They break down the four phases of financial life (survival, accumulation, preservation, and distribution) and focus on the often-overlooked shift into retirement.

Tune in if you’re interested in…

• The four seasons of financial life and why the transition to retirement can be so difficult
• How to replace your paycheck and create confidence in retirement income
• Why mindset matters just as much as math when leaving the workforce
• The concept of ikigai and how to find purpose in retirement
• How to avoid common pitfalls like over-monitoring your portfolio or underspending
• How thoughtful planning can help you enjoy your wealth

Is paying off your mortgage always the smartest financial move? Not necessarily. In this conversation, host Chris invites Wealth Advisor Ian Rennick to challenge one of the most common assumptions in financial planning: that being debt-free is always the goal. They explore the trade-offs between aggressively paying down a mortgage and maintaining liquidity, highlighting how excessive home equity can leave retirees “house rich but cash poor.” The key takeaway: financial freedom is about having options.

Tune in if you’re interested in…

• Whether paying off your mortgage should be a priority before retirement
• What it means to be “house rich but cash poor”
• The tradeoffs between home equity and accessible liquidity
• How debt can sometimes be a strategic tool, not just a liability
• Why having multiple “buckets” of money creates more flexibility
• Real examples of how financial decisions can impact long-term goals

Paying taxes now to save later may sound counterintuitive, but for many investors, it can be a powerful strategy. In this conversation, Kevin and Chris break down Roth conversions: what they are, when they make sense, and how they can create more control over your financial future. By converting pre-tax retirement dollars into a Roth IRA, investors can pay taxes today in exchange for tax-free growth and withdrawals later. 

Tune in if you’re interested in…

• What a Roth conversion is and why it can create long-term tax flexibility
• How required minimum distributions (RMDs) can increase future tax burdens
• Why timing, tax brackets, and life events (like retirement or losing a spouse) matter
• How recent tax law changes impact Roth conversion strategies
• The importance of having “buckets of money” for flexibility in retirement
• When Roth conversions may benefit your heirs under new inheritance rules

From geopolitical tensions to surging energy prices, investors are navigating a wave of uncertainty and volatility. Join Chief Investment Officer Meghan Pinchuk and Managing Director of Investments Sasan Faiz as they break down how recent global events are influencing markets and what they could mean for the economy and portfolios.

Tune in if you’re interested in…

• How geopolitical tensions are influencing global energy markets
• Why rising oil prices could trigger stagflation risks
• The potential ripple effects on inflation, interest rates, and consumer spending
• Why stocks and bonds can struggle during inflationary periods
• How true diversification, including alternatives and gold, can help navigate uncertainty

Does a financial advisor’s experience matter more than their perspective? Or is the real strength found in combining both?

In this thoughtful conversation, host Chris Galeski and Executive Vice President Eric Selter explore the value different generations of advisors bring to client relationships and why age alone doesn’t define wisdom. While life experience offers perspective that can only be earned over time, younger advisors contribute deep technical knowledge, fresh thinking, and tech fluency. Together, they share that Morton’s true strength lies in its team-based approach.

Tune in if you’re interested in…

• Why a multi-generational advisory team can strengthen client outcomes
• The importance of mentorship and collaboration behind the scenes
• Whether AI can truly replace human financial advice

Gold is having a moment, but the story runs deeper than price alone. In this timely conversation, Morton Wealth welcomes Axel Merk, President & CIO of Merk Investments and manager of the OUNZ gold fund, to unpack what’s really driving gold’s powerful rally. Axel explains why gold itself remains constant, even as perceptions shift, and how central bank diversification, geopolitical tensions, currency weaponization, and rising fiscal pressures are reshaping global demand. 

Tune in if you’re interested in…

• What’s truly driving gold’s 50%+ surge this year
• How central banks and geopolitics are influencing demand
• Why volatility spikes don’t necessarily change the long-term thesis
• The opportunities and risks within gold mining stocks
• The difference between allocated and unallocated gold ownership
• Why we treat gold as a strategic hedge, not a tactical bet

In private real estate, patience isn’t passive. It’s a competitive advantage. In this conversation, Wealth Advisor Bruce Tyson sits down with Peter Knell, Managing Director of KCB Properties, one of our longest-standing real estate partners. As a family office that invests alongside clients, KCB has the flexibility to move into undervalued sectors and step back when markets become overheated. Peter shares how they navigated major real estate cycles, why they leaned into healthcare assets post-COVID, how they’ve preserved capital through a 20%+ market drawdown, and why today’s environment may offer one of the most attractive buying windows in years. 

Tune in if you’re interested in…

• Why alignment and “skin in the game” matter in private real estate
• How KCB preserved capital during recent real estate downturns
• Why healthcare real estate looks attractive in today’s market
• What the “funding gap” is and why it can create better pricing
• How climate risk and insurance strategy factor into property selection

In this episode, Wealth Advisor Mike Rudow sits down with John Ahn, Founder and CEO of WhiteHawk Capital, to explore how asset-based lending offers a uniquely resilient approach to private credit. John explains why WhiteHawk underwrites every loan to the worst-case scenario and how focusing on real, liquid collateral has allowed them to never lose money on a loan, even when borrowers fail. This conversation provides insight into how downside protection drives durable income.

Tune in if you’re interested in…

• How asset-based lending differs from traditional private credit
• Why collateral quality and liquidity matter more than company success
• How WhiteHawk has generated returns even through bankruptcies
• The role of covenants, loan-to-value discipline, and ongoing monitoring
• Why dislocation in credit markets can benefit asset-based lenders

People may cut back in a recession, but they don’t stop buying food. If you’re looking for resilient income in a world of uncertainty, “essential lending” may be a compelling place to start. In this session, Morton Wealth Senior Partner Eric Selter sits down with Rich Gammill of Proterra to explore how private credit works, why it can offer a return premium over public credit, and how lending to businesses across the food and beverage value chain creates durability through economic cycles. Rich shares how Proterra’s unique partnership structure helps generate excess return, why covenants and direct borrower relationships matter for risk management, and what they look for when deciding whether a company is truly lendable. From popsicles and pet treats to popcorn and private-label manufacturing, this conversation highlights how “boring” can be a very good thing when your goal is consistent cash flow.

Tune in if you’re interested in…

• The difference between public credit vs. private credit
• Why “food lending” can be more resilient during downturns
• How Proterra’s structure creates an edge and potential return premium
• Why covenants are a key risk-management tool in private lending
• Real examples of the types of companies Proterra lends to and why

Markets delivered strong headline returns in 2025, but underneath the surface, risks quietly continued to build. In this special episode of THE FINANCIAL COMMUTE, CEO Jeff Sarti and Chief Investment Officer Meghan Pinchuk break down market performance in the last quarter of 2025 while looking ahead to what this year may bring. From AI-fueled stock gains and international outperformance to the role of private credit, real estate, and gold, this conversation cuts through the noise to focus on disciplined positioning.

Tune in if you’re interested in…

• What powered market returns in 2025
• Why market concentration and valuations matter heading into 2026
• The difference between AI hype and sustainable growth
• How international stocks, private credit, and gold played key roles
• What to focus on as policy and rates shape the next cycle

The most important details in a real estate investment are rarely the ones on the first page of the marketing deck. In this candid and often humorous conversation, Chief Investment Officer Meghan Pinchuk and Director of Growth & Advice Chris Galeski explore how real estate funds should really be evaluated. From aggressive assumptions and fee structures to alignment of interests and downside stress testing, they explain why great-looking numbers don’t always translate into great investments. 

Tune in if you’re interested in…

• Common assumptions that inflate projected real estate returns
• Why fees and manager incentives matter more than most investors realize
• How to think about downside risk and stress testing
• The hidden risks of open-ended real estate funds and “easy liquidity” promises

What if generating income wasn’t about chasing yield, but about getting your money back first? At our 2025 Investor Symposium, Michael Grosslight sat down with Brad Allen, Managing Partner of Keystone National Group, to unpack what it really means to build durable income through asset-backed lending. Brad explains how Keystone focuses on tangible collateral—like equipment, real estate, and financial assets—to generate consistent income while prioritizing downside protection in uncertain markets. 

Tune in if you’re interested in…

• How asset-backed lending differs from traditional private credit
• Why collateral quality matters more than borrower projections
• Real examples of how downside scenarios are handled
• How shorter-duration, unlevered loans can reduce volatility
• What makes Keystone’s approach distinct in a crowded private credit market

Generating reliable income in today’s market requires more than chasing yield. It requires structure, discipline, and downside protection. In this session, Wealth Advisor Ian Rennick sits down with Co-Founder of Stormfield Capital, Wes Carpenter, to explain how private real estate lending works, why being “the bank” can offer consistent cash flow, and how first-lien, low loan-to-value loans help protect investor capital. 

Tune in if you're interested in…

• How private real estate lending generates consistent income
• Why first-position, low loan-to-value loans matter for risk management
• What actually happens when a borrower defaults
• How private credit fills the gap left by traditional banks
• Where Stormfield is leaning in and pulling back across real estate markets

Real estate has quietly endured one of its most challenging periods in decades, and Clay Grubb, CEO of Grubb Properties, isn’t sugarcoating it. In this candid conversation, Clay and Megan unpack how rising interest rates, soaring construction costs, and frozen capital markets have reshaped real estate investing even as housing demand continues to grow. Clay explains why Grubb Properties’ long-term focus on essential housing and young professionals helped them weather the storm, why transparency during downturns matters, and why demographic trends still point to a powerful long-term opportunity. 

Tune in if you're interested in…

• Why renters are older than ever, and what that means for housing demand
• How higher rates and construction costs have stalled new development nationwide
• What made this real estate downturn feel “lonelier” than 2008
• Why demographics, mobility, and essential housing still create long-term opportunity
• Where Clay sees the most compelling real estate markets emerging next

Transferring wealth is never just about dollars. It’s about values, expectations, relationships, and the messy emotions that often come with. In this insightful conversation from our 2025 Investor Symposium, Estate Planning Attorney Brian Standing and Wealth Advisor Patrice Bening unpack the realities of gifting and inheritance. They explore how thoughtful structures can turn money into meaning and ensure that your wealth is optimized and transferred with intention. 

Tune in if you're interested in…

• Understanding the difference between giving money and passing on values
• How to support adult children without creating dependency or misaligned expectations
• When and why to use trusts, even for responsible heirs
• Structuring gifts that empower rather than overwhelm
• Navigating tricky family dynamics when heirs have different levels of responsibility

Among older adults, retirees are more likely to experience depression than those who are working due to feelings of loneliness and loss of identity. But, it shouldn’t be this way. This chapter of freedom we work so hard for is called the “golden years” for a reason, and while the end of a career may feel like the finale, it’s actually the doorway to a plethora of opportunities, relationships, and experiences.

Join Wealth Advisors Priscilla Brehm and Joe Seetoo, along with Liz Dietz, founder of Love of Aging, as they explore practical ways to create purpose, wellness, community, and joy in retirement. Fulfillment doesn’t end when work does, and it can even evolve into something greater than before.

Tune in if you're interested in…

• Discovering how the Japanese concept of ikigai can help you define your purpose in retirement
• Hearing real stories of finding purpose after a career ends
• Understanding why volunteering, mentoring, and relationships are essential to fulfillment
• Learning practical ways to stay healthy, physically, mentally, and socially, in your later years
• Gaining insights on navigating grief, transitions, and changing identity with grace

Some of the most compelling investments today aren’t in Silicon Valley. They may be aging quietly in bourbon barrels, running across a soccer field, or docked at marinas. 

In this fascinating session from our 2025 Investor Symposium, Managing Director of Investments Sasan Faiz and Ashley Marks, Co-Founder and Co-Managing Partner of Cordillera Investment Partners, pull back the curtain on some of the most unique, off-the-beaten-path investments in the alternative space. 

Tune in if you're interested in…

• Understanding what “niche alternatives” really are and why they matter
• How whiskey aging, marina aggregation, and sports assets create uncorrelated return streams
• Why pre-institutional markets can offer outsized value before larger investors enter
• How Cordillera sources, evaluates, and exits unconventional investment themes
• The surprising growth and investment case behind women’s professional sports

Owning investment real estate can feel like a badge of honor until the rising costs, headaches from maintenance, and shrinking returns start to tell a different story. 

At our 2025 Investor Symposium, COO & CMO Stacey McKinnon and Wealth Advisor Kevin Rex unpacked the tradeoffs of holding vs. selling real estate. They explored dead equity, increasing costs, tax considerations, and how real estate fits into your financial picture, while offering more flexible ways to access real estate income without the late-night calls. 

Tune in if you're interested in…

• Understanding why many rental properties are yielding less than you think
• Exploring alternatives to direct property ownership 
• Learning how taxes, liquidity, and legacy planning factor into real estate decisions
• Discovering modern tools like real estate funds, DSTs, and 1031 strategies
• Seeing real-world examples of clients who simplified their portfolios successfully

The American Dream has long been a cornerstone of optimism and progress. But for many today, that dream feels uncertain, shaped by affordability challenges, growing debt, and a financial culture defined by short-term thinking. 

At our 4th Annual Investor Symposium, CEO Jeff Sarti posed a timely question: What’s next for the American Dream and what does it mean for investors? 

Alongside Chief Investment Officer Meghan Pinchuk and Director of Financial Planning Beau Wirick, Jeff explored how a Healthy Skeptic mindset can help investors look beyond market fads and speculation, focusing instead on fundamentals, real assets, and resilience. 

Losing a spouse is one of life’s most impactful and difficult experiences. What can make it even harder is that amidst their grief, widowers and widows are often faced with administrative tasks and important financial decisions. 

In this episode of THE FINANCIAL COMMUTE, Wealth Advisors Sophie Leahy and Chris Galeski discuss these challenges, sharing how grief and financial decisions intersect and how professional guidance can provide clarity during such a life-changing transition.

Tune in if you’re interested in:

• Practical steps to take in the first year after loss
• How to prepare your finances and estate plan before it’s needed
• Common mistakes to avoid when emotions are high
• Ways to rebuild confidence and create a new financial plan
• The value of professional and emotional support during such a transition

In this episode of THE FINANCIAL COMMUTE, Client Relationship Specialist Kristin Dillon and host Chris Galeski discuss how partnership and accountability are often the missing links in financial success. Our goal with our flat-fee financial planning offering, Modearn®, is to make quality coaching more accessible for Gen Xers and Millennials throughout their wealth-building journey. 

Tune in if you’re interested in…
• Learning how Modearn® makes financial planning more approachable
• Understanding how personalized financial advice and partnerships can create peace in your life
• Finding balance between saving, spending, and investing intentionally
• Accessing expert guidance without traditional barriers

In this episode of THE FINANCIAL COMMUTE, Chief Investment Officer Meghan Pinchuk and Wealth Advisor Patrice Bening tackle one of the most stressful topics for parents: college planning.

Tune in if you’re interested in…
• Learning how to plan for college without sacrificing retirement
• Understanding how much to save and where to start
• Navigating financial aid, student loans, and the FAFSA process
• Talking to your kids about college costs and trade-offs
• Building a college plan that fits your family’s goals