July 30, 2024

Stuff About Money: Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace

56 minutes

In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes Carey Wallace, a Fractional CFO for independent insurance agency owners. They explore the crucial role of a Household CFO and discuss how the financial strategies Carey uses in her professional life can be adapted for managing household finances. Carey shares her expertise on topics such as the power of compound interest, the differences between business and personal financial management, and the emotional aspects of personal finance.

Join Erik and Carey as they offer practical advice and strategies to improve your financial literacy and stability, whether you're a business owner or simply looking to better manage your household budget. This episode is packed with valuable insights to help you create effective financial plans, balance your budget, and make informed decisions to secure your financial future. Don’t miss this opportunity to learn from Carey's wealth of experience and knowledge.

Episode Highlights:

Carey discusses her personal experience with money, expressing regret over not learning about the power of compound interest earlier. (3:35)

Carey mentions that she helps business owners plan for the future, including financial decisions that impact their personal lives. (10:57)

Carey shares insights on household CFO roles, including defining, explaining, negotiating, and defending financial goals. (17:55)

Erik and Carey discuss the potential conflicts that arise when no one takes on the role of household CFO, leading to overspending and disagreements. (25:48)

Carey emphasizes the importance of focusing on the bottom line in business, rather than the middle or the ones in between. (31:36)

Erik mentions that he values accountability in his financial advisor relationship. (46:01)

Carey discusses the importance of understanding a client's financial goals and values. (47:45)

Carey emphasizes the importance of seeking help in both business and personal life. (52:15)

Key Quotes:

“I can help you with all of those financial decisions that go into building the future you want for your business.” - Carey Wallace

“The core of what I do is to make sure that their business has value, right? And so, it's not about helping them make decisions, it's about helping them weigh all the options and understand the information to then lead them to make the decision that makes the most sense.” - Carey Wallace

Resources Mentioned:

Carey Wallace

AgencyFocus

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

...more

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By Agency Intelligence

4.7

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