Stuff About Money They Didn't Teach You In School

You're successful, driven, and operating at a high level—but something still feels off. Maybe you're stuck, overwhelmed, or just not seeing the growth you want. You can use help to get to the next level. Hiring a coach could be the missing piece. In this episode, Erik Garcia, CFP®, ChFC®, BFA™, and Dr. Matt Morris break down the difference between coaching, therapy, and mentorship, and how to self-assess whether coaching is the right move. Episode Highlights: Matt recalls hiring a golf coach when he felt stuck and needed help improving his score. (01:55) Erik describes hiring a business coach after realizing there were skills he hadn't yet developed. (05:10) Matt emphasizes the value of hiring a coach when you don't know what you don't know (06:27) Erik explains his natural drive to grow and his desire to learn from people ahead of him. (08:50) The two discuss how coaching can help with specific roadblocks or feelings of dissatisfaction. (12:43) Erik outlines how hiring a coach provided objective, emotionally detached insight for better decision-making. (14:00) Matt breaks down the differences between coaching and therapy, clarifying their distinct purposes. (18:00) They compare coaching to financial advising and mentorship, identifying key overlaps and distinctions. (20:45) Erik reflects on the loneliness of entrepreneurship and how coaching offers perspective and clarity. (28:51) Matt and Erik encourage listeners to explore coaching when feeling stuck, off-balance, or in need of accountability. (30:34) Key Quotes: “Coaching is a strategic partnership between me, you, and someone else who just needs to tackle some roadblock in their work life.” - Dr. Matt Morris “Every individual should sit down with a financial planner at least once in their life.” - Erik Garcia, CFP®, ChFC®, BFA™ “You can be content without being complacent. You could be content and still be ambitious to want to do something more.” - Dr. Matt Morris Resources Mentioned: Cultivate Success Podcast Series Companion Handouts Dr. Matt Morris Matt Morris & Associates Erik Garcia, CFP®, ChFC®, BFA™ Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Why do we assume something has to be complicated to be valuable? That question sparked a spontaneous recording session after Erik Garcia, CFP®, ChFC®, BFA™, walked into Xavier Angel's office to unload a bit of planner frustration. Joined by co-host Xavier Angel, CFP®, ChFC®, CLTC, the two dive into the false narrative that complexity equals effectiveness when it comes to financial planning. Spoiler: it doesn't. In this unscripted and honest conversation, Erik and Xavier explore why simplicity should always be the starting point in financial planning. They break down the difference between necessary complexity and unnecessary confusion—and how chasing sophistication too soon can sabotage progress. If you've ever felt overwhelmed by your financial plan (or someone tried to impress you with one), this episode is for you. Follow the show and share it with someone who needs a little more clarity and a lot less clutter. Episode Highlights: Erik explains the myth that complexity is better than simplicity in financial planning and why he disagrees. (01:19) Xavier explains how some software can be manipulated to justify a particular product sale through overwhelming documentation. (05:02) Erik emphasizes the hidden long-term costs and commitments associated with complex strategies. (07:00) Erik highlights the importance of considering future flexibility and whether the strategy can be explained simply. (10:36) Xavier stresses the value of collaboration and asking the right questions to ensure solutions match the actual problem. (11:41) Erik shares why understanding and simplicity matter, as they increase commitment and long-term success. (12:48) Xavier emphasizes the need to revisit financial strategies regularly as life circumstances change. (18:00) Erik explains how changing laws can render complex strategies obsolete or burdensome over time. (19:08) Erik encourages listeners to push for clarity and not be swayed by flashy but ineffective financial plans. (21:00) Key Quotes: “We like complexity, we like that kind of stuff. It feeds our ego, but man, simplicity generally wins out.” - Erik Garcia, CFP®, BFA “If you're being presented a financial plan, ask questions, push for understanding, don't settle for whatever the advisor or the planner is presenting, just because it sounds good, complex does not equal effective, don't let it feed your ego.” - Erik Garcia, CFP®, BFA “If you don't know what the problem is that you're trying to solve, it's hard to come up with a solution that's going to fit that specific one.” - Xavier Angel, CFP®, ChFC, CLTC Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money They Didn't Teach You in School podcast, host ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, shares a practical financial strategy he personally uses—what he calls practicing your future payment. Whether you're planning to buy a home, send a child to college, or take on any significant financial commitment, Erik walks through how simulating that future expense now can reduce stress, build confidence, and help you make smarter money decisions. Plus, he dives into the psychology behind this tactic, including why naming a savings account after your future goal can be surprisingly powerful. Erik outlines three reasons to practice your future payment and three key benefits that come from doing it, including building a custom emergency fund and creating margin before you need it. Backed by behavioral research and real-world application, this episode offers a clear, actionable approach to preparing for life's financial milestones. If this helps you, share it with someone else who's facing a big financial decision, and don't forget to follow the show for more thoughtful money strategies. Episode Highlights: Erik explains the idea of planning for predictable future expenses by simulating those costs in advance. (01:00) Erik outlines three reasons to practice future payments: stress testing your budget, building confidence, and evaluating the decision's wisdom. (01:43) Erik shares the mechanics of how to implement the strategy using a named savings account and automatic transfers. (04:00) Erik provides examples of future costs like buying a house, a car, or college tuition, and explains how to simulate those payments. (04:48) Erik highlights the benefits: building a savings buffer, easing financial transitions, and creating financial margin. (06:27) Erik references research on “episodic future thinking” and its impact on behavior and reduced money-related stress. (09:00) Key Quotes: “I'm speaking as a fellow sojourner with you, someone who is actively trying to manage their finances better.” - Erik Garcia, CFP®, BFA “You're building in some space financially that if things go wrong, you've got money set aside in savings.” - Erik Garcia, CFP®, BFA Resources Mentioned: ⁠Erik Garcia, CFP®, BFA⁠ ⁠Xavier Angel, CFP®, ChFC, CLTC⁠ ⁠Plan Wisely Wealth Advisors⁠

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, welcomes back longtime guest and college funding expert John Hupalo from MyCollegeCorner.com. As Erik navigates the emotional rollercoaster of planning for his own child's college costs, he brings listeners along for a candid conversation about the realities of paying for school when savings and cash flow aren't enough. From the tension between dreams and debt to that Rodrigue Blue Dog artwork hanging behind John in New York, this episode blends practical advice with real-world emotion. Erik and John dive deep into the differences between federal Parent PLUS loans and private student loans—unpacking the risks, benefits, repayment structures, and emotional consequences of each. They also share smart strategies for comparing options, planning payments, and managing expectations. Whether you're a parent feeling overwhelmed or a financial professional advising clients, this conversation is packed with insight. If you enjoy the episode, follow the show and share it with someone navigating the same road. Episode Highlights: Erik opens up about the emotional and financial challenges of navigating college costs as both a financial advisor and a parent. (01:19) John explains the three ways families can pay for college: saving, cash-flowing, or borrowing—emphasizing this discussion focuses on borrowing options beyond federal student loans. (02:28) Erik and John discuss the potential dangers of Parent PLUS loans and explain why parents must understand the loan structure and long-term implications before committing. (09:30) John shares how private loans differ from Parent PLUS loans, including credit-based underwriting, variable rates, and the absence of origination fees. (17:01) Erik encourages “practicing the payment” as a proactive strategy—making mock loan payments in advance to test affordability before borrowing. (36:29) John suggests reducing market risk by shifting 529 funds to conservative options in advance of college payments. (38:01) They stress the value of planning for contingencies, including hidden risks like a student withdrawing mid-semester, and mention TuitionGuard as a resource to explore. (39:44) Key Quotes: “You just got to really be careful how far you're willing to reach for your, your students' dreams.” - John Hupalo “This is the time to be realistic and throughout the optimism, throughout the pessimism, and get the family together and talk about what can actually happen.” - John Hupalo Resources Mentioned: John Hupalo Invite Education MyCollegeCorner.com Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money They Didn't Teach You in School podcast, certified financial planner Erik Garcia speaks directly to those regularly investing in a 401(k), 403(b), or IRA. With the market constantly shifting, it can be tempting to pause contributions and wait for “better” times. But that move might cost you more than you think. Erik explains why dollar cost averaging—investing consistently regardless of market conditions—is actually your retirement plan's greatest superpower. You'll hear about three powerful benefits of dollar cost averaging, along with two real challenges that make it tough to stick with. This episode is all about helping you stay confident and committed to your long-term plan—even when the headlines say otherwise. If you're wondering whether to keep investing through market noise, this one's for you. Episode Highlights: Erik explains the concept of dollar cost averaging and why it's a hidden 401(k) superpower. (01:01) Erik outlines how volatility can be an opportunity for 401(k) investors through consistent investing. (03:21) Erik shares how dollar cost averaging helps remove emotional decision-making from investing. (04:28) Erik emphasizes the role of automated discipline in building long-term wealth. Erik cautions that dollar cost averaging doesn't remove investment risk and long-term perspective is key. (06:23) Erik warns about the emotional challenge of staying invested during market drops. (07:57) Erik encourages investors to keep contributing, and possibly increase contributions, during down markets. (09:00) Key Quotes: “ The third benefit of dollar cost averaging is you are building a very important habit that's gonna help you build wealth, and that is discipline.” - Erik Garcia, CFP®, BFA “ investing in a down market is actually a very good long-term investment strategy, so stay invested. Keep investing. Use your superpower, your dollar cost averaging superpower to build your wealth in your 401k.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of Stuff About Money They Didn't Teach You in School, I (Erik Garcia, CFP®, ChFC®, BFA™) take a solo journey back to 2019—pre-COVID, pre-pandemic stimulus, pre-whatever the heck this current economy is. It's wild to think how much has changed… and how much has stayed the same. This episode opens with a confusing encounter with a Polish website and a German iPhone—setting the stage for how disorienting the financial world can feel when recession fears start swirling. And lately? With inflation still lingering, market volatility, and general unease—it's giving déjà vu all over again. Though recorded years ago, the financial wisdom in this episode remains rock solid. I unpack five economic realities that hold true no matter the cycle, explain key market terms you're probably hearing more of, and walk through a 4-step plan that works at any income level. Whether you're nervous about what's next or just want to make smarter money moves, this episode is a reminder that fear doesn't have to drive your decisions—clarity and preparation can. Be sure to follow the show and share it with someone who could use a little financial calm in the chaos. Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

We all think having more money will make us happier, but what if the way we instinctively spend it isn't actually the key to lasting happiness? In this episode of Stuff About Money, Erik Garcia, CFP®, dives into five ways we can use money, and why the thing we want to do with it—buying more stuff—won't bring us the deep, fulfilling happiness we hope for. Instead, he explores the four things that actually do create happiness: investing in experiences, buying back time, giving generously, and saving for the future. From reflecting on a family trip to Disney World to the conversation we all love to have—“What would you do if you won the lottery?”—this episode challenges the way we think about money and what it can (and can't) buy. Erik breaks down why spending money on experiences creates memories that last, why buying time back only works if you actually use it wisely, and how generosity is one of the most unexpected happiness boosters. Plus, he explains why saving money isn't just about financial security—it's about progress, and progress makes us happy. If you're looking for a way to shift your mindset on money and happiness, this episode is for you. Tune in, challenge yourself to rethink how you spend, and share this episode with someone who could use a fresh perspective on what really leads to financial joy. Plan wisely, live confidently! Episode Highlights: Erik discusses Arthur Brooks' research on money and happiness, sharing insights from his book on how financial choices impact well-being. (03:00) Erik explains why experiences create lasting happiness, while material goods lose their appeal over time. (03:47) Erik explores how using money to buy time can lead to greater fulfillment by prioritizing meaningful activities. (06:00) Erik shares why generosity leads to greater life satisfaction, as highlighted in Brooks' book. (07:00) Erik emphasizes saving as a way to create future opportunities and achieve long-term happiness, a key theme in Brooks' research. (09:19) Erik explains the deeper purpose of financial success and the importance of using money to support meaningful goals, a key lesson from Brooks' book. (14:47) Key Quotes: “Spending money on experiences, buying experiences is a lasting investment into happiness and when you can use your money to buy experiences to create shared memories with people you love, that is a ticket to happiness.” - Erik Garcia, CFP®, BFA “Go out there and find a way to use your money to make a long-term investment in your happiness.” - Erik Garcia, CFP®, BFA “Every dollar that you save is creating a future opportunity and every dollar you waste represents a wasted opportunity in the future. We don't know what the future holds. So having money in savings is a good way to prepare for the unknown” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Debt. Some people hate it. Some people tolerate it. And when it comes to a mortgage, the debate gets even more interesting. In this episode of Stuff About Money They Didn't Teach You in School, Erik Garcia unpacks the question that's been on the minds of several clients this week: Should I pay off my mortgage early? With four unique client scenarios—ranging from low-interest-rate borrowers with excess cash flow to high-rate homeowners debating a refinance—Erik highlights why there's no one-size-fits-all answer. Along the way, he shares his personal philosophy on debt (hint: not all debt is created equal) and why blindly following financial advice can sometimes backfire. As the episode unfolds, Erik explores the key factors to consider when making this decision—your interest rate, cash flow, investment potential, and, most importantly, your comfort level with risk. Sure, being mortgage-free sounds appealing, but what if paying it off means leaving yourself cash-poor? Trading your liquidity for a paid-off home might seem like the responsible move, but could it actually be a risky bet? Before you rush to throw extra payments at your mortgage, tune in to this thought-provoking conversation to ensure your financial strategy aligns with your long-term goals. Episode Highlights: Erik outlines four different client situations, each with unique mortgage rates, cash flow, and financial goals. (01:28) Erik discusses key factors to consider when deciding whether to pay off a mortgage early, including interest rates, cash flow, and investment opportunities. (04:10) Erik highlights common reasons people choose to pay off their mortgage early, such as peace of mind, retirement planning, and reduced interest costs. (07:31) Erik breaks down how interest rates impact the decision to invest extra money versus paying down a mortgage. (12:09) Erik explains the role of risk tolerance, noting that some people are comfortable investing while carrying debt, while others feel uneasy. (15:00) Erik explains how homeowners should consider future expenses, like home renovations and unexpected costs, before accelerating mortgage payments. (18:47) Erik encourages listeners to evaluate their own financial situation, use mortgage calculators, and consult a financial planner before making a decision. (21:49) Erik explains why liquidity is crucial and warns against using all available cash to pay off a mortgage too soon. (22:10) Key Quotes: “Risk tolerance and comfort with debt. Some people have the risk tolerance to invest while carrying debt. Others might feel uneasy by having a mortgage balance. So, having a conversation, a thoughtful conversation about how much debt you feel like you can tolerate is important.” - Erik Garcia, CFP®, BFA “Avoid credit card debt as much as possible, like the plague, car debt, school debt, sometimes it's unavoidable, so you want to be prudent and judicious in that.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Erik and Xavier kick off this episode with a slightly humorous conversation about the unique way people from New Orleans speak—because if nothing else, in The Big Easy, they have their own way of doing things. But that same tendency to do things our way extends beyond language—it also applies to how we handle money. More specifically, how we don't handle it. That's right, this episode dives into the all-too-common habit of financial procrastination and why we keep telling ourselves, “I'll take care of it tomorrow.” Why do we put off saving for retirement, getting life insurance, or investing for the future? It turns out, human nature makes it easy to prioritize today's wants over tomorrow's needs. Erik and Xavier explore the psychology behind why we delay crucial financial decisions, touching on everything from marshmallow experiments to why our future selves feel like total strangers. They also break down practical ways to stop stalling and start acting—from automation to visualization and a little bit of accountability (actually, a lot of accountability). Lean into this conversation for a fresh perspective on making smarter financial choices—or at the very least, to expand your New Orleans vocabulary. Episode Highlights: Erik and Xavier discuss common New Orleans phrases and their connection to financial habits. (02:00) Xavier shares a powerful story about a client who delayed purchasing life insurance and faced devastating consequences. (04:32) Erik explains present bias, the tendency to prioritize immediate rewards over future financial security. (09:04) Xavier emphasizes the impact of procrastination on financial planning, especially for business owners. (10:05) Erik introduces the concept of future self-continuity, explaining how people struggle to identify with their future selves. (12:01) Xavier shares a story of a client who secured life insurance just in time, ensuring financial stability for their family. (19:09) Erik breaks down the cost of delaying financial decisions, from rising life insurance premiums to missed investment growth opportunities. (21:12) Xavier stresses the emotional impact of financial procrastination and how it leads to stress, shame, and regret. (27:01) Erik and Xavier outline strategies to overcome procrastination, including visualization, automation, simplification, and accountability. (31:06) Key Quotes: “We're paying for something today, robbing ourselves from the future for something that we consumed yesterday.” - Erik Garcia, CFP®, BFA “We all understand what we need to do, what we're not doing, what we know we need to do, and we're ashamed because we're not following through.” - Xavier Angel, CFP®, ChFC, CLTC “If we can connect our present self to our future self. That's going to help us make more intentional decisions for, uh, for tomorrow.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of Stuff About Money They Didn't Teach You in School, certified financial planners Erik Garcia, CFP®, and Xavier Angel, CFP®, are joined by Javier Sanchez, AVP of Financial Literacy for Fidelity Bank. Together, they explore how teaching kids about money has shifted in the digital age. The classic piggy bank may be fading, but the need for financial education is stronger than ever. Javier shares practical insights on starting financial conversations early, navigating the risks of credit cards, and the importance of modeling good money behavior for our children. They also dive into how mobile banking apps and automated savings can help young people develop healthy financial habits.  From personal stories—like Erik's experience of spending more when swiping a credit card compared to paying with cash—to actionable advice on budgeting and avoiding credit card debt, this episode is packed with valuable tips for parents and caregivers. And hey, even if you think you've got your finances figured out, you might just walk away with a few new money skills yourself—or at least feel slightly more prepared than your kids. Be sure to follow, share, and let us know how you're teaching money skills at home! Episode Highlights: Erik and Javier reflect on the importance of starting financial literacy early and the role of practical tools like the piggy bank. (03:00) Javier explains why children need a clear, visual savings vessel to understand the concept of saving money. (07:33) Javier discusses the challenges of teaching kids about digital money and the importance of introducing mobile banking at an early age. (11:00) Javier shares insights on how children can develop awareness of their income and spending habits using apps and alerts. (16:00) The conversation shifts to the pitfalls of credit cards, emphasizing the need for parents to teach kids about borrowing costs and responsible use. (20:47) Javier explains the significance of modeling good financial behavior for children to emulate. (29:00) Javier shares practical advice, such as leveraging library resources and encouraging kids to invest in self-development. (36:46) Key Quotes: “ Is the piggy bank dead? Absolutely not. Younger children need a container or a vessel that's clear, actually, so they can see that money growing. That instills that, hey, it's got to grow.” - Javier Sanchez “You can make very little money and still have an 850 credit score. It just means being smart and wise with your choices” - Javier Sanchez “If you're responsible, your kids follow that path. If you're very irresponsible, or you always seem to be struggling with your money, nine times out of ten, unless your kid sees it and says, ‘I don't want to live like this,' they'll fall into that same habit.” - Javier Sanchez Resources Mentioned: Javier Sanchez Fidelity Bank Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

What should you expect in 2025? Will market volatility and inflation trends continue to dominate the economy? In this dynamic episode of Stuff About Money They Didn't Teach You in School, host Erik Garcia, CFP®, sits down with Phil Blancato, Chief Market Strategist for Osaic Wealth Management and CEO of Ladenburg Thalmann, to break down the biggest surprises of 2024 and what's ahead for the markets. They dive into whether the explosive growth of the Magnificent 7 tech giants can continue and discuss how market corrections and volatility could impact investors in the coming year. Are you ready for potential market pullbacks in 2025? Erik and Phil share practical strategies to help you navigate economic uncertainty and position your portfolio for long-term success. Tune in for valuable insights and expert guidance on managing risk in today's unpredictable market. If you find this episode helpful, follow the show and share it with someone who's looking to make smarter financial moves this year! Episode Highlights: Phil emphasizes separating emotions from investments with his philosophy: "The market doesn't love you, don't love it." (04:09) Phil explains the persistent inflation in 2024 and its impact on Federal Reserve policies. (05:13) Global monetary interventions since 2008 have created an unprecedented economic environment. (07:06) Erik reflects on 2024's record market performance and inflation challenges. (08:35) Phil predicts a return to "normal" market conditions in 2025 and sees opportunities in U.S. equities and bonds. (17:21) Phil discusses the dominance of big tech and advises diversification to mitigate risk. (18:12) Erik highlights the importance of aligning investment decisions with overall financial goals. (26:13) AI, crypto, and energy will drive emerging market opportunities in 2025. (30:35) Phil closes by advising investors to focus on long-term strategies. (32:37) Key Quotes: “Risk plus time equals reward. Real simple. Risk plus time equals reward. The market doesn't love you, don't love it, and you'll do just fine” - Phil Blancato “Think about being invested in the supply chain for AI, not just an AI company like NVIDIA, all the parts that are needed to make a chip or the software to build it. I think that residual component is quite interesting.” - Phil Blancato “The world is generally deflationary, and by that I mean productivity, the more productive we are creates deflation.” - Phil Blancato Resources Mentioned: Phil Blancato Osaic Wealth Management Ladenburg Thalmann Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Why do most New Year's resolutions fail, and why is it often a waste of time to even set them? In this engaging episode of "Stuff About Money," certified financial planners Xavier Angel and Erik Garcia commit to changing their mindset as they usher in 2025. They explore the common pitfalls of resolutions, revealing that a staggering 80% of goals fall by the wayside within the first month. Instead of traditional resolutions, Xavier and Erik emphasize the importance of actionable strategies that focus on living in the gain and creating new neural pathways for lasting change. Listeners will discover practical tips on how to celebrate their achievements, no matter how small, and the significance of accountability in achieving financial goals. From automating savings to embracing a mindset of continuous improvement, this episode is packed with insights that will inspire you to take charge of your financial future. Tune in and learn how to make 2025 your most successful year yet! Episode Highlights: Erik emphasizes the importance of building on the strong foundation laid in 2024 to execute plans successfully in 2025. (03:06) Erik discusses why many New Year's resolutions fail and how focusing on measurable, actionable goals can lead to better outcomes. (05:15) Xavier shares how measuring and celebrating small wins can create momentum, using a mutual client's financial success as an example. (10:21) Erik introduces the mindset of living in the gain, where accomplishments are celebrated rather than focusing on what hasn't been achieved. (13:06) Xavier highlights the power of delegation in freeing up time for high-value tasks and shares his personal growth in this area. (19:42) Erik explains how creating new neural pathways helps develop healthy habits and why routine plays a crucial role in sustaining behavioral changes. (23:00) Erik discusses automation as a form of accountability, making it easier to maintain financial goals such as saving with purpose. (32:00) Xavier concludes by emphasizing the importance of accountability and finding a partner to share and track your goals. (34:44) Key Quotes: “Rather than saying this is my New Year's resolution, let's come up with something that's measurable and that you can actually execute on.” - Xavier Angel, CFP®, ChFC, CLTC “The majority of the financial decisions we make are driven by behavior, not logic. Changing that behavior is key.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of Stuff About Money They Didn't Teach You in School, host Erik Garcia, CFP®, teams up with Brenton Harrison, the host of the New Money, New Problems podcast, to discuss the most common financial mistakes clients make. Recorded live at Osaic's annual Connected conference in Orlando, they explore the emotional factors that influence poor investment decisions, the critical differences between risk tolerance and risk capacity, and the myths surrounding passive income. Erik and Brenton share real-world examples and insights from their practices as financial advisors, highlighting how emotions like fear and greed can derail sound financial planning. They stress the importance of defining financial purpose and aligning investment strategies with personal goals. Tune in for actionable tips and a deeper understanding of how to make informed financial decisions for a more secure future. Episode Highlights: Erik discusses how emotional decisions, driven by greed and fear, often lead to poor financial outcomes. (02:13) Benton explains the concept of risk capacity and how it differs from risk tolerance, emphasizing its role in long-term investment strategies. (04:48) Benton emphasizes the misconception that real estate is a passive investment and explains the realities of managing properties. (10:52) Erik explains the importance of attaching purpose to investments, such as distinguishing between cash flow and capital appreciation strategies. (13:15) Benton discusses the mistake of buying homes too big or too small for one's financial situation and shares tailored advice based on income potential. (15:26) Erik highlights the value of a "statement of financial purpose" to align financial decisions with personal values and long-term goals. (18:27) Benton emphasizes the importance of starting financial plans that align with long-term objectives, avoiding unsustainable patterns. (23:11) Benton shares the mistake of perpetually budgeting for car loans. (25:45) Key Quotes: “People act counter to what they say they feel as an investor. I will come across people who are so conservative and they are so afraid of the market that they'll be in their forties before they invest in anything outside their 401k.” - Brenton Harrison “Don't start some plan of action that doesn't tie into what you want to be doing 10, 15 years from now.” - Brenton Harrison Resources Mentioned: Brenton Harrison New Money, New Problems podcast Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode, Erik Garcia, CFP®, and host of the Stuff About Money podcast, continues his conversation with John Hupalo from My College Corner, exploring the complex world of student loans. Building on their previous discussion about the FAFSA form, they cover the various types of loans available to students, including federal, private, and state-based options. John shares valuable insights on responsible borrowing, the differences between subsidized and unsubsidized loans, and how parents can navigate the financial landscape to support their children's education.  Join them as they unpack essential questions surrounding student loans, such as what to consider when comparing offers, the impact of cosigners, and effective repayment strategies. This episode aims to empower parents and students with the knowledge they need to make informed decisions about financing college, ensuring a brighter financial future for everyone involved. Episode Highlights: Erik discusses the common struggle parents face between saving for retirement and funding their children's education. (03:12) John explains the importance of prioritizing retirement savings over college funding and the emotional aspect of this decision. (04:12) John explains the differences between subsidized and unsubsidized federal loans and the responsibilities they entail for borrowers. (10:25) John discusses tuition payment plans as a valuable tool to reduce student borrowing through incremental payments. (19:05) John shares the advantages of private credit loans for parents, including fixed rates and co-signer release options. (30:32) Erik emphasizes the importance of having early, realistic conversations with children about college affordability to manage expectations. (39:00) John shares insights on exploring non-traditional options, such as lesser-known colleges with strong programs, as alternatives to expensive brand-name schools. (41:07) Erik discusses the need to separate emotions from financial decisions to ensure sound choices for long-term stability. (44:23) Key Quotes: “Every single student who goes to college, no matter what parents make or have, is eligible for a federal student loan.” - John Hupalo “This is the time in life to be realistic, not optimistic and not pessimistic about what it is, right? You know how much you saved or didn't save, and that's not a value judgment.” - John Hupalo Resources Mentioned: John Hupalo My College Corner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, CHFC®, BFA®, welcomes back his good friend John Hupalo from mycollegecorner to discuss college financing. This is part one of their conversation, where they tackle FAFSA season and share insights, tips, and a few laughs about the sometimes overwhelming process of financial aid applications. They also explore common misconceptions about financial aid and how to best prepare for the application process. Erik humorously suggests that having a therapist on speed dial might be a wise choice for families navigating these financial waters together! Join Erik and John as they explore the rising costs of college tuition and the various ways families can prepare financially. From the complexities of federal loans to the realities of saving for college, this episode is packed with valuable information—and a few light-hearted moments about the emotional rollercoaster that comes with planning for higher education. In part two of their conversation, they will discuss the different loan options available to students. Whether you're a parent with a college-bound child or just curious about the financial aid landscape, this conversation is sure to enlighten! Episode Highlights: John explains why FAFSA opens each year and its importance for families with college-bound students. (1:07) John discusses FAFSA's purpose in determining eligibility for federal grants, loans, and work-study programs. (5:55) John advises high-income families on why completing FAFSA can still matter for scholarships and federal loans. (11:02) John explains contributor roles in FAFSA and how separated or divorced parents should provide financial information. (19:00) John breaks down the Student Aid Index (SAI), its difference from the Expected Family Contribution (EFC), and its implications for aid eligibility. (25:00) John explains the value of federal student loans for students and contrasts them with the pitfalls of Parent PLUS Loans. (30:15) John emphasizes the importance of early financial conversations with students to set realistic college expectations. (35:10) John advises families to leverage professional judgment if their financial circumstances change significantly after FAFSA submission. (41:00) Key Quotes: “Saving a dollar today is better than borrowing one tomorrow. We actually registered that trademark. We love that.” - John Hupalo “Every single student is eligible, like Bill Gates' kids, you know, they're all eligible for federal student loans.” - John Hupalo “Financial fit is important because academically and socially, it might be a great fit, but you have to know what's realistic financially.” - John Hupalo Resources Mentioned: John Hupalo mycollegecorner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of "The Stuff About Money They Didn't Teach You in School," host Erik Garcia welcomes Bradley Flowers, co-host of "The Insurance Guys Podcast" and owner of Portal Insurance. Bradley shares his unique perspective on improving both golf scores and financial health by focusing on making fewer bad decisions rather than striving for perfection. They discuss how this approach can lead to better outcomes in wealth-building and entrepreneurship. Bradley and Erik explore common financial mistakes and strategies to avoid them, drawing parallels between golf and financial decision-making. Bradley also shares insights from his entrepreneurial journey, emphasizing the importance of long-term success by minimizing errors.  Tune in to learn how a shift in mindset can enhance both your financial literacy and your golf game. Episode Highlights: Bradley shares his experience with VR golf and how it helps him practice managing mistakes. (02:07) Bradley's story of playing with a PGA coach and the lessons on controlling risk and avoiding catastrophic mistakes. (05:27) Bradley shares a personal anecdote about winning a dollar from a PGA tour golfer and how smart risk-taking led to success. (12:29) Erik explains a lesson from his mentor on the importance of choosing safe, consistent gains over risky decisions. (15:23) Bradley shares his approach to avoiding financial mistakes by consulting with a financial advisor. (20:41) Bradley discusses the value of hiring for weaknesses and the difference between business focus and overextending with multiple ventures. (29:26) Bradley discusses how prioritizing relationships over profits helped him gain valuable business insights. (37:21) Erik and Bradley conclude with reflections on avoiding hasty decisions by surrounding oneself with supportive people. (44:46) Key Quotes: “My whole strategy in a nutshell is to never put all the chips on the table. You know what I mean? Like I'm never going to put everything at risk. And, you know, I think it's having good people around you because it's easier.” - Bradley Flowers “Your education is really the only thing that can't be taken away from you. It's the relationships and the connections...like that's really where the value is.” - Bradley Flowers “Build your strengths, not your weaknesses, don't put it all on the table, be smart.” - Bradley Flowers Resources Mentioned: Bradley Flowers LinkedIn The Insurance Guys Podcast Portal Insurance Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, hosts Erik Garcia, CFP®, BFA™, ChFC®, and Xavier Angel, CFP®, ChFC®, CLTC, discuss investing with Kevin Caron, CFA, Senior Portfolio Manager for Washington Crossing Advisors. They explore the firm's investment philosophy, focusing on quality companies with a track record of consistent growth and profitability. Kevin explains their emphasis on businesses that are well-capitalized, with low debt and attractive valuations, ensuring a focus on durability and predictability.  The discussion also touches on the strengths and limitations of this investment approach, including when it performs well and potential times of underperformance. Kevin shares the metrics used to select these companies and provides insights into current economic events, such as the market's narrow leadership by the "magnificent seven" stocks and record U.S. equity valuations. Learn how a focus on quality can lead to a strong and resilient investment strategy. Episode Highlights: Kevin reflects on the past 20 years in the financial markets, highlighting the impact of 0% interest rates and stock market growth. (2:42) Kevin introduces Washington Crossing Advisors' investment philosophy, focusing on quality investing and how it differs from momentum investing. (5:23) Kevin breaks down Washington Crossing's proprietary grading system for companies, based on financial stability and asset performance. (12:49) Kevin discusses the challenge of evaluating tech companies under their quality standards, and how valuation plays a crucial role. (13:34) Kevin elaborates on the impact of volatility on portfolio returns, using the tortoise and hare analogy to illustrate steady performance versus high-risk investments. (23:56) Kevin explains how Washington Crossing Advisors assesses risk by focusing on predictable, flexible, and durable companies. (26:26) Kevin highlights the importance of building a balanced portfolio with a foundation of conservative, stable investments before venturing into riskier investments. (28:02) Kevin shares the composition of Washington Crossing's investment committee and the importance of math in investment decision-making. (29:57) Kevin emphasizes maintaining a quality-focused portfolio to navigate both expected and unforeseen market challenges. (35:42) Key Quotes: “I think that by and large, many people overcomplicate investing, and it doesn't need to be all that complicated. And the best way to think is like a bond investor, even if you're an equity investor, because a bond investor asks two simple questions. The first question is whether or not the bond is going to pay me back, and the second question is whether or not I'm being paid to take on the risk.” - Kevin Caron, CFA “We know what we do. We know what we don't do, and our style, because it's so carefully prescribed, it's very hard for us to deviate from something once you very clearly define what it is you're looking for.” - Kevin Caron, CFA Resources Mentioned: Kevin Caron, CFA Washington Crossing Advisors Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, hosts Erik Garcia, CFP®, BFA™, ChFC®, and Xavier Angel, CFP®, ChFC®, CLTC, share their top takeaways from the IndieTech Conference. While they usually dive into saving and investing, this time they focus on boosting your income by investing in yourself. Discover how developing relationships, establishing processes, and leveraging technology can drive revenue for entrepreneurs and professionals.  Erik and Xavier sprinkle humor into their insights on maximizing personal growth and taking risks. Learn why attending conferences is more than just collecting swag—it's about connecting with like-minded professionals and upgrading your skills. Tune in for a fresh perspective on how investing in yourself can lead to financial success and a few laughs along the way. Episode Highlights: Erik asks Xavier about the common financial challenges his clients, particularly business owners, are facing. (0:54) Xavier explains how small business owners often blur the lines between personal and business finances, which can impact their spending decisions. (2:02) Erik stresses the importance of maintaining updated financial books to manage revenue and expenses accurately. (7:30) Erik discusses the critical role of income generation in building wealth and how income does not always equate to wealth. (11:30) Xavier introduces the idea of investing in yourself as a method to increase your income and professional growth. (14:00) Erik shares their experience at the IndieTech conference and introduces the first takeaway: Developing and strengthening professional relationships. (17:45) Xavier emphasizes how attending conferences helps build valuable relationships and fosters personal and team growth. (24:05) Xavier introduces the second takeaway: Establishing processes and systems to improve business scalability and efficiency. (32:10) Erik explains how well-defined processes can streamline operations and enhance the customer experience. (34:50) Xavier presents the third takeaway: Leveraging technology wisely by focusing on tools that solve specific business problems. (49:30) Erik shares his "technology policy statement," which helps assess the value of new technology in a business setting. (52:40) Erik stresses the importance of treating new technology like an employee, with proper onboarding and training. (57:50) Xavier and Erik discuss the importance of taking calculated risks in business to drive growth and opportunity. (1:06:35) Erik shares a personal example of taking a risk by co-presenting a last-minute joint presentation with Ryan Hanley at IndieTech. (1:09:25) Xavier talks about a recent calculated risk they took by hiring a new team member to grow their firm. (1:13:10) Key Quotes: “More income does not necessarily lead to more wealth. The more income you have, the better opportunity you have to build wealth. But you and I both know, and you listening to this podcast, you know as well as I do, that there's people who make a lot of money who don't build a lot of wealth.” - Erik Garcia, CFP®, BFA “Your books in your business tell a story, paint a financial picture of your business. If you kept good books over a period of years, you can see what are the trends in your business.“ - Erik Garcia, CFP®, BFA “We don't rise to the level of our goals, we fall to the level of our systems and you can substitute processes in there for systems. Right? We all have good intentions in business, but if we haven't built out a systematic way to actually accomplish that, most humans do not have the willpower just to accomplish a goal.” - Xavier Angel, CFP®, ChFC, CLTC Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, co-hosts Erik Garcia, CFP®, BFA™, ChFC® and Xavier Angel, CFP®, ChFC®, CLTC discuss key financial planning strategies for pharmacists at the start of their careers. They explore how to effectively manage income and expenses, set meaningful financial goals, and create a balanced budget to ensure a secure financial future.  Erik and Xavier also discuss the challenges of managing student debt and the importance of making informed financial decisions. With practical insights and tips, this episode is packed with valuable advice to help pharmacists build a strong financial foundation. Episode Highlights: Xavier explains how he began working with pharmacists, including the story of how he met his wife in a pharmacy. (03:00) Xavier emphasizes the importance of understanding your income and expenses as the foundation for building wealth. (07:00) Erik discusses the challenge of managing variable expenses and how they can derail financial goals. (16:00) Xavier explains student loan repayment strategies, including prioritizing high-interest loans or using the “snowball method”. (18:30) Erik discusses the importance of making smart financial decisions early in your career and avoiding the temptation to accumulate too much too fast. (22:30) Xavier shares how to evaluate benefits packages when choosing a job, especially retirement plans and matching contributions. (25:00) Xavier explains the importance of disability insurance and the role of short-term and long-term coverage for pharmacists. (28:30) Erik mentions the importance of knowing where your money is and understanding how benefits like insurance and retirement plans contribute to financial security. (31:00) Erik wraps up with final thoughts on laying a strong financial foundation through careful cash flow management, debt repayment, and understanding benefits. (33:00) Key Quotes: “Cash flow management gives us an opportunity to really sit down and start understanding what your income is and what your expenses are.” - Xavier Angel, CFP®, ChFC, CLTC “If I didn't know where I was going, then it didn't matter where I spent my money or where I saved my money. But if I have a direction, if I have an objective, then it matters.” - Erik Garcia, CFP®, BFA™ “Benefits represent money. It might not be cash money that you have to spend, but health insurance, it's money. Disability insurance, man, if you have a triggering event where you're disabled and you can't work, you want to make sure you understand what you've got coming in the door.” - Erik Garcia, CFP®, BFA™ Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes back Carey Wallace to tackle the question: Should your insurance agency be your only retirement plan? Carey shares her expertise on diversifying retirement strategies, the risks of relying solely on your agency, and the importance of planning for a secure financial future. Erik and Carey discuss practical steps to evaluate your current retirement approach, explore alternative investment options, and ensure a balanced financial strategy. Learn how to prepare for a successful retirement and maximize the value of your agency with insights from Erik and Carey's experience in financial planning and agency management. Episode Highlights: Carey discusses the importance of understanding your agency's true value early. (3:24) Carey talks about the factors that determine an agency's valuation, including profitability, transferability, and growth. (6:00) Carey shares her experience working with clients to prepare their businesses for a profitable sale five to eight years in advance. (11:24) Carey highlights that independent insurance agencies can create significant wealth but also require prudent financial management. (17:10) Carey emphasizes the limitations of an agency if the owner hasn't prepared for a change in circumstances. (27:00) Carey explains the necessity of balancing investments in technology, infrastructure, and talent to scale an agency. (34:52) Carey mentions that having industry-specific professionals can greatly impact an agency owner's financial planning and strategy. (42:15) Key Quotes: “I fully believe that independent insurance agents can live a very nice lifestyle and you can also, if you're living beyond your means, you can find yourself having to continue to work.” - Carey Wallace “If you have somebody who understands your business, they're going to be so much more impactful than someone who doesn't and be able to piece all this together.” - Carey Wallace Resources Mentioned: Carey Wallace AgencyFocus Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA™, ChFC®, welcomes Ian Saunders, Senior Research Analyst for Nasdaq Dorsey Wright. They explore the world of Relative Strength, also known as Momentum Investing. Ian draws a compelling analogy to March Madness, highlighting that top seeds have an 80% chance of winning their games, similar to how strong investments are identified.  Throughout the discussion, Ian explains what Relative Strength is and how it differs from other strategies. He shares insights into the metrics used for measurement, optimal time frames for assessment, and the process of identifying promising investments. They also explore the advantages and limitations of this strategy, its performance in various market conditions, and the impact of AI on analysis methods. Gain valuable insights into how Relative Strength can enhance your investment decisions. Episode Highlights: Ian shares about his experience with Dorsey Wright and the evolution of the firm, especially after its acquisition by Nasdaq. (01:36) Ian discusses what he wishes he knew about money earlier, highlighting the importance of understanding technical analysis alongside fundamentals. (03:24) Ian explains the concept of relative strength (momentum) investing. (07:17) Ian discusses the practical application of relative strength investing in creating portfolios. (10:44) Ian outlines the main advantages of relative strength investing, such as its objectivity and systematic nature, which help remove emotional biases from investment decisions. (18:28) Ian addresses the limitations of relative strength investing, particularly during market conditions where discernible trends are lacking. (22:44) Ian shares his comments on the current market environment and how relative strength strategies have adapted to recent market challenges and opportunities. (24:24) Ian speculates on the potential impacts of artificial intelligence on investment strategies, emphasizing how AI might speed up data processing without fundamentally changing decision-making processes. (33:18) Key Quotes: “Our approach is a little bit different because it looks at these relative strength comparisons to identify which areas have the best momentum.” - Ian Saunders “Relative Strength Investing, RSI, is essentially taking the price movement of two things and see which one wins that game right now.” - Ian Saunders Resources Mentioned: Ian Saunders Nasdaq Dorsey Wright Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia CFP®, BFA™, ChFC®, is joined by long-time friend of the show, Dr. Matt Morris. Together, they tackle the question: "Should I adjust my portfolio?" as they navigate the emotions of investing in a volatile market. Erik provides insights into current market noise, discussing factors like employment rates, Japan's rate changes, the federal reserve, and media influence on investor sentiment. Dr. Matt and Erik discuss strategies for managing emotions and making informed decisions amid uncertainty. The conversation explores stories from the trenches and examines destructive and disruptive behaviors impacting wealth building. Erik and Dr. Matt emphasize the importance of attaching purpose to your investments. By managing emotions with objective facts and educating oneself on market performance, investors can maintain perspective and avoid fear-based decisions. Tune in to gain valuable insights and learn how to keep your investment strategy on track despite market fluctuations. Episode Highlights: Erik explains the importance of active listening and respecting clients' emotions in financial planning. (3:00) Dr. Matt discusses learning from Erik about behavioral finance and how irrational behavior can affect financial decisions. (5:32) Dr. Matt brings up the complexities of the stock market and Erik responds with an analogy comparing it to a highly emotional client. (10:13) Dr. Matt recounts the alarming news headlines from August 7th that stirred market fears, leading to a broader discussion on media impact on investment behavior. (15:07) Dr. Matt shares a personal experience of reacting to market news and consulting Erik, leading to a discussion about the proper timing for adjusting investment strategies. (22:32) Erik discusses the significance of aligning investment decisions with long-term financial goals and not succumbing to short-term market events. (27:10) Erik emphasizes the commonality of market pullbacks, correcting misconceptions about market corrections and their normalcy. (39:58) Dr. Matt and Erik discuss the importance of aligning investment decisions with long-term financial goals, not short-term market movements. (42:09) Key Quotes: “I think the most successful financial planners are the ones who are good at investor management.” - Erik Garcia “Making a decision that impacts your long-term investment strategy based on a short-term economic market-driven event is often a poor decision.” - Erik Garcia “How do fear and alarm influence my decision making? And that can be financially, but in my field, it's often relationally. Fear is a very effective driver of behavior change.” - Dr. Matt Morris Resources Mentioned: Dr. Matt Morris Matt Morris & Associates Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with Ryan Hanley, a consultant to an AI marketing company, successful podcaster, and executive coach. Ryan's podcast, "The Ryan Hanley Show," is a top 20 business podcast on Apple and ranks in the top 145 of all Apple podcasts. They discuss the key points from a recent keynote Ryan delivered, focusing on the importance of using mental frameworks to make better financial decisions. Ryan shares how these frameworks help us navigate our inherent biases and beliefs, leading to more sound financial choices. Erik and Ryan cover several valuable concepts, including the Pareto Principle, the metaphor of buffalo running towards a storm, and their shared views on goal setting. They emphasize that goals are not about winning once, but about winning repeatedly and staying in the game. Long-term financial success is achieved through a series of small, wise decisions that compound over time, which is why having frameworks to guide these decisions is crucial. Tune in to discover practical insights and strategies to enhance your financial decision-making using effective mental frameworks. Episode Highlights: Ryan shares his journey in the insurance industry and current roles in consulting, podcasting, and coaching. (3:34) Ryan discusses optimizing for resilience over mere growth, discussing how the right type of growth can contribute to long-term stability. (6:00) Erik and Ryan discuss the influence of James Clear's book, "Atomic Habits," on their approach to personal and professional growth. (12:00) Erik shares insights on how the principle of compounding interest can apply to both financial investments and personal success. (25:24) Ryan discusses his "Finish Formula" for making significant decisions, which considers preparation, pace, time, and distractions to calculate potential upside. (32:24) Ryan discusses the importance of facing challenges head-on, likening it to buffaloes running into a storm to get through it faster. (36:02) Ryan highlights how the fear of losing status, rather than failure itself, can be a significant distraction and how awareness of this can improve decision-making. (40:00) Ryan explains how the 80/20 rule can be applied to various aspects of life and business, including financial decisions and managing personal expenses. (51:11) Key Quotes: “I think we need to optimize for resilience. And what I mean by that is sometimes growth is the best path to resilience in our business. It all depends on what season we're in, what our goals are, what we want our life to look like.” - Ryan Hanley “For me, it's a core foundational aspect of human connectivity is being present. You can't connect with someone unless they believe they're, you're there with them in that moment.” - Ryan Hanley “I call it the finish formula and this is what I created for myself to make big decisions. This isn't something that you would use for every decision in your life. It's just not necessary. However, for bigger decisions in your life, I created this formula called the finish formula.” - Ryan Hanley Resources Mentioned: Ryan Hanley The Ryan Hanley Show Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes Carey Wallace, a Fractional CFO for independent insurance agency owners. They explore the crucial role of a Household CFO and discuss how the financial strategies Carey uses in her professional life can be adapted for managing household finances. Carey shares her expertise on topics such as the power of compound interest, the differences between business and personal financial management, and the emotional aspects of personal finance. Join Erik and Carey as they offer practical advice and strategies to improve your financial literacy and stability, whether you're a business owner or simply looking to better manage your household budget. This episode is packed with valuable insights to help you create effective financial plans, balance your budget, and make informed decisions to secure your financial future. Don't miss this opportunity to learn from Carey's wealth of experience and knowledge. Episode Highlights: Carey discusses her personal experience with money, expressing regret over not learning about the power of compound interest earlier. (3:35) Carey mentions that she helps business owners plan for the future, including financial decisions that impact their personal lives. (10:57) Carey shares insights on household CFO roles, including defining, explaining, negotiating, and defending financial goals. (17:55) Erik and Carey discuss the potential conflicts that arise when no one takes on the role of household CFO, leading to overspending and disagreements. (25:48) Carey emphasizes the importance of focusing on the bottom line in business, rather than the middle or the ones in between. (31:36) Erik mentions that he values accountability in his financial advisor relationship. (46:01) Carey discusses the importance of understanding a client's financial goals and values. (47:45) Carey emphasizes the importance of seeking help in both business and personal life. (52:15) Key Quotes: “I can help you with all of those financial decisions that go into building the future you want for your business.” - Carey Wallace “The core of what I do is to make sure that their business has value, right? And so, it's not about helping them make decisions, it's about helping them weigh all the options and understand the information to then lead them to make the decision that makes the most sense.” - Carey Wallace Resources Mentioned: Carey Wallace AgencyFocus Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

As business owners, the majority of our net worth is tied to the value of our business. What steps should we take today to maximize this value for a future sale?  In this episode of the Stuff About Money podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with tax attorney David Foate JD, LLM, to explore practical advice on preparing your business for a successful sale. David specializes in the buying and selling of agencies and shares his extensive experience with our listeners on how to increase the saleability and value of their agencies. Episode Highlights: David shares his background in tax law and his focus on succession planning for business owners. (01:04) David discusses the financial burdens of student loans and the wisdom of financial pacing. (05:20) Erik shares the key strategies to enhance an agency's value before selling. (10:04) David explains the legal and financial preparations necessary for selling an agency. (13:57) Erik discusses the importance of understanding why one wants to sell and the preparation timing. (18:14) Erik mentions that a strong management team and advisory board are important for business operations. (27:50) David discusses the significance of clean financial records and the benefits of having a qualified bookkeeper. (38:17) David elaborates on legal strategies for structuring producer agreements and the risks associated with revenue sharing. (45:26) Erik discusses the emotional challenges of selling a business, noting the difficulty of separating from something so integral to one's identity. (56:27) Key Quotes: “Tax law, tax planning, a lot of M&A work, it's very tax heavy. So that's where I spend a lot of my time day-to-day with my clients.” - David Foate, JD, LLM “The better prepared you can be, the better the outcome, just mentally, emotionally, and then the final deal result, everything will just be better.” - David Foate, JD, LLM Resources Mentioned: David Foate, JD, LLM PFS Global Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

What does it mean to achieve financial security? Is it having a certain dollar amount in the bank or the ability to maintain your desired lifestyle no matter what happens? Erik Garcia (CFP®, BFA™, ChFC®) shares the three habits he believes are essential for building financial security in this episode. While the path to financial security may seem simple, it's not easy to achieve. In this solo episode of the Stuff About Money podcast, Erik will explore these habits further and explain how you can take control of your financial future. By cultivating these key practices, you can set yourself up for lasting wealth and peace of mind. Episode Highlights: Erik introduces the concept of solo episodes aimed at exploring topics in-depth. He outlines the focus of this episode on three crucial habits for financial security, emphasizing their simplicity in concept but difficulty in practice. (01:13) Erik discusses the importance of defining what financial security means personally, highlighting the concept of "enough" in terms of income, savings, and investment for peace of mind. (03:04) Erik breaks down the first habit: spending less than one earns to avoid debt and financial strain. He explains the challenges posed by societal pressures and the need for disciplined budgeting. (05:48) The second habit involves saving diligently. Erik encourages building wealth through consistent savings, discussing various strategies for effective financial management. (06:51) Addressing the third habit, Erik advises against making foolish financial decisions. He stresses the importance of aligning expenditures with personal values to prevent wasteful spending. (07:36) Erik concludes with encouragement for listeners to apply these habits incrementally to foster financial security, inviting them to engage further through consultations with him and Xavier. (10:53) Key Quotes: “If I do less foolish things and more wise things, less foolish decisions with my money and more wise decisions with my money, that's going to put me in a position to have a fighting chance to build financial security.” - Erik Garcia, CFP®, BFA “Save as much as you can. This is where you really benefit from working with a financial advisor or financial planner.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Many insurance agency owners struggle with the financial side of their business - Am I paying too much in taxes? Are my finances in order? Am I making a profit? These questions can be daunting, especially for those who don't have a strong background in accounting and bookkeeping. In this episode, Erik Garcia (CFP®, BFA™, ChFC®) and Xavier Angel (CFP®, ChFC®, CLTC®) sit down with Jeremiah Bradley, an expert in providing bookkeeping and payroll services to insurance agencies and independent agents. Jeremiah shares insights on the benefits of having a dedicated bookkeeper, the impact of not having one, common myths about bookkeeping, and how to build trust with your financial professional. They also discuss some of the crazier tax write-offs Jeremiah has encountered working with his insurance clients. Episode Highlights: Jeremiah shares a lesson about saving money from his youth and its long-term impact. (06:33) Jeremiah explains his journey to specializing in bookkeeping for insurance agencies. (10:12) Jeremiah discusses the significance of understanding and managing cash flow in business. (17:46) Jeremiah explains the importance of accurate bookkeeping for business decisions. (19:04) Erik discusses the necessity of having a good relationship with your CPA and bookkeeper. (25:20) Jeremiah mentions that it is important to ensure that your financial advisors, including accountants and CFOs, have a deep understanding of your specific industry. (33:55) Erik discusses the importance of managing business expenses with an eye toward potentially selling the business in the future. (40:20) Jeremiah believes that it is important for agency owners to continuously question the quality and comprehension of their financials, especially regarding specific practices like agency billing. (44:00) Key Quotes: “Bookkeeping is so important because if you don't know, it's a path, right? It's a path of, Hey, how am I doing? The month-to-month, but also it helps you look back and say, Hey, where did I come from? What have I been doing?" - Jeremiah Bradley “Your bank account statement doesn't tell stories. Your profit and loss statements tell stories. You can't get an accurate profit in a law statement unless you're tracking expenses and income on a regular basis.” - Erik Garcia, CFP®, BFA Resources Mentioned: Jeremiah Bradley Bradley Books and Balancing - Virtual Bookkeeping Services Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

We all want our kids to develop healthy money habits. We want them to grow to be financially independent humans. They need to develop the skills to face life's financial challenges while the consequences are not too costly. But where do we start? Can Taylor Swift help us in our efforts? Is there something to learn from Erik's gardening hobby?  In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC address a common question they receive from their clients, “How do I teach my kid about money?” Listen in as Erik shares his top 3 money strategies for a parent to teach their kids while Xavier offers some practical action steps. May your kids and Erik's avocado tree be resilient and fruitful. Episode Highlights: Erik discusses the importance of teaching children about the value of money through rewards and exchanges. (9:43) Erik encourages parents to model healthy financial behaviors and habits for their children, highlighting the importance of effectively aligning actions with advice to teach kids about money management. (16:24) Erik advises parents to approach their children's spending decisions without judgment, promoting thoughtful spending by encouraging kids to reflect on their purchases and learn from their own experiences with money. (26:05) Xavier discusses teaching children to manage their finances by dividing their income into savings, spending, and special purposes. (28:15) Erik explains the importance of teaching children delayed gratification through saving, emphasizing self-control, and prioritizing financial goals over instant spending. (31:58) Xavier mentions that it's important for children to manage digital transactions at cashless events, emphasizing the need for budgeting and understanding the value of money to avoid overspending. (36:30) Erik suggests involving children in family financial goals and decisions to help them understand prioritization and the trade-offs involved in saving for specific objectives, such as vacations or college. (41:16) Key Quotes: “More and more kids, they have these debit cards and it has their name on it, but it's attached to the parent's account. I think that is a great way for us to begin teaching children about the value of a dollar.” - Xavier Angel, CFP®, ChFC, CLTC “We constantly need to be reminded of what we should be doing with our money. It's easy to get distracted, especially in this world where the kids have money to spend.” - Erik Garcia, CFP®, BFA “A very important skill in our culture is to be able to see something and not need to have it immediately.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Money is a flash point in marriages. Throw in income disparity between spouses and you have even more opportunity for complex, emotionally charged conflict. In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, ChFC®, BFA™ and Xavier Angel, CFP®, ChFC®, CLTC, invite Dr. Matt Morris, couple's counselor and perennial contributor to the show, to discuss potential pitfalls for couples if they are not engaging in regular, healthy conversations about money. You will walk away with an awareness of areas you can afford to grow in with a list of strategies and tactics to reduce money friction in your relationship. Episode Highlights: Dr Matt notes that couples are increasingly discussing financial matters, such as debt and income, during premarital counseling, as they often marry later and are more financially stable. (06:58) Dr Matt explains that individuals who depend financially on their partners often experience complex emotions, including guilt and unease, due to concerns about their contributions being undervalued. (11:43) Dr Matt emphasizes the need to discuss complex feelings related to uneven distribution of family responsibilities. (16:51) Dr Matt mentions that financial security in relationships is important to prevent feelings of unfairness and power struggles. (21:50) Dr Matt discusses how hiding expenses from partners, like splurging on concert tickets or shoes, can lead to a pattern of non-disclosure in financial matters. (33:09) Dr Matt suggests couples maintain a living document listing financial priorities and regularly update it to reflect changing circumstances and values. (41:15) Dr Matt discusses how financial discussions can address insecurities, leading to budget adjustments that ensure both partners feel valued. (46:23) Dr Matt explains that in couples therapy, the perception of equitable distribution of household responsibilities is crucial, yet challenging, due to the invisible nature of much domestic work. (54:22) Dr Matt emphasizes the need for ongoing discussions about the division of household labor as circumstances change, to prevent resentment and challenge traditional gender roles. (58:22) Key Quotes: “Having a conversation about an agreed upon amount of money that doesn't have to be discussed, I think is helpful to address this power imbalance that both people might be feeling in the relationship.” - Dr. Matt Morris “Every couple has to decide, here's the amount of labor, here's the task, and here's where we're going to sort it out in a way that feels equitable for us.” - Dr. Matt Morris “Relational security is the goal. We feel good with each other. We feel like we've got a partner and your finances play a really important part in that. So, just keep asking yourself, are we managing our money in a way that causes us to feel like a team, to feel like we're secure, to feel like we're safe together.” - Dr. Matt Morris Resources Mentioned: Dr. Matt Morris Matt Morris & Associates Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Mother's Day seems like a silly holiday! Well, at least that's the perspective of guest hosts Missy Garcia and Grace Angel on the Stuff About Money podcast.  In this episode, Erik Garcia, CFP®, ChFC®, BFA™, and Xavier Angel, CFP®, ChFC®, CLTC, step back as their daughters take the lead in discussing the significance and value of their mothers and mothers everywhere. Episode Highlights: Grace and Missy share their perspectives on Mother's Day. (1:07) Erik discusses how mothers provide security, hope, and significance throughout life. (7:23) Xavier believes that mothers are the backbone of the family, providing security and support. (11:00) Xavier mentions that mothers serve as nurturers by nature, providing a soothing presence and grounding influence, even in times of conflict. (17:59) Missy shares that expressing appreciation and kindness towards mothers can be shown through gestures such as making breakfast in bed or simply being nice, giving hugs, and smiling. (20:20) Grace and Missy each share their favorite quality about their mother. (23:55) Key Quotes: “My mom to this day makes me feel significant. The whole world could be against me. I think my mom would still make me feel significant. ” - Erik Garcia, CFP®, BFA “I'm a better person, you know, physically, spiritually, from a professional standpoint. She's made me a better person all around.” - Xavier Angel, CFP®, ChFC, CLTC “My favorite quality about my mom is I like having quality time with her. But, I like how I feel like we have a lot in common for most for most things. So, I think that's one of my favorite qualities about my mother.” - Grace Angel. “My favorite quality about my mom is she's always kind to me and she always loves me, no matter what I do. She always loves me.” - Missy Garcia Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, ChFC®, BFA™ is joined by a long-time friend of the show, Couples Counselor Dr. Matt Morris, and first-time guest Michael Baudin. Listen in as they discuss what work-life balance is and, maybe more importantly, what it is not. This recording extends from a casual conversation among friends that originated at a Pelicans NBA basketball game. Erik felt compelled to share this compelling dialogue with Stuff About Money listeners.  Drawing from his expertise as a family therapist, Dr. Matt offers valuable insights, while Michael contributes his perspectives as a successful entrepreneur. Together, they conclude the discussion by offering practical strategies to attain fulfillment in one's professional and personal life. They address pressing questions such as: Is work-life balance merely a myth? How can entrepreneurs effectively juggle the demands of business, family, and self-care while maintaining their well-being? And what sacrifices are acceptable in the pursuit of business growth? A standout moment in the episode is when Dr. Matt underscores the significance of creating margin in one's life to achieve a sense of “balance”. Episode Highlights: Dr. Matt explains why work-life balance is important due to the limited time we have on earth. (6:27) Michael discusses work-life balance using the analogy of dividing a dollar into life's responsibilities: work, family, and self. (13:54) Michael shares experiences of his business's growing pains, hiring employees, and increasing responsibilities that occasionally made him less present at home. (21:33) Dr. Matt discusses the distinct challenges entrepreneurs face compared to employees, particularly in balancing time and resource allocation between business and family. (29:00) Michael acknowledges that a one-size-fits-all approach doesn't work for managing family dynamics and business commitments. (34:58) Erik emphasizes the importance of maintaining a "margin" in life, especially for entrepreneurs managing multiple demands. (41:00) Michael values maintaining a work-life balance, prioritizing attendance at his children's events and allowing his employees the same flexibility. (59:38) Key Quotes: “You get a lot of pride out of building your business, it's an enjoyment for you to build your business.” - Dr. Matt Morris “Leave enough margin in your life and in your day that you can respond to needs as they pop up.” - Dr. Matt Morris “You have to be fluid, you have to just be able to recognize what's happening and what's coming and be able to react, because that's all part of being a business owner and entrepreneur, whatever you want to call yourself. ” - Michael Baudin Resources Mentioned: Dr. Matt Morris Michael Baudin  Matt Morris & Associates Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Xavier Angel, a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), and Certified in Long-Term Care (CLTC), sits down with CPA Keith Raymond to discuss common questions from business owner clients about LLCs and S-Corporations. Keith Raymond simplifies the key differences and misconceptions about LLCs and S-Corporations, providing valuable insights into how business owners should navigate tax considerations. Whether you're a seasoned entrepreneur or just starting out, understanding the tax implications of being taxed as an LLC versus an S-Corp is essential. With the complexities of tax codes, having a knowledgeable CPA like Keith Raymond as a guide is invaluable for business owners. Tune in to this episode to gain clarity on LLCs, S-Corporations, and make informed decisions for your business's financial future. Episode Highlights: Keith discusses his career beginning in accounting with Ernst and Young in New Orleans, facing early challenges due to Hurricane Katrina. (1:53) Keith explains the distinction between an S Corp (tax status) and an LLC (legal structure), highlighting misconceptions about tax implications. (7:57) Keith emphasizes the protective benefits of an LLC, which safeguards an owner's personal assets from business liabilities, such as lawsuits or bankruptcy. (15:25) Keith discusses S Corp benefits, including tax savings on earnings above a reasonable salary with certain limitations. (18:19) Keith shares the key differences in business structures: sole proprietorship for simplicity, partnerships for flexible profit allocation, and S Corps for equal distribution among owners. (22:21) Keith discusses the importance of considering both direct and indirect expenses when operating or planning to start a business. (28:04) Keith mentions that it is important to understand deductible expenses, including recent changes to meals and entertainment rules, and encourages consulting professionals to ensure correct tax deductions. (29:47) Key Quotes: “The whole purpose of the LLC, the Limited Liability Company, is to protect the assets that are in the business, to the business.” - Keith Raymond, CPA “The benefits of an S corp, for the most part, comes down to a popular strategy that is used where earnings within an S Corp are generally not subject to self-employment taxes.” - Keith Raymond, CPA Just make sure you're capturing all of your business activity. Because, if you miss some expenses, that's tax dollars, that could be in your pocket that you're ultimately could be paying into government, that you just don't want to miss out on.” - Keith Raymond, CPA Resources Mentioned: Keith Raymond, CPA Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

"I was excited when I finally understood what the radio announcer was talking about this morning on my commute! All of those financial terms made perfect sense to me"

Whoa! Mind blown. Rescuing donkeys from the side of the road, funding hospitals, training hockey players, and so much more. Jeff and Una Roy live by the mantra, “Give with no expectation of anything in return”. They are catalysts for change in their community.   Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Jeff Roy LinkedIn Excalibur Insurance Group Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

College is CRAZY expensive. As a parent, where do you start planning for your child's Higher Ed? There is so much competing for your money and with many colleges not offering merit-based financial aid, the prospect of paying for college is daunting, to say the least.  It seems inevitable that our kids will be buried in college loan debt forever.  In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA™, has a conversation with Christen Arafeh of Crescent City College Consulting. Christen is a speaker, college admissions advisor, and scholarship strategist, and she shares her story of winning $900,000 total in scholarship money to pay for her own college. Today, Christen helps families navigate the college admission maze, and best of all she helps students find scholarships that they may qualify for. Episode Highlights: Christen shares her journey of starting scholarship applications as a high school freshman and eventually securing over $900,000 in scholarships. (2:39) Christen discusses the misconception that scholarships should only be sought after choosing a college and a major. (7:47) Christen recommends searching for scholarships based on specific criteria relevant to the student, such as grade level, career interest, personal characteristics, and unique backgrounds, to find more applicable opportunities. (13:29) Christen emphasizes the essential components of a scholarship application, including transcripts, resumes, letters of recommendation, and essays. (20:27) Christen discusses the need for open conversations about college affordability between parents and students. (30:33) Christen discusses services offered by Crescent City College Consulting from one-time consultations to ongoing support in creating college lists, application reviews, essay brainstorming, and scholarship searches. (36:15) Key Quotes: “I feel like when you surround yourself with people who are making good decisions, making good financial decisions, and you see their direction, like the successful decisions that people are making, to surround yourself with more people who are making great choices, rather than the people who may not be making those same great financial moves.” - Christen Arafeh “I have a workbook that I've published, that it's my college-ready roadmap that we go through, it's kind of a timeline and the steps that you need, creating a college list, planning, school tours, all of the things.” - Christen Arafeh Resources Mentioned: Christen Arafeh LinkedIn Crescent City College Consulting Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Entering into the personal pain of others is no easy feat. Hear how Vonda found personal healing through her involvement with crime stoppers and foster summer camp.  Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Vonda Copeland LinkedIn Copeland Insurance Agency Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

“Listen intently and respond creatively”. Listen to how Erin and Mike Richardson deepen relationships through intentional listening and then responding to other's needs. Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Erin Richardson LinkedIn Richardson Insurance Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, are joined by Attorney at Law Ryan McBride to discuss the basics of estate planning. They discuss what estate planning is, the importance of beneficiary designations on life insurance and retirement accounts, and finally one of the core tools used in estate planning, a will. Episode Highlights: Ryan shares his non-linear journey to becoming an attorney, starting from pre-med to obtaining a finance degree, then exploring business ventures before eventually specializing in estate planning and probate law. (5:37) Ryan discusses the importance of professional estate planning to cover wills, asset distribution, and powers of attorney for both health and financial matters. (13:21) Ryan emphasizes the need for coordination between financial advisors and estate planning attorneys to ensure comprehensive estate planning, focusing on asset distribution, guardianship for minors, and the best interests of the child. (21:38) Ryan explains the critical role of choosing an executor for estate management, mentioning the benefits of an independent executorship for streamlining the process and reducing costs. (24:13) Ryan emphasizes the need for primary and contingent beneficiaries for probate and non-probate assets to avoid unintentional distribution of retirement funds and life insurance proceeds. (29:08) Ryan explains the difference between community and separate assets and how inheritance and ownership decisions affect asset distribution to spouses, children, and siblings without a will. (36:33) Key Quotes: “Everyone should consider putting together an estate plan. Spouses should do it together, you know, because there are a lot of obviously, interconnected assets and concerns.” - Ryan McBride “It's important to have your financial advisor and your estate planning attorney working together, because it's really imperative that the attorney knows what's going on, from a financial standpoint, what your plans are in financial, and things to be able to properly prepare for your estate planning.” - Ryan McBride “I really encourage clients to make sure they have a first and then a contingent choice on their life insurance beneficiary, so that that's not something that happens because a lot of times that money may end up in the hands of folks that they don't want that money to get to.” - Ryan McBride Resources Mentioned: Ryan McBride LinkedIn McBride-Legal McBride-Finance Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Rob is passionate about veterans. Hear how he meets their needs, from mental health to dressing nicely. Thank you for your service. Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Rob Bowen LinkedIn Patriotic Insurance Group Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

Hear how at an early age, giving to others was instilled in Mohamad as a value. He's driven to make a positive impact in the lives of others the way THEY need to be helped.   Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Mohamad Momin LinkedIn VA Simplified Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, take you on a trip down memory lane. They reminisce on how they first met (it has something to do with shoe shopping) and how Xavier ended up joining the Plan Wisely Wealth Advisors team. They share how they ended up developing their business model to deliver ongoing financial advice to clients. Erik shares his one-page monthly business plan. And finally, Xavier shares a little bit about his experience as a black advisor in a predominantly white industry. Episode Highlights: Xavier congratulates Erik for earning his Chartered Financial Consultant (ChFC) designation. (2:47) Erik and Xavier share a light-hearted memory of bonding over shoe shopping during a financial planning course, highlighting their start and strategic networking in the industry. (7:19) Erik reflects on the importance of reflection and considering one's actions, rather than moving too quickly and not fully absorbing the present moment. (10:44) Erik and Xavier discuss estate planning, beneficiary designations, and succession planning for business owners, with a focus on checking company-sponsored life insurance and retirement accounts. (14:12) Xavier shares the value of learning from others in different regions. (19:23) Erik emphasizes the importance of hiring professionals to help achieve personal and financial goals. (21:54) Xavier shares his experience of being the only minority in a conference room full of old white men. (26:54) Key Quotes: “When you start to live life, and walk day by day, with people of a different culture, you start to understand so much more about why things are the way they are, you start to understand why people are the way they are.” - Erik Garcia, CFP®, BFA “Go out there, listen to someone's story talk to one person that you normally wouldn't have spoken to. When you walk in that building, say hello. Because you never know what someone else is going through. You may just make their day. ” - Xavier Angel, CFP®, ChFC, CLTC Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Hear how Margaret connects her 3 agency locations to different organizations she supports. And you do not want to miss her story about the Special Tigers swim team! Oh my goodness, grab your Kleenex.  Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Margaret Rutherford LinkedIn 4 State Insurance Agency Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

Michael's mom taught him to consider others who have less. Hear Michael's heart for the refugee. “Withhold judgment until you hear other's stories”.  Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Michael Overstreet LinkedIn Heritage Insurance Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

Better health and finances always top the charts for New Year's resolutions. Clearly, improving your health and finances are both noble causes that many value. But only 1% of Americans follow through on their resolutions! Is it even worth making resolutions? For this reason, in this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, share one piece of advice they would give to anyone wanting to better their finances and one thing they are each doing to better their finances. They are not much for making "New Year's resolutions," but they do champion better finances. Episode Highlights: Xavier emphasizes the essential practice of regularly integrating budgeting and saving into daily life to manage finances effectively. (6:46) Erik discusses the importance of being aware of how you spend your money by checking and understanding your recent spending habits. (9:31) Erik shares that his 2024 personal financial goal is to spend more on family experiences and focus on being intentional with his time to align his work schedule with his wife's teaching calendar for shared family activities. (14:42) Xavier mentions that he aims to save more by carefully checking his spending and making a budget, especially to pay for his daughter's school without needing a loan. (17:26) Xavier emphasizes the importance of writing down goals for regular visibility and having accountability partners like family and friends to stay on track with financial and personal objectives. (20:32) Erik explains his plans to hold himself accountable to be able to achieve his financial goals in 2024. (21:22) Erik mentions that he and Xavier focus on helping clients change financial behaviors, not just saving for retirement or investing, but also in managing cash flow and spending intentionally on experiences, offering to assist anyone seeking guidance in these areas. (25:32) Key Quotes: “I'm not against the idea of resolutions. All resolutions are coming from a position of people recognizing that there are areas in their life that they value that they deem important that they recognize they need to change or improve upon.” - Erik Garcia, CFP®, BFA “Sit down and look at what your budget is. And then from that budget, what I want you guys to do is to come back and put together a saving strategy and begin saving more.” - Xavier Angel, CFP®, ChFC, CLTC “We recognize the importance in engaging people, particularly our clients in behavior change as it deals with their finances.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Hear how Gertha passionately serves her community and meets the needs of others. She says, “Bless others as you are blessed”, and “If we have and you need it, come and get it”. Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Gertha Jean LinkedIn One Way Insurance Group (OWIG) Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

Chris shares his dad's wisdom “The greatest gift we can give is to someone who could never repay us.” Hear how Chris involves his team and his family in giving.  Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment. Resources Mentioned: Chris Paradiso LinkedIn Paradiso Financial and Insurance Services Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, join Erik Garcia, CFP®, BFA, as he sits down once again with two-time guest Phil Blancato, CEO of Ladenburg Asset Management and Chief Market Strategist for Osaic Research. Phil shares his top 5 themes for the 2024 stock market, addressing key questions about inflation, the Federal Reserve's next moves, and the impact of China on portfolios. Erik and Phil also inject some humor into the conversation by exploring the connection between Nick Saban's retirement as the head coach of the Alabama Crimson Tide college football team and its potential effects on the stock market. Tune in for a thoughtful and entertaining exploration of the financial landscape in 2024. Episode Highlights: Phil shares his thoughts about the impact of Nick Saban's retirement as Alabama Crimson Tide coach. (3:10) Phil explains that while inflation has decreased from its peak, the reset higher inflation is causing concerns about the state of the economy and the impact on markets, largely influenced by the actions of the Federal Reserve. (4:50) Phil believes that the first six months of the year will be challenging for the stock market due to high valuations, followed by better performance from cheaper stocks. (9:18) Phil mentions that the stock market is expected to have a positive year, especially during election years, with historical data showing average returns of 12% and a track record of positive returns when the Federal Reserve stops or cuts interest rates. (15:13) Phil believes that inflation may fall faster than expected, leading to a positive impact on the bond market and stock market in the second half of the year. (19:48) Phil explains that the bond market is expected to perform well in the coming years due to the slowing down of the economy and the Federal Reserve cutting interest rates. (25:17) Phil discusses why it is important to stay invested, make gradual changes to the portfolio, and focus on long-term strategies to outperform in the marketplace. (27:11) Key Quotes: “Risk plus time equals reward. That's all you have to know everybody. The less time you have, the less risk you take.” - Phil Blancato “History is a great place to begin in markets, history is on your side here, it's a chance to really use history to your advantage.” - Phil Blancato “Let's take advantage of what the market's going to give us. What it is that we can do that's going to allow us to really be smart about what's happening in the marketplace.” - Phil Blancato Resources Mentioned: Phil Blancato LinkedIn Ladenburg Asset Management Osaic Research Erik Garcia, CFP® Xavier Angel, CFP®, ChFC, CLTC Garcia Financial Group

Join Erik Garcia, CFP®, and guest co-host Billy Wagner in their new mini-podcast series, "Insurance Professionals Are Givers," as they explore Erik's fifth pillar of financial security: "Give To Others." Discover how generosity isn't just about material wealth—it's about finding joy and happiness through cheerful giving. In each episode, Erik and Billy sit down with different insurance professionals, delving into how these individuals are shaping legacies for their families and impacting their communities through their acts of generosity. Tune in weekly to uncover the inspiration and drive behind their giving, as they share heartfelt stories of causes close to their hearts and the transformative power of giving to others. Get ready to be inspired and empowered to give back and forge deeper connections within your own communities. Remember, giving isn't tied to a season—it's a mindset that fosters lasting change and fulfillment. Resources Mentioned: Billy Wagner LinkedIn Brightway Insurance Erik Garcia, CFP®, BFA Plan Wisely Wealth Advisors

There is a myth that people who look “richer” are thought to be “wealthy, but in reality, all that tells us is they have a more expensive lifestyle. Tied to that is the myth that big incomes mean you are wealthy. But income is not wealth, and wealth is not income. In this episode Erik Garcia, CFP®, BFA, and David R. Carothers, CIC, CRM, CWCA discuss the secrets of millionaires of converting income into wealth. It's real simple to become a millionaire. It's just not easy! Episode Highlights: David mentions that his mission is to help people with unique skills and talents and surround himself with talented individuals to compensate for his weaknesses. (6:42) David believes that the key to building wealth is not to emulate the ultra-wealthy but to follow the principles outlined in books like "The Millionaire Next Door" and practice financial discipline and common sense. (14:45) David explains that the key to financial success is making wise long-term investment decisions rather than chasing get-rich-quick schemes like cryptocurrency. (22:35) David mentions that taking quantifiable risks and having the financial means to self-insure can be a viable strategy for wealthy individuals to minimize the impact of insurance costs. (25:14) David discusses the importance of staying disciplined and committed to financial goals, such as saving for future expenses, and avoiding borrowing or deviating from the plan. (32:10) David explains that the current generation is successful because they are willing to ask for help and delegate tasks, allowing them to focus on being owners rather than workers, which leads to financial success and defined goals. (34:51) David shares that young people today prioritize values and making a difference in their job, valuing experiences over material possessions, and prioritizing travel and personal growth over traditional career paths. (38:09) Key Quotes: “Income is finite and wealth can be infinite if you do it right. You know, if you get your family on the right course, and you teach your kids the right way, then you should be able to reasonably assume that things are going to work out okay for a few generations to come.” - David Carothers, CIC, CRM, CWCA “If you're gonna build wealth, it's gonna change generations, It can't end with you knowing how to manage that.” - David Carothers, CIC, CRM, CWCA “You don't get into debt, without making bad conscious to subconscious bad decisions. You've got to make conscious good decisions to get out of debt.” - David Carothers, CIC, CRM, CWCA Resources Mentioned: David Carothers, CIC, CRM, CWCA LinkedIn Florida Risk Partners Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

Discover how $350,000,000 is making a profound impact in New Orleans! In this episode, Inman Houston, President and CEO of Baptist Community Ministries (BCM), sheds light on how BCM is transforming lives by financially supporting organizations that address crucial community needs in safety, education, and health. However, the true highlight lies in Inman's compelling personal narrative. Joined by co-hosts Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, Inman shares a deeply personal story about receiving a life-changing gift with profound insight: "Before you can be a good giver, you have to be able to receive other people's generosity." Tune in for this moving narrative and gain valuable perspectives on the power of giving and receiving. Episode Highlights: Inman explains that being intentional with budgeting and tracking expenses can help avoid financial challenges. (4:23) Inman shares that the Baptist Community Ministries (BCM) is a private foundation with a mission to invest in the needs of people and honor and glorify God through healthcare and grants. (8:10) Inman discusses the Congregational Wellness Division's efforts to train and equip nurses and health advocates to support physical, emotional, mental, and spiritual health within local churches, focusing on education, public safety, and health. (16:43) Inman explains that to address the challenges and disadvantages individuals face, it is important to focus on preventative measures and addressing the realities of society and culture. (24:09) Inman mentions that their foundation is fully funded and encourages listeners to support their grantees by donating online. (32:20) Inman shares that it is important to be both a generous giver and a willing recipient of others' generosity to experience the joy of giving and receiving fully. (38:40) Key Quotes: “Our work is more funding and catalyzing than engaging directly in the activity. So, we went to a sense of drawing people together for the conversation to try to be creative and developing solutions.” - Inman Houston “We just love people who are doing good work, doing it with a high level of integrity, and you have developed sustainable models.” - Inman Houston Resources Mentioned: Inman Houston LinkedIn Baptist Community Ministries (BCM) Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors

FAFSA? EFC? SAI? What does all this mean? College planning is complicated and overwhelming for both the student and the parent. There should be an easy button to plan for college.  In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, has a candid discussion with John Hupalo (4-time guest on the show) on navigating the FASFA maze. From demystifying FASFA responsibilities to understanding asset impacts on aid eligibility, get expert insights into college planning essentials. They discuss strategies to pay for college using needs-based methods as well as merit-based methods. This is a must-listen if you have a student in the 8th grade all the way to college age. Episode Highlights: John mentions that there is still work to be done in expanding and improving the prepaid college savings program. (2:16) John discusses how having a conversation about college affordability and financial fit early on in a student's high school years is crucial to making informed decisions and potentially reducing the amount of debt required for higher education. (6:53) John explains that students must fill out the FAFSA form as it determines their eligibility for work-study, Pell grants, and federal student loans, and using online tools like the financial aid calculator can help estimate their Student Aid Index. (14:28) John shares that it is important to understand the implications of the IRS having access to your financial information for automatic uploading into forms. (25:58) John discusses improvements in the treatment of 529 plans for financial aid, including the removal of penalties for draining the account and the inclusion of grandparent 529 plans. (29:42) John mentions that the recent changes to the 529 account program allow for greater flexibility in using the funds for education, including private and public schools, student loans, apprenticeships, and even rolling over into Roth IRAs. (44:28) John believes that the key to planning for your child's education is to be realistic about your financial situation and not sacrifice your retirement savings to pay for college. (47:18) Key Quotes: “The college planning process does not start at senior year. It really starts freshman year for students.” - John Hupalo “Student loans should be the last resort, not the first option to pay for college.” - John Hupalo “Be realistic in your college planning. Avoid compromising your retirement savings to fund your child's education.” - John Hupalo Resources Mentioned: John Hupalo LinkedIn Invite Education My College Corner Blog: Parents: Know the College Admissions Timeline Blog: The Critical Student Financial Aid Terms You Should Know Building Us Podcast: Part 1: Where Do I Start in Planning for My Child's College? With John Hupalo Building Us Podcast: Part 2: How Am I Going to Pay for College? With John Hupalo Erik Garcia, CFP®, BFA Stuff About Money: College Loans and Financial Aid with John Hupalo Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors