THE FINANCIAL COMMUTE
Hosted by Wealth Advisor Chris Galeski, THE FINANCIAL COMMUTE is a weekly podcast that gives the rundown on what's going on in the current market, how it affects you, and what you can do about it – all designed to fit into your commute. Each week Chris welcomes an expert guest, including Morton Wealth advisors, fund managers, and investment analysts, to break down complex financial topics. Our goal for this podcast is to provide you with the tools to help you navigate this challenging environment, leading to a path of more confident investing.
THE FINANCIAL COMMUTE
Top Wealth Hacks & Tax Strategies in 2023
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
In this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Kevin Rex to discuss wealth hacks and tax planning strategies.
Some strategies they explore are Donor Advised Funds and Qualified Charitable Distributions. These methods can help individuals save on taxes while supporting philanthropic causes. Health Savings Accounts can also be advantageous as contributions made to an HSA are tax-deductible, funds within an HSA can be invested and growth is tax-free if used for qualified medical expenses, and withdrawals are also tax-free if used for qualified medical expenses. After age 65, you can withdraw funds from your HSA for any expense without penalties. They also briefly review ways to optimize mortgage interest deductions, including cash purchases and refinancing.
Finally, Chris and Kevin address the importance of managing one’s emotions when making investment decisions. Many investors want to avoid losses but end up missing out on better opportunities because they don’t want to take action during market downturns.