Drawing on Angela Duckworth’s research on grit, Erik and Xavier connect the dots between perseverance and financial success. They break down the three key areas where consistency shows up: saving, investing, and developing your skills. Along the way, they challenge common behaviors like present bias and emotional investing, while reinforcing a simple truth—wealth is built little by little. This episode is a reminder that showing up when it’s boring isn’t a weakness…it’s a competitive advantage.

Episode Highlights:

• Erik introduces consistency as the hidden engine behind wealth building and why it matters more than talent or intensity. (03:36)

• Erik shares Angela Duckworth's grit research, revealing that it's the grittiest individuals, not the most talented or intelligent, who tend to succeed long-term. (05:24)

• Xavier connects the grit conversation to his daughter's four-year journey in competitive dance, crediting her growth to determination and grind over raw talent. (07:49)

• Erik uses the "plateau of latent potential" from Atomic Habits to show how consistent, unseen effort eventually compounds into visible results. (09:52)

• Xavier explains how consistent savers reverse the urge to spend now and save later by choosing to save first. (12:25)

• Erik discusses how dollar cost averaging and emotional discipline set 401k millionaires apart. (14:15)

• Erik explains how building expertise over time enables higher-level work and greater income potential. (17:03)

• Xavier reflects on the power of grinding it out, noting that those who stay in the game longer do so by learning from failures and redefining their approach along the way. (20:25)

• Erik cites Proverbs to reinforce that money made quickly disappears, while wealth gathered little by little grows and endures. (21:32)

• Xavier connects consistency to momentum, saying the magic happens when you hold the fire to it and keep showing up. (23:38)

• Erik encourages listeners to make consistent financial decisions that stack over time, because wealth gained little by little is what lasts. (24:38)

Key Quotes:

• “In the context of money, most people are not failing because they don't know what to do. They're failing because they don't do it long enough.” - Erik Garcia, CFP®

• “You are failing along the way and you're learning from those failures and redefining what you're doing.” - Xavier Angel, CFP®

• “What's important is that wealth builders consistently build their base. They're consistently building their foundation.” - Erik Garcia, CFP®

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors 

We walk through three foundational disciplines: living below your means to create margin, reinvesting instead of extracting to keep your money working, and avoiding catastrophic mistakes that can undo years of progress. Grounded in behavioral finance and real-world experience, this episode shows why wealth is often less about big wins—and more about consistently doing the right things over time.

Episode Highlights:

• Erik explains the behavioral economics foundation of today's episode, referencing Richard Thaler's book "Misbehaving" to highlight how humans often act irrationally in financial decision-making. (04:14)

• Xavier explains how building financial margin is what creates the space to save, invest, and pursue what matters most. (07:14)

• Erik shares the single most consistent pattern across people who successfully build wealth: they spend less than they earn and make building margin their priority. (10:10)

• Xavier discusses the second behavior, reinvesting instead of extracting, explaining that wealth grows when money is kept in the system and put back to work rather than pulled out early. (13:44)

• Erik explains the third behavior, avoiding catastrophic mistakes, using a golf analogy to share why minimizing financial damage matters more than chasing perfect results. (19:08)

• Erik discusses specific strategies for avoiding catastrophic financial mistakes: managing risk at the right level, maintaining sufficient liquidity, and diversifying rather than concentrating in speculative assets. (22:04)

• Xavier shares a sharp contrast between wealth lost and wealth built, explaining that losses often trace back to one risky decision while lasting wealth comes from thousands of small, consistent good ones. (25:25)

Key Quotes:

• “When building wealth, the goal isn't to look wealthy, right? The goal is to be wealthy. I can be wealthy and not own the most expensive clothes or the biggest house or the most expensive car.” - Xavier Angel, CFP®

• “This is the common thread in financially successful people. It's what allows everything else to work. Without financial margin, there's nothing to invest. Nothing to save, no money to compound.” - Erik Garcia, CFP®

• “Reinvesting, not spending your investments involves an intentional, purposeful, conscious decision to choose the future over today. I'm saying no to myself today because I'm saying yes to something tomorrow” - Erik Garcia, CFP®

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

In this episode, Erik Garcia, CFP®, and Xavier Angel, CFP®, break down three wealth-destroying behaviors—emotional decisions, lifestyle creep, and overconfidence. These aren’t knowledge problems—they’re behavior problems. And over time, they compound in the wrong direction. This is Part 1 of a 4-part series to help you stop losing… and start building.

Episode Highlights:

• Erik discusses that behavior, not market drops, is the biggest obstacle to building wealth, grounding the discussion in Richard Thaler's Nobel Prize-winning behavioral finance research. (02:56)

• Erik shares about a client who moved to cash during market volatility and ended up as the only negative portfolio that year, using it to show how emotional reactions impact returns. (06:39)

• Xavier explains lifestyle creep and how spending that rises faster than income eliminates the margin needed to build wealth. (10:51)

• Xavier mentions that inflation, not lifestyle choices, is forcing some listeners into tighter margins and asks what to do when spending rises without any upgrade in lifestyle. (15:17)

• Erik introduces overconfidence as the third wealth-killing behavior, noting people consistently overestimate their ability to time markets and spot opportunities. (18:21)

• Xavier connects bad financial behaviors to generational patterns, pointing out that children observe and absorb those habits into their own lives. (24:03)

• Erik closes with the heart of their practice philosophy: understanding how people think about money is just as important as knowing how to grow it. (26:26)

Key Quotes:

• “You don't need to save as much today as you were yesterday because you can always come back and reevaluate it at a different time when the season is over and begin increasing those savings at a later date.” - Xavier Angel, CFP®, 

• “The best way for us to help you be successful is to understand how you think about money.” - Erik Garcia, CFP®

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors 

The episode also dives into one of the biggest mindset shifts young earners need to make: high income does not equal wealth. Chris and Xavier discuss how lifestyle inflation, student debt, and poor planning can quietly eat away at even a strong paycheck, while time, discipline, and consistent investing can build real financial freedom over time. It’s a practical, honest conversation designed to help young professionals turn early career income into long-term opportunity.

Episode Highlights:

• Christopher shares the one financial lesson he wished he had fully embraced coming out of school: the more time money has to compound, the more profound the long-term impact. (04:00)

• Christopher breaks down salary versus hourly pay for new pharmacists, noting how hourly work creates flexibility to earn overtime, shift differentials, and supplemental income. (09:07)

• Christopher recounts landing his first job at the lowest pay tier and explains why the beginning of a career is the most powerful moment to negotiate compensation. (14:54)

• Christopher encourages students to lean on faculty and mentors for career opportunities, sharing how he connects students with prospects through his own network. (20:09)

• Xavier explains the difference between Traditional and Roth 401k contributions and stresses the importance of adding a beneficiary to retirement accounts from day one. (25:52)

• Christopher uses his son's first paycheck experience to illustrate why new earners need an automated plan for their money from the start. (31:32)

• Christopher outlines three practical steps for young pharmacists: leverage time for investing, negotiate confidently, and evaluate every aspect of a job beyond salary. (38:26)

Key Quotes:

• “As you are young in your career, be developing skills. Seek out these opportunities, network, because then things will begin to flow to you, especially in years, like three to five.” - Christopher Bland, PharmD, FCCP, FIDSA, BCPS

• “No matter what degree of money you're making, if you have a plan, you're automatically giving yourself a raise.” - Christopher Bland, PharmD, FCCP, FIDSA, BCPS

• “I want healthcare professionals, pharmacists, to really take ownership of this topic. We work too hard. You've gone to school for too long, to not have a plan for financial freedom and wealth long term.” - Christopher Bland, PharmD, FCCP, FIDSA, BCPS

Resources Mentioned:

• Christopher Bland, PharmD, FCCP, FIDSA, BCPS

• University of Georgia College of Pharmacy

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

Phil’s core headline for 2026 is a return to more normal market behavior: broader participation beyond a handful of mega-cap names and more average equity returns than the outsized gains investors have gotten used to. They unpack what a "defining year" for AI actually means, including winners, losers, and the infrastructure and energy needed to power the buildout, plus how productivity gains could change work and life. The conversation also hits international’s resurgence, why bonds are "sexy" again, and the discipline of staying invested through scary headlines. Phil closes with what keeps him up at night, with debt and renewed inflation risk at the top, and a reminder that diversification is the plan when market leadership shifts.

Episode Highlights:

• Phil explains how treating colleagues and clients as friends and family has made a 35-year career feel like he's never worked a day in his life. (02:05)

• Phil's one headline for 2026: a return to normal market returns with broader participation across sectors. (08:00)

• Phil uses "Flippy the fryer," an AI arm completing 200,000 man hours at White Castle, to illustrate real-world AI productivity gains. (15:05)

• Phil emphasizes Finance 101: never panic based on headlines, as US economic fundamentals remain strong beneath the noise. (20:00)

• Erik highlights his favorite chart showing intra-year drawdowns versus final returns, making the case for staying invested through volatility. (26:28)

• Phil believes that AI overdependence is dangerous, pointing to GPS reliance and the Pope's ban on AI-written sermons as cautionary examples. (31:00)

• Phil identifies rising inflation and the US debt burden as his top black swan risks for markets. (39:25)

• Erik reflects on using AI-driven productivity for leisure, coaching basketball, and spending more time doing what matters most. (45:45)

Key Quotes:

• “It's a defining year for AI. What companies can either continue to grow revenue or use AI to be more productive.” - Phil Blancato

• “I would say I've always been a big fan of why people like me are successful. We take advantage of when there's a panic in markets, and there's a panic in a software market right now.” - Phil Blancato

• “Being paid to wait around. You're getting real return, real income in your portfolio. It gives you safety and security and maybe a chance to see them go up as much as 7% or 8% this year.” - Phil Blancato

Resources Mentioned:

• Phil Blancato

• Osaic Wealth

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

Drawing on research, real-life stories, and years of experience in financial planning, they explain why wealth is more accessible than most people believe but slower than most people expect. They emphasize that financial success is less about flashy wins and more about mindset, discipline, and intentional decision-making over time. If you have ever felt behind, discouraged, or tempted to chase the next big move, this episode reframes what real wealth-building looks like and sets the stage for Part 2, where they reveal the three ingredients that consistently build lasting wealth.

Episode Highlights:

• Erik mentions that the episode was inspired by conversations at a business conference about what leads people to grow wealth and the myths they tell themselves along the way. (01:30)

• Erik discusses the idea that wealthy people made their money overnight through one big deal or a viral moment, noting these are exceptions rather than the rule. (06:40)

• Xavier shares that the average age of a successful business founder is 45, and how that statistic brought visible relief to a business owner who feared she was too late. (10:55)

• Erik mentions that eight out of ten wealthy people are first-generation, meaning wealth is more accessible than most believe, but requires patience and consistency. (16:20)

• Erik defines wealth as optionality: having low debt, financial margin, and the freedom to use money for what is most important rather than being backed into a corner. (21:35)

• Xavier discusses the discouragement that comes when progress feels invisible, reminding listeners that wealth is forming beneath the surface long before the outside world sees it. (26:10)

• Xavier shares the bonus myth that a high income is required to build wealth, and Erik shares the story of a woman who built a five-million-dollar estate while never earning much money. (29:30)

Key Quotes:

• “Experience and industry familiarity were more important than just pure intelligence when it comes to building wealth. It's a slow grind sometimes to build wealth. It's not overnight.” - Erik Garcia, CFP®, ChFC®, BFA™

• “If you're following the right processes, if you're taking the right steps of what it leads to be successful, then it's going to come with time.” - Erik Garcia, CFP®, ChFC®, BFA™

• “ Wealth is built in the gaps between what you make and what you keep, and the behavior matters more than the income alone.” - Xavier Angel, CFP®, ChFC®, CLTC®

Resources Mentioned:

• Erik Garcia, CFP®, ChFC®, BFA™
• Xavier Angel, CFP®, ChFC®, CLTC®
• 
  Plan Wisely Wealth Advisors

This episode looks back at why the podcast started, the gaps in financial education that inspired it, and the themes that kept showing up again and again in conversations with clients, guests, and listeners. Erik and Xavier share the biggest money lessons reinforced over the past 100 episodes, the moments that challenged their thinking, and why behavior, mindset, and consistency matter far more than financial hacks or headlines. They also pull back the curtain on what it really takes to stay consistent, grow personally and professionally, and keep showing up for meaningful conversations about money.

Episode Highlights:

• Xavier explains that his dress code changed in 2020 when he joined the firm after Erik's dad told him he could relax and wear polos instead of formal attire. (03:35)

• Erik discusses his podcasting history, including 65 episodes of Building Us with Dr. Matt Morris during COVID, before starting Stuff About Money. (06:10)

• Erik shares that the hardest part of podcasting isn't coming up with topics but maintaining consistency with recording every two weeks. (09:35)

• Erik explains the podcast is part of their vision to resource people for wise financial decisions and reinforce behaviors that lead to success. (11:25)

• Xavier highlights compounding interest as the most popular response when guests are asked what they wish they knew about money 20 years ago. (12:30)

• Xavier recalls Billy Williams' advice that stuck with him: if you can't pay for it twice, you can't afford it. (19:50)

• Erik discusses the responsibility of sharing information on the podcast since they're talking about money topics that could change people's lives. (24:20)

• Erik explains he pushes back against giving prescriptive advice because personal finance is as much personal as it is finance. (26:10)

• Erik shares three simple things to build wealth: spend less than you make, save as much as you can, and don't do anything foolish. (28:50)

• Erik announces two future episode series ideas: interviewing faith leaders about money and exploring emotions like greed and fear that drive financial decisions. (31:15)

• Xavier shares his key takeaway for listeners: if something is uncomfortable and hard, keep moving forward with intentionality instead of stopping. (33:15)

• Erik and Xavier announce they'll start doing solo episodes beginning in February to share personal experiences and lessons independently. (37:00)

Key Quotes:

• "Our vision here of the firm is to really resource people to make wise financial decisions. The podcast is part of that vision." - Erik Garcia, CFP®, BFA

• "Most financial decisions are not made on spreadsheets. They're made with emotions." - Erik Garcia, CFP®, BFA

• "If something is uncomfortable, it's hard, and if it's hard, keep moving forward. Don't stop doing what you're doing. Make it comfortable." - Xavier Angel, CFP®, ChFC, CLTC

Resources Mentioned:

• ⁠⁠Erik Garcia, CFP®, BFA⁠
• Xavier Angel, CFP®, ChFC, CLTC
• 
  Plan Wisely Wealth Advisors

Erik breaks down the three financial seasons he most often discusses with clients: laying the foundation, building on that foundation, and eventually spending down and distributing assets. Each season comes with different demands, priorities, and emotional pressures, and many “bad” financial decisions are only bad because they’re made in the wrong season of life. He also explores how these seasons show up for business owners, from startup to growth to exit. If money feels tight, confusing, or heavier than expected, this episode offers clarity, perspective, and a reminder that you’re probably not doing it wrong. You may just be in a different season. If it resonates, follow the show and share it with someone who could use that reminder.

Episode Highlights:

• Erik discusses three financial phases: laying a foundation, building on it, and spending down your accumulated assets. (04:15)

• Erik shares his biggest financial mistake: trying to accumulate in five years everything that took his parents decades to build. (05:35)

• What makes a financial decision bad isn't always the decision itself, but making it in the wrong season of life. (07:45)

• The foundation-laying season is characterized by tight margins, high demands, and competing financial priorities like homeownership, transportation, and student loan repayment. (09:25)

• Erik explains that restraint doesn't mean selling yourself short, but preparing yourself for the future, and making hard decisions early makes transitions easier. (12:50)

• Regardless of income level, clients face a common challenge: people tend to spend or tie up their money in proportion to what they earn. (16:10)

• Not spending every dollar isn't a sign of missing out on life; it's good stewardship and wise money management. (18:30)

• Erik mentions that most small businesses fail not because they're bad ideas, but because they run out of cash. (22:00)

• Financial seasons have beginnings and endings, making it valuable to pause and reflect on where you currently are in your money journey. (24:50)

• Erik discusses the value of working with a financial planner who understands your values and the season of life you're in. (26:10)

• The reality that seasons are temporary makes having trusted guidance in your financial life incredibly valuable. (27:15)

Key Quotes:

• “Restraint doesn't mean that you're selling yourself short. You're preparing yourself for the future.” - Erik Garcia CFP®, BFA™, ChFC®

• “Making good decisions that are in alignment with your values, that are in alignment with the season that you're in. It's important.” - Erik Garcia CFP®, BFA™, ChFC®

• “I love the fact that more and more people aren't just quitting or retiring completely, that they recognize they have something still to give. There's meaning, and there's purpose in working.” - Erik Garcia CFP®, BFA™, ChFC®

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

With over a decade of experience across senior housing, memory care, home care, and mission-based work with the homebound and aging, Shannon brings clarity to a confusing and emotionally charged process. Together, she and Xavier walk through six essential things families need to understand about long-term care, including why crisis-based decisions are the most expensive, why Medicare assumptions can be dangerous, and how understanding care options like assisted living, memory care, and skilled nursing changes everything. At the heart of this episode is a simple but powerful truth: early planning gives families options, peace of mind, and the ability to honor their loved one’s wishes. If you have aging parents, or hope someone will one day advocate well for you, this is a conversation worth starting now. If this episode resonates, follow the show and share it with someone who needs to hear it before life forces their hand.

Episode Highlights:

• Shannon shares her background in Health Administration with a concentration in senior housing and her experience working across multiple states in assisted living, memory care, and sitter agencies. (03:04)

• Shannon explains how care needs can change overnight with an example of a healthy client whose wife fell after a medication change. (07:50)

• Shannon discusses the differences between sitter agencies and private independent sitters, recommending getting names ahead of time through church or friends. (13:30)

• Shannon describes dementia as a journey and explains factors that determine whether someone should stay home or move to memory care. (18:42)

• Shannon explains independent living retirement communities, including buy-in fees and how residents can lock in monthly rates as their needs increase. (22:01)

• Shannon defines activities of daily living (ADLs) including bathing, dressing, hygiene, feeding, and transfers. (26:36)

• Xavier discusses the importance of aligning care needs with financial ability and how crisis-based decisions become the most expensive. (32:42)

• Shannon discusses how clients discover VA benefits they had no idea they had access to, making senior living possible. (37:22)

• Shannon shares her main takeaway that there are options available for aging parents, including resources not widely known to the public. (42:48)

Key Quotes:

• “Every family is unique in what they're experiencing and what their needs are, and they do need accompaniment through that to figure out what is available for them specifically.” - Shannon Mehaffey Ory

• “A lot of people forget what their long-term care insurance policies included, and adult children have no idea their parents have this, and finding that out means a whole world is possible to them that the children didn't know was possible.” - Shannon Mehaffey Ory

• “The benefit of independent living is you don't have any maintenance. You probably can pay an extra fee for housekeeping. You have a ton of social opportunities, lovely dining. People go on trips together in independent living communities all the time.” - Shannon Mehaffey Ory

Resources Mentioned:

• Shannon Mehaffey Ory

• Avila Senior Advisors

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

From there, Erik and Miles walk through three common investor approaches: investing a lump sum right away, waiting for a pullback, or easing in over time. They discuss which experiences tend to lead to better long-term outcomes and why those results often surprise people. The conversation also touches on momentum, relative strength, and market breadth, including what it means when market leadership becomes narrow and valuations stretch. The episode wraps up with Miles’ thoughts on what matters most heading into 2026, what investors tend to worry about too much, and what deserves more attention moving forward. If you found this episode helpful, follow the show and share it with someone who’s still waiting for the “right” time to invest.

Episode Highlights:

• Miles discusses a study showing "Average Joe," who invests $500 monthly regardless of market conditions, outperforms market timers by about $1 million. (07:25)

• Miles breaks down market breadth through a football analogy: it tells investors whether the market is on offense or defense. (13:20)

• Miles mentions that in core-dominated markets, the real risk isn't beating the benchmark but simply keeping up with it. (18:55)

• Miles discusses how Dorsey Wright applies relative strength to identify which assets to hold, focusing on sustained trends rather than short-term news. (22:45)

• Miles explains how momentum investing rotated out of tech in 2022 into energy and utilities, then back into tech for 2023-2024. (29:30)

• Erik emphasizes that risk capacity matters more than risk tolerance, which is often driven by emotions about current market conditions. (36:25)

Key Quotes:

• "We don't necessarily have to focus on protecting against the entire market washout. We really just need to protect ourselves against where we're over-concentrated in our portfolios." - Miles Clark

• "In core-dominated markets, a lot of the risk is actually just not keeping up with the benchmark because it is so strong." - Miles Clark

• "Finding and earning positive relative strength is just trying to pick those assets that are doing relatively better towards the up or downside than their benchmark." - Miles Clark

Resources Mentioned:

• Miles Clark

• Nasdaq Dorsey Wright

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

Xavier digs deeper into why waiting to plan is one of the costliest decisions a business owner can make. He lays out how proactive planning protects the people you care about most and why delaying those decisions hands your future over to circumstances instead of intention. This episode is an honest call to action: don't wait until life forces your hand. If the message resonates, share the episode with someone who needs the nudge, and make sure you're following the show for more conversations that help you take control before life does it for you.

Episode Highlights:

• Procrastination is a bill that silently compounds, delaying tasks makes them harder to complete, and weighs you down. (01:00)

• Time is the most valuable asset when building wealth. Every year of waiting meant losing opportunity, not just time. (01:30)

• Xavier references his previous episode with Giovanni Arenas about his double lung transplant and how quickly life can change. (02:30)

• Xavier shares a personal story: A close friend's rapidly progressing cancer forced immediate business and family decisions no one was prepared for. (04:10)

• Xavier outlines action steps: Create a will, establish an estate plan (not just for the wealthy), and build a business continuation plan. (07:10)

• Planning documents are acts of love and gifts of clarity that ensure your intentions, not others' emotions, guide what happens next. (07:50)

Key Quotes:

• “Procrastination doesn't just slow you down. It widens the gap between where we are today and where we want to be.” - Xavier Angel, CFP®, ChFC®, CLTC

• “Planning isn't when life is perfect. Planning isn't when life happens, planning now it matters.” - Xavier Angel, CFP®, ChFC®, CLTC

• “ Take that first step today, no matter how small. Start planning today. Start the conversation, get the documents in place. Build the plan that protects the people and the legacy you want to fulfill your future self and your family will thank you later.” - Xavier Angel, CFP®, ChFC®, CLTC

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

In the second half of the episode, Erik unpacks a healthier, more realistic framework for pursuing goals — especially financial ones. Instead of obsessing over hitting a number by a certain date, he encourages listeners to think of goals as direction and objectives as the checkpoints that keep them moving forward. Erik explores why grace, awareness, and better-designed goals lead to more progress and less burnout. If this episode resonates with you, share it with someone who needs a fresh perspective on goal setting, and make sure you’re following the show for more conversations that help you move toward a wiser, more intentional financial life.

Episode Highlights:

• Erik discusses why traditional goal-setting frameworks and New Year’s resolutions aren’t the focus, emphasizing the frustration goals often create. (01:10)

• Erik shares the moment Dr. Matt Morris looked at him and said he had simply made a bad goal, reframing how he viewed falling short. (02:30)

• A reminder surfaces about how people consistently overestimate short-term capacity and underestimate long-term potential. (04:00)

• Erik explains why he now treats goals as directions rather than destinations, using the New York-to-England swimming analogy. (05:30)

• Erik shares how an overly ambitious summer golf goal led to frustration and helped him rethink the difference between goals and objectives. (07:00)

• Financial goal setting follows the same pattern, as unrealistic expectations often lead to shame, frustration, or giving up entirely. (09:10)

• Two core takeaways: create better directional goals and recognize the bias of misjudging short- and long-term potential. (10:40)

• Why having someone walk alongside you, such as a financial planner, helps maintain direction and adjust objectives over time. (11:40)

• Erik encourages listeners to share the episode and continue reframing their approach to goal setting. (13:40)

Key Quotes:

• “ I've stopped treating goals like a destination, like something I have to reach. Instead, I think of them like a direction.” - Erik Garcia, CFP®, ChFC®, BFA™

• “  You're not failing your goals, your goals just might need a reframe. Fix the direction, adjust the objectives, and trust the long-term journey.” - Erik Garcia, CFP®, ChFC®, BFA™

• “ Set better goals, not bigger ones, not more detailed ones. Better ones. Goals that orient you long-term, meaningful directional goals, and then backfill that with objectives that guide your ” - Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors 

In this powerful conversation, Gio and Xavier discuss the emotional and practical sides of end-of-life planning, from having honest family conversations to getting your estate in order. They explore what it means to prepare for death while choosing to live fully—with gratitude, purpose, and hope. Gio’s story reminds us that wise planning isn’t just about money; it’s about love, legacy, and peace of mind. Share this episode with someone who needs encouragement to face life’s hardest truths with courage and grace.

Episode Highlights:

• Gio discusses growing up with scleroderma, reconstructive surgeries, and the impact of bullying in his teenage years. (02:48)

• Gio shares how marriage and becoming a father transformed his outlook and fueled his desire to create a strong family legacy. (04:12)

• Gio discusses the emotional weight of planning for his family while living with limited life expectancy. (05:42)

• Gio explains the miracle of receiving a transplant call just one week after being placed on the list and the frantic race to the airport. (08:58)

• Gio recounts the airport gate reopening and his arrival in Houston before the organs, describing it as the first of many miracles. (14:08)

• Xavier emphasizes how essential it is to account for different scenarios when building a solid financial strategy. (18:18)

• Gio explains how he and Erik Garcia planned for financial and business continuity, including wills, trusts, and contingency strategies. (19:20)

• Gio reflects on the importance of legacy, emphasizing character, faith, and the example he hopes to leave for his children. (20:33)

• Xavier highlights how many families struggle to address conversations about wills, directives, and preparing for the unexpected. (24:58)

• Gio encourages listeners to confront difficult conversations about death, wills, and family preparedness. (25:36)

• Gio affirms that his faith is now “stronger than ever,” describing how the journey reshaped his belief. (28:41)

• Xavier encourages listeners to begin planning early and communicate the legacy they want to leave. (29:38)

Key Quotes:

• “My actual transformation to a more concentrated person, and being a productive person and being someone happened when my kids were born, that completely changed my way of thinking, because to me, family, it's very important.” - Giovani Arenas

• “There were so many things that happened that have no explanation except the power of God working in the process, you know. And if I have to say something now is, I believe more now than before.” - Giovani Arenas

Resources Mentioned:

• Giovani Arenas

• Garcia Insurance Services

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors
  

Digging deeper, they unpack the psychology and emotion behind each lie and how believing them keeps us stuck — overspending, under-saving, and second-guessing our investments. You’ll hear relatable stories, practical tips, and a few laughs along the way as Erik and Xavier guide listeners toward replacing financial fiction with truth. Whether you’re guilty of lifestyle creep, emotional spending, or chasing market timing, this conversation will challenge you to confront your money myths and live the Plan Wisely Way. Be sure to follow the show, share it with a friend, and leave a review if you enjoy the episode.

Episode Highlights:

• Erik connects Xavier’s story to financial behaviors that can lead to crisis and introduces “three money lies” people tell themselves. (08:00)

• Together, Erik and Xavier unpack the first lie: “I’ll save more when I make more,” discussing paycheck-to-paycheck realities and intentional saving habits. (11:00)

• Xavier challenges excuses around spending, encouraging listeners to align money use with what truly matters. (14:00)

• Erik emphasizes starting small, automating savings, and prioritizing goals that match personal values. (18:00)

• Erik and Xavier move to the second lie, “I deserve this,” exploring emotional spending, debt, and budgeting for wants versus needs. (20:00)

• Erik shares strategies to manage impulse buys and highlights the power of financial planning rooted in discipline and purpose. (24:00)

• Xavier discusses intentional spending on meaningful experiences and maintaining balance between enjoyment and prudence. (26:00)

• The third lie, “I can time the market,” introduces a conversation on emotional investing and long-term financial discipline. (28:00)

• Erik and Xavier reminds listeners that honest reflection, planning, and value-based choices lead to stronger financial wellbeing. (31:00)

Key Quotes:

• “There’s lies that we tell ourselves about money. We're all guilty of this. Just some are guilty of it at different levels. Levels that are more material than others.” -  Erik Garcia, CFP®, ChFC®, BFA™

• “Create that strategy, take a look at what your finances are, know what’s important to you, and then make those decisions.” - Xavier Angel, CFP®, ChFC®, CLTC®

• “Saving is like a muscle. And the more you use it, the stronger it gets. The more you save, the easier it gets to save. And I think people just need to start.” -  Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

As the discussion unfolds, they unpack why money can be so intimidating and how fear often leads to poor, or no financial decisions at all. The group explores the antidote to financial fear: identifying what’s truly important to you, Erik’s first pillar of financial security. Matt shares personal stories about how that focus has helped him overcome financial stress, while Erik and Stephanie offer practical strategies like setting small goals, celebrating wins, and building fierce accountability. Tune in for a lighthearted, meaningful conversation that’ll leave you a little less afraid of your finances—and maybe a little more ready to face your own money monsters.

Episode Highlights:

• Erik kicks off the episode by sharing his fear of scary movies and how “scary” means something different in New Orleans. (03:38)

• Matt recalls childhood memories of terrifying films like Children of the Corn and Blair Witch Project, explaining why uncertainty makes horror so effective. (04:57)

• Stephanie admits she used to love scary movies but can’t handle them anymore, naming Scream as her favorite from the ’90s. (05:48)

• Erik transitions the conversation to the episode’s main topic about how money can be just as scary as horror movies and introduces Stephanie as a first-time guest. (08:00)

• Matt explains how financial anxiety often stems from the unknown, similar to fear in horror films, and why some people hide from their finances. (09:00)

• Stephanie cites statistics about Americans feeling anxious and stressed about money, and Matt discusses how confidence and financial literacy help reduce fear. (10:00)

• Erik and Matt break down three major financial fears: not having enough, fear of debt, and fear of the unknown. (24:00)

• Matt shares how fear can lead to poor or avoidant financial decisions and explains the importance of awareness and communication in relationships. (27:00)

• Erik introduces “knowing what’s important to you” as the antidote to financial fear and anxiety, connecting values to practical money habits. (36:00)

• Matt offers personal examples of aligning money with values, like saving for family travel and using insurance for peace of mind. (39:00)

• Stephanie adds that identifying where fear comes from and checking in regularly can help manage anxiety and prevent “fear paralysis.” (51:00)

• Erik concludes by encouraging listeners to identify what matters most, create action steps, and check in consistently to keep fear from controlling their finances. (56:00)

Key Quotes:

• “None of us want to be fear driven. We don't want to make decisions just based out of fear. Our fears are frequently misaligned with reality.” - Dr. Matt Morris

• “I feel like people with money are always concerned about money, and people without money are always concerned about money. They always want to have more or they fear that they don't have enough.” - Stephanie Osborn

• “When you stop long enough to determine what’s most important to you, you can start making conscious decisions to align your money with those things.” - Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• Dr. Matt Morris

• Matt Morris & Associates

• Stephanie Osborn

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors
  

But ignoring the problem does not make it go away. With the average nursing home room now costing well into six figures annually, long term care planning is a reality everyone needs to address. Erik and Xavier unpack the complexity, explaining why traditional policies may not be as reliable as they seem, why the financial planning around it can be so tricky, and how thinking in terms of cash flow might change the conversation entirely. Along the way, Erik lightens the mood with a surprisingly fitting analogy about chickens and eggs, reminding us that financial planning can be both practical and a little entertaining. Tune in, lean in, and be sure to share this episode with someone who may need a nudge to plan wisely for their future.

Episode Highlights:

• Erik emphasizes why long term care matters, even for younger listeners, due to its inevitable impact on families. (01:12)

• Erik unpacks the challenges retirees face when fixed incomes meet rising care costs. (03:01)

• Xavier explains how some advisors buffer rate hikes by quoting higher premiums upfront. (04:00)

• Xavier shares a personal story to define long-term care as more than just insurance, it’s physical and emotional support. (06:56)

• Xavier discusses the national costs of care and why planning for it is essential. (11:00)

• Erik outlines the risks of asset depletion and reduced income after losing a spouse. (13:38)

• Xavier explains how women statistically need care longer and why planning must consider longevity. (14:18)

• Erik highlights why long-term care planning must include income replacement strategies. (16:17)

• Xavier warns against “one-size-fits-all” insurance solutions in client conversations. (17:36)

• Erik uses a chicken-and-egg analogy to explain sustainable income planning. (21:53)

• Erik encourages listeners to focus on income streams over lump sums in planning for future care. (24:36)

• Xavier shares a case study about a client who prioritized legacy over self-care and why that needed to change. (25:39)

• Erik urges listeners to talk with aging parents now about their long-term care plans. (27:00)

Key Quotes:

• “ As a planner, I'm always thinking about how does this affect you long term, not just today, but what happens 10 years from now? Because if we're doing your planning today, I'm still doing your planning 10 years from now.” - Xavier Angel, CFP®, ChFC®, CLTC

• “Even though you may not necessarily be taking direct action to solve a potential financial problem today or in the future, having the conversation about it is actually starting to solve the problem.” - Erik Garcia, CFP®, ChFC®, BFA™

• “We are financial planners. We love helping people solve financial problems, and we love helping people make financial decisions that are in alignment with what is most important to them.” - Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• Erik Garcia, CFP®, BFA

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors
  

Together, Erik and Xavier explore why envisioning your future, whether that is retirement, your personal life, or your career, matters so much. They highlight fascinating research showing that people who see an older version of themselves are more likely to save for the future, underscoring the power of visualization in financial planning. Tune in to learn how backwards planning can help you make intentional choices now that lead to the life you want later. If you enjoy this episode, follow the show and share it with someone who could use a clearer vision for their future.

Episode Highlights:

• Erik explains backwards planning as starting with the destination and mapping the steps backward to determine the best route. (03:07)

• Erik challenges traditional retirement assumptions, encouraging a customized definition of what retirement really looks like. (08:01)

• Erik cites a study showing that people are more likely to save when they can visualize their older selves. (10:58)

• Xavier encourages listeners to clearly define their destination and work backward to create an effective roadmap. (13:01)

• Erik explains how knowing your destination allows for flexibility, adaptability, and detours in your financial plan. (16:15)

• Erik advocates for directional goal settingcasting a vision that provides long-term guidance, even if you never fully reach it. (17:14)

• Xavier describes how he used backwards planning to pay off debt and delay buying a new car. (22:45)

• Erik emphasizes the importance of aligning financial goals with personal values, not societal pressures or outside expectations. (26:01)

• Erik and Xavier conclude that vision, values, and direction are foundational to any financial plan. (28:00)

Key Quotes:

• “ Think about what is your destination, what is your goal, what are you trying to attain? And then plan for it.” - Xavier Angel, CFP®, ChFC®, CLTC

• “We need to be intentional about the direction that we're going in when it comes to our finances.” - Erik Garcia, CFP®, BFA

• “The best goal setting is directional. You may never reach the goal, but it's constantly pointing you in a particular direction.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

• ⁠Erik Garcia, CFP®, BFA⁠

• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠

• ⁠Plan Wisely Wealth Advisors⁠

Together, they explore how innovations like AI, gene editing, climate tech, and social media are not just technical challenges. They are deeply human ones. This conversation will make you think differently about how we define progress, what we value, and how we prepare the next generation of leaders. If you enjoy the episode, follow the show, share it with a friend, and keep asking the questions that really matter, the ones that go way beyond the bottom line.

Episode Highlights:

• Rob explains how entrepreneurship education can prepare students to build mission-driven companies that shape the future. (03:00)

• Matt describes how a conversation with a visiting AI expert led to the course’s inspiration and partnership with Yale's Life Worth Living program. (05:00)

• Erik asks how Matt integrates the technical side of engineering with questions about ethics and social impact. (06:00)

• Rob discusses his book ⁠The Venture Alchemists⁠ and how founders’ values influence technology’s role in society. (09:00)

• Matt outlines how the course delays tech discussion to first explore ancient wisdom, values, and views of the good life. (15:00)

• Rob shares how classroom conversations mimic the deep late-night college discussions that shape students’ thinking. (19:00)

• Erik connects course themes to financial advising, noting how values influence money decisions. (22:00)

• Rob describes how student projects will pair deep research with direct conversations with top industry leaders. (30:00)

• Rob and Matt explore how suffering shapes a meaningful life and why students should reflect on this before entering leadership. (37:00)

• Rob and Matt reflect on the long-term impact they hope this course will have on their students’ personal and professional lives. (51:00)

Key Quotes:

• “We are equipping you to be great critical thinkers, great empathetic leaders, people who are able to go into tough conversations and be really great listeners. And not just trying to argue your point.” - Rob Lalka

• “I'd love to see them developing thoughtful careers where they can feel like they made some recognition in our class about what their values are and then followed through on their values, whatever that looks like for them.” - Matt Escarra

• “The dimensions by which you can achieve efficiencies are really mind blowing when we think about the future of technology.” - Matt Escarra

Resources Mentioned:

• ⁠Rob Lalka⁠

• ⁠Matthew Escarra⁠

• Book: ⁠The Venture Alchemists⁠

• ⁠Erik Garcia, CFP®, BFA⁠

• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠

• ⁠Plan Wisely Wealth Advisors⁠

Transitions—whether personal, professional, planned, or unexpected—can shake our sense of identity, rhythm, and control. Even positive change can feel disruptive when it alters what we’ve known or how we’ve operated.

In this episode, ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, and ⁠Dr. Matt Morris⁠ explore how leaders can navigate seasons of change without losing their footing. They discuss the emotional toll of transition, the importance of anchoring to your values, and the power of intentional structure when everything feels uncertain. Stability doesn’t mean staying the same—it means moving forward with clarity.

Episode Highlights:

• Matt lists common life transitions like marriage, divorce, and kids going to college, highlighting their emotional and financial effects. (02:55)

• Erik questions whether the success of transitions is more impacted by finances or relationships. (05:44)

• Matt notes how impulsive decisions during transitions can undermine thoughtful planning. (10:19)

• Erik emphasizes connecting transitions to long-term goals and personal values. (15:58)

• Erik recommends consulting entrepreneurs who’ve navigated similar changes for grounded insight. (19:12)

• Matt discusses the importance of mindset—acceptance, action steps, and reframing change as opportunity. (21:56)

• Matt introduces desire and timing as key mindsets when assessing transition readiness. (24:45)

• Matt encourages committing to decisions without fantasizing about alternatives. (28:52)

• Erik shares a personal business transition he considered, reflecting on the emotional, relational, and financial layers involved. (35:59)

• Erik concludes that leadership carries weight and surrounding oneself with trusted advisors is essential. (44:57)

Key Quotes:

• “You can't control how people react to your decision or even to your communication. But you can control the information you share with them.” - Dr. Matt Morris, LMFT

• “If your decision was rooted in purpose, if it was rooted in what's most important to you and it's moving you towards that. Then move on to the decision.” - Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• ⁠Cultivate Success Podcast Series Companion Handouts⁠
• ⁠Dr. Matt Morris, LMFT⁠
• ⁠Matt Morris & Associates⁠
• ⁠Erik Garcia, CFP®, ChFC®, BFA™⁠
• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠
• ⁠Plan Wisely Wealth Advisors⁠

Great leadership requires great communication. Whether you’re casting vision, navigating hard conversations, or just trying to be heard in a noisy world, how you say it matters just as much as what you say.

In this episode, ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, and ⁠Dr. Matt Morris⁠ explore what separates effective communicators from everyone else. From listening well to speaking with clarity and confidence, they share practical ways leaders can build influence and trust through the way they communicate. Because at the highest levels of leadership, words carry weight.

Episode Highlights:

• Erik explains how communication is about influencing outcomes, not just exchanging words. (02:26)

• Matt discusses the leader’s superpower of moving people forward through big ideas and trust. (03:10)

• Erik emphasizes that leadership communication happens through culture and clarity of purpose. (06:33)

• Matt shares the importance of transparency and vulnerability in building trust. (09:44)

• Erik discusses how storytelling creates timeless, powerful messages. (14:40)

• Matt believes empathy and curiosity are essential for meaningful connection and leadership. (19:21)

• Erik and Matt stress that knowing your audience is key to communicating effectively. (23:18)

• Matt explains why effective leaders listen deeply and ask better questions to foster connection. (27:15)

• Erik shares how communication starts with self-awareness and clarity of values. (29:02).

• Matt emphasizes that good communication in leadership means choosing the right time and tone. (31:38)

• Erik believes nonverbal cues and consistency play a critical role in building trust. (35:41).

• Matt discusses how leadership is not about dominating the room, but inviting others in. (38:10)

• Erik concludes that great communicators create safe environments where others feel heard. (40:52)

Key Quotes:

• “ If we want to be successful, leading people, leading a business, leading a family. We have to continually grow in our ability to communicate.” - Erik Garcia, CFP®, ChFC®, BFA™

• “ Leaders often have to communicate things that are not easy to communicate. ” - Dr. Matt Morris, LMFT

• “ Leaders in communicating also need to be good listeners…There's a balance between listening and speaking.” - Dr. Matt Morris, LMFT

Resources Mentioned:

• ⁠Cultivate Success Podcast Series Companion Handouts⁠

• ⁠Dr. Matt Morris, LMFT⁠

• ⁠Matt Morris & Associates⁠

• ⁠Erik Garcia, CFP®, ChFC®, BFA™⁠

• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠

• ⁠Plan Wisely Wealth Advisors⁠

Under pressure, even seasoned leaders can fall into traps: overthinking, reacting too quickly, or second-guessing themselves after the fact. Stress clouds clarity, and fatigue makes it harder to trust your gut or your process.

In this episode, ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, and ⁠Dr. Matt Morris, LMFT⁠ break down the hidden costs of poor decision-making and offer tools to help you slow down, stay grounded, and make confident choices—even in high-stakes moments. Because the quality of your decisions shapes the direction of your leadership.

Episode Highlights:

• Erik shares wisdom from a mentor on why stepping away from the office can enhance decision clarity. (01:21)

• Matt discusses how minimizing trivial decisions, like wardrobe choices, can preserve mental energy for high-stakes calls. (03:39)

• Erik explains how decision fatigue impacts professionals, citing studies on judges and doctors. (05:24)

• Matt outlines three major decision pitfalls: analysis paralysis, emotional bias, and tunnel vision. (06:34)

• Erik and Matt explore how leisure, nature, and rest aid complex decision-making clarity. (13:27)

• Erik breaks down Ben Franklin’s pros/cons method and introduces an 80/20 rule for data sufficiency. (18:26)

• Matt explains the OODA Loop (Observe, Orient, Decide, Act) as a tactical decision-making framework. (27:00)

• Erik offers three confirmation techniques to ensure a decision is sound before acting. (30:00)

• Matt concludes that consistent, value-aligned frameworks beat perfectionism when making decisions. (37:03)

Key Quotes:

• “ Since we have to make so many decisions, it's important to create time in our day to make decisions.” - Dr. Matt Morris, LMFT

• “Oftentimes we tend to be in a better state of mind to make hard decisions when we're not necessarily thinking about the very thing that we're trying to decide on” - Erik Garcia, CFP®, ChFC®, BFA™

• “Every decision maker has to develop processes for making decisions over time.” -  Dr. Matt Morris, LMFT

Resources Mentioned:

• ⁠Cultivate Success Podcast Series Companion Handouts⁠

• ⁠Dr. Matt Morris, LMFT⁠

• ⁠Matt Morris & Associates⁠

• ⁠Erik Garcia, CFP®, ChFC®, BFA™⁠

• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠

• ⁠Plan Wisely Wealth Advisors⁠

As a leader, your plate is always full. Tasks stack up, people need your input, and it’s easy to fall into a pattern of constant motion with little traction. You’re working hard, but still feel behind. You’re productive, but not always effective.

In this episode, Erik Garcia, CFP®, ChFC®, BFA™, and Dr. Matt Morris, LMFT explore the common traps high performers fall into when managing their workload. From overfunctioning to poor delegation and unclear priorities, they offer tools to help you take back control of your time, your energy, and your focus. Because it’s not about doing more. It’s about doing what matters—on purpose.

Episode Highlights:

• Matt explains why productivity is about managing finite time and variable energy, and stresses improving efficiency rather than perfection. (01:43)

• Erik shares a story about micromanagement and a pivotal moment that reshaped his view on letting go of control. (04:38)

• Erik introduces the concept of revenue-generating vs. non-revenue-generating tasks to better prioritize daily actions. (09:41)

• Matt walks through a detailed guide on developing effective delegation skills, including the 70% rule and clear expectation setting. (12:37)

• Erik emphasizes the role of written processes in reducing micromanagement and building scalable systems. (18:16)

• Matt encourages using project management tools wisely, while Erik cautions against tech overload and advises crafting a "technology policy statement". (24:57)

• Matt lists mental models like the Eisenhower Matrix, Pareto Principle, and "One Thing" method to clarify focus and reduce task overwhelm. (33:44)

• Erik suggests flipping the script by asking “What are three things I don’t need to do?” to stay sharp and intentional. (48:00)

Key Quotes:

• “ We have to acknowledge that time is finite. And it escapes us all the time. And so we have to be able to work smarter ” - Dr. Matt Morris, LMFT

• “ The more scale, the more repeatable something is, the more efficient and effective you can be.” - Erik Garcia, CFP®, ChFC®, BFA™

• “ If you're going to delegate to people, they need to feel that you trust them and you need to feel that you, that they're going to get it done. ” - Dr. Matt Morris, LMFT

Resources Mentioned:

• Cultivate Success Podcast Series Companion Handouts

• Dr. Matt Morris, LMFT

• Matt Morris & Associates

• Erik Garcia, CFP®, ChFC®, BFA™

• Xavier Angel, CFP®, ChFC, CLTC

• Plan Wisely Wealth Advisors

In this episode, ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, and ⁠Dr. Matt Morris⁠, LMFT break down the myth of work-life balance, the cost of blurred boundaries, and how to set limits that work without guilt or career damage.

Episode Highlights:

• Erik introduces the episode by framing the common struggle of work-life balance and the guilt that often surrounds it. (01:31)

• Matt discusses how high achievers often experience work creeping into home life and the need to define realistic boundaries. (03:56)

• Erik explains why he believes work-life balance is a myth and argues for alignment of values instead of perfect balance. (06:45)

• Matt shares his definition of balance: enjoying both work and home life without one impeding the other. (10:07)

• Matt emphasizes that integration, not perfection, is the key to sustaining relationships and success. (13:51)

• Matt explains how unresolved work stress affects sleep, health, and emotional presence. (17:52)

• Erik highlights the role of self-awareness and coaching in identifying when work is intruding on personal life. (19:20)

• Matt shares the importance of start-stop rituals and sacred times, noting their role in maintaining boundaries. (24:09)

• Matt encourages leaders to model healthy habits and communicate boundaries to both teams and clients. (27:31)

• Matt explains how setting boundaries may trigger guilt and discomfort, but it’s a normal part of growth. (36:04)

Key Quotes:

• “ Success shouldn't come at the cost of your personal life.” - Dr. Matt Morris, LMFT

• “The goal isn’t balance or like getting the scales to be weighed. It was more of an alignment of value and purpose.” - Erik Garcia, CFP®, ChFC®, BFA™

• “Create sacred times for your family and for personal priorities. These are things that are, for the most part, 99% of the time, non-negotiable.” - Dr. Matt Morris, LMFT

Resources Mentioned:

• ⁠Cultivate Success Podcast Series Companion Handouts⁠

• ⁠Dr. Matt Morris, LMFT⁠

• ⁠Matt Morris & Associates⁠

• ⁠Erik Garcia, CFP®, ChFC®, BFA™⁠

• ⁠Xavier Angel, CFP®, ChFC, CLTC⁠

• ⁠Plan Wisely Wealth Advisors⁠

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 and loss 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

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

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

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

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

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

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, share the story that led to that comment from one of their clients. They break down the three most popular indices for measuring stock market performance: the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite. 

You will learn how they are similar, how they are different, and generally what the indices track and tell us about the stock market.

Episode Highlights:

• Erik emphasizes the necessity of separating emotions from financial decisions, and its impact on financial success. (3:34)
• Erik explains discusses the Dow Jones, S&P 500, and NASDAQ. (6:51)
• Erik mentions the Dow Jones consists of 30 big U.S. companies, with the lineup sometimes changing, such as Amazon recently taking Walgreens' spot. (11:03)
• Erik shares that the S&P 500, a broader index than the Dow Jones, reflects the stock market's general direction by including a wide range of large companies. (12:44)
• Erik explains that the NASDAQ Composite is known for its volatility, primarily includes technology and growth-oriented startups, contrasting with the stable, dividend-yielding companies of the Dow Jones. (15:15)
• Erik shares that the S&P 500, covering 80% of the market capitalization of U.S. publicly traded companies, offers a comprehensive view of the stock market. (20:02)

Key Quotes:

• “There's something called a stock market index. An index is a collection of stocks that we use as a proxy or something to gauge what the stock markets are doing.” - Erik Garcia 
• “There's a Russell 3000, there's a Dow Jones Industrial Transportation Index, there's an index that tracks semiconductors, if you can think of a possible index or something that you want to track, there's an index that exists.” - Erik Garcia

Resources Mentioned:

• Erik Garcia, CFP®, BFA
• Xavier Angel, CFP®, ChFC, CLTC
• Plan Wisely Wealth Advisors

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Episode Highlights:

• Alexander explains that establishing credit at a young age and learning how to effectively manage credit cards can have long-term benefits and help avoid future financial mistakes. (3:13)
• Alexander discusses his journey in creating Flyte, which aims to provide financial wellness programming and support to small business owners, particularly focusing on black women-owned businesses from low and moderate-income households. (9:11)
• Alexander mentions that Flyte partners with local banks to provide virtual sessions on personal and business finance, covering topics such as building credit, cyber security, P&L and balance sheets, and separating personal and business finances. (14:09)
• Alexander explains that Flyte’s financial education program focuses on credit building and counseling, helping individuals pay down bad debt and improve their credit scores by an average of 40 points, while also guiding them on establishing credit, budgeting, and reducing overspending. (21:25)
• Alexander discusses the importance of planning for retirement and avoiding relying on uncertain future windfalls or burdening children financially. (27:01)
• Alexander shares that Flyte brings in volunteers with various skill sets to help small businesses, including lawyers, bankers, and college students, and makes volunteering easy and rewarding by providing feedback and opportunities to see the impact of their assistance. (33:29)
• Alexander explains how Flyte helps local business owners in New Orleans, particularly those who couldn't get into other programs. (41:01)

Key Quotes:

• “Get into saving habits early, even if it's a little bit of money, you know, $50 a month, you know, whatever, start, put it have a savings account, start putting that money away, and then start investing that money into index funds. Because that will just passively grow your net worth in the background.” - Alexander Bigbie
• “We make volunteering very easy, and very rewarding too. Because you get feedback on everything and you get to see the business kind of take what you taught them and apply and, hopefully, you know do great things with it.” - Alexander Bigbie

Resources Mentioned:

• Alexander Bigbie LinkedIn
• Flyte
• 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 sits down with Michael Laughlin, CFA, FRM, Head of Portfolio Specialist Team at Morningstar to discuss some key ingredients to building long-term-investment portfolios. You will be surprised to learn one key ingredient is humility.

Episode Highlights:

• Michael discusses his role as a translator and liaison for the investment team which is helping clients understand market environments and build intentional portfolios to manage risk. (3:21)
• Michael mentions that investing is a slow but effective way to build wealth, especially through the power of compounding and sticking to a long-term plan. (5:45)
• Michael explains that trying to time the markets is not recommended, as studies show that investors tend to buy high and sell low, resulting in significant underperformance. (8:12)
• Michael discusses how recessions have consistent outcomes within three to five years, making it crucial for those nearing retirement or transitioning to be cautious about spending down principle during a market shock. (16:29)
• Michael explains that Morningstar is a research-driven investment firm that believes in being prepared for different market environments rather than trying to predict specific outcomes. (20:25)
• Michael mentions that the current market environment is characterized by a high degree of uncertainty, leading to a cautious approach to taking smaller bets in portfolios. (26:31)
• Michael discusses how Morningstar started as a research and data company in the 80s and now manages investments by categorizing equities based on value, core, and growth, as well as large, mid, and small sizes, to understand the characteristics of a portfolio. (30:27)
• Michael explains that the price you pay for an asset is crucial in determining its investment potential, as a great asset at a bad price can be a bad investment, while a not-so-great asset at an amazing price can be a good investment. (39:24)
• Michael emphasizes that historically, markets have experienced fluctuations and declines on an annual basis, but have also shown overall growth over time. (44:51)

Key Quotes:

• “True investing is a great way to build wealth slowly and not a great way to build wealth quickly.” - Michael Laughlin, CFA, FRM
• “What we actually try to do is build portfolios that are robust to multiple different market environments, or multiple different outcomes. And then, as time passes, and those outcomes reveal themselves in a way, we continually update, we continually tweak, we continually tilt. But we never say, okay, you know, we're going to be in a high inflation, low growth regime.” - Michael Laughlin, CFA, FRM
• “It's important to remember that the price you pay for something matters. So you can have a great asset, but at a bad price be a bad investment. And, you know, conversely, you can take maybe a not-so-great asset at an amazing price can be a good investment.” - Michael Laughlin, CFA, FRM

Resources Mentioned:

• Michael Laughlin, CFA, FRM, LinkedIn
• Morningstar
• 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 celebrates with Xavier Angel, CFP®, ChFC, CLTC as he recently achieved a financial goal that took self-discipline and a lot of delayed gratification. And driving around an old 2008 Honda!

Episode Highlights:

• Xavier discusses his recent financial experiences, including unexpected debt incurred from traveling to help his daughter move to DC, and the challenges with his current car, including the AC breaking down. (4:28)
• Xavier shares that he set a goal that if he was able to pay off his debt by October 1st, he would get a new car. (7:47)
• Erik discusses the importance of celebrating milestones along the financial journey, even if it temporarily sets back the ultimate goal. (13:44)
• Xavier shares how they successfully retrained themselves over a four-month period to change their daily habits and stay out of debt, and now their goal is to continue this behavior. (17:05)
• Xavier challenges listeners to set meaningful goals for the upcoming year and find an accountability partner to ensure that they follow through and celebrate their achievements. (19:54)
• Erik mentions that financial planners are hired not just to manage money, but to help clients achieve important life goals and make sound financial decisions by providing outside perspective and guidance. (22:22)

Key Quotes:

• “When we go out and we set these goals, when we meet those goals, celebrate them. Celebrate when you come through and you meet a goal.” - Xavier Angel, CFP®, ChFC, CLTC
• “I like this idea of, yes, we celebrate goals, milestones along the way that are in line with that, are kind of pointing us towards our long term kind of vision, our long term purpose, or long term values.” - Erik Garcia, CFP®, BFA
• “This is not just about saving for the sake of saving or spending less for the sake of spending less. This is saving and spending less, because there's something that has a purpose more important in your life.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

• Erik Garcia, CFP®, BFA
• Xavier Angel, CFP®, ChFC, CLTC
• Plan Wisely Wealth Advisors

In this episode, Erik Garcia, CFP®, BFA, and guest host Dr. Matt Morris LPC & LMFT discuss what some well-known Stoics had to say about wealth (thanks to an extensively shallow search on ChatGPT).

Episode Highlights:

• Matt discusses his experience using ChatGPT in the classroom and the potential benefits and challenges of using generative AI technologies in higher education. (7:59)
• Matt explains how being discontent is a major source of unhappiness in society and the contrast between people in societies with little material wealth who are content, and those who become miserable when they become aware of what they lack. (12:12)
• Erik discusses the concept of asceticism in Roman stoic philosophy, highlighting the idea that despite the opulence associated with Rome, there was a belief in not being attached to wealth. (15:20) 
• Matt emphasizes that building wealth doesn't have to be about accumulating material goods, but can also involve investing in experiences and helping others. (18:49)
• Erik and Matt discuss the idea of not being overly attached to material wealth, as seen in quotes from Epictetus and Marcus Aurelius. (25:28)
• Matt discusses the Roman Empire's approach to debt management, which aligns with his perspective on responsible debt use. (31:43)
• Erik explains that debt is like fire, it can destroy if not managed properly, but it can also provide necessary warmth and sustenance, just like the principles of managing money that have persisted for thousands of years. (33:50)

Key Quotes:

• “Even the wealthy can benefit from the humble help of others if they avail themselves.” - Dr. Matt Morris LPC & LMFT
• “If you're poor, that's not evidence of your moral condition. If you're wealthy, that's not evidence of your moral condition.” - Dr. Matt Morris LPC & LMFT
• “Debt is like fire. Fire can destroy if it's not contained or used properly, but fire can also give life.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

• Dr. Matt Morris Linkedin
• Dr. Matt Morris, LPC, LMFT
• Matt Morris & Associates
• Erik Garcia, CFP®, BFA
• Xavier Angel, CFP®, ChFC, CLTC
• Plan Wisely Wealth Advisors