September 17, 2020

Erik's 5 Pillars of Financial Security

1 hour 2 minutes

In this episode of the Building Us podcast, co-hosts Erik Garcia, CFP®, and Dr. Matt Morris, LPC, LMFT talk about Erik’s ebook entitled, 5 Pillars of Financial Security. They discuss how to manage money by applying the 5 pillars, the physical and emotional impacts of having debt, and the significance of saving money.

Episode Highlights:

Matt mentions that Erik has written an introductory guide to financial advising and financial planning called the 5 Pillars of Financial Security. (4:35)

Erik explains the main reason why he wrote the guide. (5:04)

Erik shares that as a financial advisor and investment advisor, his world can get very technical and a lot of things that he talks about, might not be specific to everybody. (5:32)

What did Erik learn from his grandparents about money? (7:09)

Matt shares that he’s always interested in people's family stories. (9:28)

Matt mentions the three statements about Erik’s approach to helping others manage their money. (11:08)

Erik mentions that if you follow the three statements, you’re going to have success in managing your money. (11:57)

Erik shares that from a basic principle, at the end of the day, you have to save and you have to put something aside, for tomorrow. (13:12)

Erik mentions that sometimes, there's value in having an outsider look at your financial decisions. (16:30)

What are the values that Erik hopes people consider and reflect upon? (17:06)

Erik thinks that most money management and good money management should be intentional and purposeful in what you're doing with your money and with your values. (20:01)

Erik mentions that he’s a big fan of spending money on experiences and building memories. (21:51)

How did Erik get into financial advising and money management? (22:03)

Erik shares his backstory, growing up in the insurance industry. (22:13)

Matt mentions that he thought about his educational journey into family therapy, and how he got into where he is at this moment. (24:09)

Is Erik writing and advising only rich people? (25:11)

Erik shares that the big misconception of people about money is that they think if you make a lot of money, you're wealthy. (25:17)

Erik mentions that money management is irrelevant to how much wealth you have. (25:31)

What does Erik know about the people that were influencing his parents when they immigrated? (28:55)

Matt mentions the importance of working within someone's values, rather than indoctrinate them into your values. (34:27)

Matt thinks that budgeting is just a spending plan. (41:30)

Erik mentions that budgeting is being purposeful and intentional with what you do with your money. (44:45)

What are some examples of bad debt and some examples of debt that can help us get ahead? (46:34)

Matt mentions that debt is expensive, both financially and emotionally. (49:09)

How does Erik see debt show up for his clients? (48:50)

Erik mentions that if you're stressed and anxious, that can't be good for relationships. (49:05)

What’s the significance of saving? (50:30)

Erik explains the three types of savings, short term savings, midterms savings, and long term savings. (50:42)

Erik shares that if your job is seasonal, commissioned based, or if your income is variable, the short term savings account becomes more significant to fund. (53:24)

Erik mentions that he’s a big fan of having separate accounts for separate purposes. (56:02)

Erik thinks that when you're motivated and driven by something outside of yourself, you start to think about your money a little bit differently. (57:30)

Resources Mentioned:

Erik Garcia, CFP®

Dr. Matt Morris, LPC, LMFT

Garcia Financial Group

Matt Morris & Associates

5 Pillars of Financial Security: A Guide To Managing Your Money Wisely

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By Dr. Matt Morris LPC & LMFT, Erik Garcia CFP®

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