Mitten Money

Today, Will & Kevin sit down to discuss financial check-ups! Whether it is stock selection, buying annuities, or balancing a "fun" account, tune in for the breakdown on how to make sure you are on the right track.

Comments made are not to be considered endorsements of Tri-Star Trust or its employees. All viewpoints expressed herein belong solely to the commentators, whether or not they are employees or clients, and remain uninfluenced and uncompensated by Tri-Star Trust or any of its affiliates.

Curious about extending your vacation budget beyond its initial expectations? Will and Kevin discuss how to pinch your pennies when traveling.

We are back with a new version of Mitten Money!

Today, Will is joined with our NEW co-host, Kevin Scorsone! Kevin is the Market Director for Tri-Star's Midland location.

Do they prefer Coke or Pepsi? Old-fashioned budgeting or budget apps? Tune in as Kevin tells more about himself while the pair answer This or That questions!

We have some very exciting news! Mitten Money is undergoing some changes, just in time for our 3rd anniversary. Stay tuned on February 20, 2024 to see what's in store...

Will interviews the president & CEO of Tri-Star, Pavel Konency, about himself and his new position.

Pavel grew up in the Czech Republic where he was going to school for engineering. Pavel also played tennis and was learning English at the time, which ended up leading him to Northwood University in Midland, MI. He ended up going for Business Management while playing tennis for the school in 1992.

Pavel originally didn’t have a plan to go into banking and finance, but he had a knack for numbers. He had a long career at Chemical Bank where the possibility of becoming CFO was tossed around. Some changes took place, and his path didn’t become as clear as it once was. The co-founders of Tri-Star eventually reached out to talk about a potential plan for him to lead within five years.

As a leader, Pavel makes it a point to invest in younger employees. He claims a rewarding part of his job is to watch someone grow while sharing wisdom and knowledge and giving them opportunities. When looking for potential employees, Pavel looks for soft skills along with technical skills, which a lot of younger employees proved to have.

While Tri-Star is growing, Pavel comments they made it a point to expand in areas that attract people to downtown development. With locations such as the Saginaw and Midland office, there is opportunity to grab lunch at a small sandwich place or shop at local boutiques. Pavel also helps make sure the office environment is somewhere employees want to be rather than working from home.

In his new position, Pavel is looking forward to continuing community involvement, creating value, and investing in futures while teaching about financial health.

Connect with Pavel here:

https://www.tristartrust.com/

Will had the opportunity to sit down with Anna Bebow, Owner of Soul Fit in Bay City. Anna not only opened up Soul Fit to connect people to each other and their mind and soul, but she also runs her own wedding photography business.

Anna had opened up Soul Fit when she realized there wasn’t a lot of places that connect movement and the soul. Soul Fit is known to empower women through classes like Pilates, dance class, yoga and more, but is also available to men as well. Soul Fit is a studio rather than a gym, making the atmosphere more inviting with diffusers, low lights, and fewer equipment. The goal behind the studio is to make it more relaxing and not as intimidating as other fitness centers.

Anna is open to trying new fitness trends in the studio. She recently added a dance class to Soul Fit, incorporating dance moves with core and lower-body exercises. The studio has plenty of instructors for all different classes to suit each client’s tastes. Because of this, she has been open to the idea of offering virtual classes. Anna says the best marketing for her businesses is word of mouth. Most clients come with their friends or family to Soul Fit after hearing about it from someone else. On top of word of mouth, Anna turns to social media such as Instagram to post Reels of different classes. Besides typical exercise classes, Soul Fit offers hiking trips outside of Bay City for those who want to connect more with other people and with nature. Anna hopes to continue these trips quarterly, one for each season!

While Anna owns Soul Fit, she also manages her photography business. She recognizes that one person may not be able to do it all, such as running multiple businesses, so she learns and grows from her weaknesses. Putting trust in instructors that are passionate for Soul Fit has made balancing her other business much easier.

Connect with Anna here:

https://soulfitmi.com/

https://creativegraceco.com/

Will joins Tim, Director, Institutional Group at Brandes Investment Partners, to discuss his journey from northern Ontario to working for a Southern California-based firm, Brandes. He started his career in the early '90s in banking and retail advisory, transitioning to asset management. Tim joined Brandes when they sought to establish a Canadian subsidiary, attracted by their commitment to value investing and the opportunity to work with former colleagues.

Tim explains that investors often exhibit a home bias, preferring to invest in familiar domestic companies. This bias is particularly evident in well-developed and diversified markets like the US, where investors feel more comfortable with companies they recognize, possibly due to personal connections or local presence. Tim warns against the drawbacks of home biases, emphasizing the need for diversification to mitigate concentration risk, underscoring the importance of international investing.

Tim shares that people often seek active exposure to non-US securities. While some clients adopt a passive US approach, others blend it with active international strategies or even active US strategies to address concentration risk. There are various ways to build a portfolio and according to Tim, some popular biases are towards active management.

For new investors, Tim touches on a few key points such as distinguishing between investing and speculation, delegating to professionals, taking a long-term view, and the power of compounding.

You can reach Tim here:

Brandes Investment Partners | Website

Tim Newburn | LinkedIn

Will had the opportunity to have a conversation with Sharon Krumm, President and Owner of 4U, Inc., a consulting firm. Sharon's journey began with a passion for math, leading her to pursue accounting in college. However, she discovered a broader interest in finance, especially during globe-trotting M&A deals.

Throughout her career, Sharon navigated challenges. As a woman in predominantly male environments, she faced unique challenges but lived by the mantra of “work harder and smarter.”

Sharon emphasizes the importance of early and honest identification of value drivers in mergers and acquisitions, highlighting the need for a strategic integration plan and a team focused on preserving those drivers. She points out the significance of cultural fit in retaining talent and achieving long-term success. Transitioning from her successful corporate career, Sharon started her consulting firm, inspired by an empowered accountability culture, aiming to create a similar environment in her own company.

In solving complex business problems, her method involves a top-down and bottom-up approach, understanding strategic goals and learning from details. She highlights active listening to connect the dots and identify challenges, ensuring buy-in and trust.

Sharon advises individuals to prioritize what truly matters to them and understand their genuine interests. Despite external pressures, the importance of aligning personal values with career decisions is crucial. For Sharon, her family always came first, guiding her choices. She encourages defining success individually, as there is no one-size-fits-all path.

Aimee Korch, Director of Relationship Management at Breckinridge Capital Advisors, joins Will today to discuss fixed income.

Aimee says fixed income is the “most interesting” area of work for her. According to Aimee, there are so many ways the financial system can create debt, which fuels the economy. There are a lot of conversations on stocks, but not fixed income, so it tends to not come to mind for most people. Public stocks also tend to be more straightforward, whereas bonds work more inversely.

Individual bonds or bond mutual funds? Aimee says owning individual bonds is an interest to investors who have unique guidelines and want customizations. Mutual funds are more of “what you see is what you get.” Breckinridge invests in investment-grade bonds and doesn't venture into high-yield or junk bonds. High-yield bonds generally offer higher returns due to their riskier nature, as they have lower credit ratings and weaker balance sheets. This increased risk could lead to a higher chance of default. The suitability of high-yield bonds depends on an investor's risk tolerance and financial profile.

The decision to invest in a single segment or multiple segments within fixed income is subjective and depends on the client's objectives and portfolio context. There's no one-size-fits-all answer. Generally, diversifying across multiple segments is beneficial as it spreads risk, but the choice ultimately depends on the client's specific goals and preferences.

Find Aimee here:

Breckinridge Capital Advisors | Website

Today, Will sits down the Matt Smith, a jack of all trades. Matt has experience in the military, owning his own gym, and becoming a realtor. How did he decide to go from one thing to the next?

Right out of high school, Matt knew college wasn’t the route he wanted to go on. He was drawn to the army, since his father and grandfather had served. Around his time in service circa 1993, he was deployed to Mogadishu, Somalia. In the army, he didn’t have the luxury of Facetiming family members. He had to write and receive letters. Matt reminisces on how different his time in the military was compared to today’s service members.

Matt had always exercised through high school and found that this continued for him in the army. He transitioned from the military to joining the gym once his service was over and realized he loved interacting with other gym-goers. Matt eventually opened up Smitty’s Iron Works. His “internal drive” was to pave his own path, and this began with opening his own gym.

Matt’s gym has merged with another organization and had taught them how he ran his personal training business. During this time, it solidified his love of working independently and opened the door for “What’s next?” Matt had always had a love for the outdoors and took classes for habitat development. In these classes, Matt learned people made a living by showing people hunting land, which led him to real estate. He currently owns and runs Matt Smith Outdoors, a small realty business. He utilizes social media to build his brand, everything from a home walkthrough to deciphering generators.

Connect with Matt here:

Matt Smith Outdoors | Facebook

Matt Smith | LinkedIn