Stuff About Money They Didn't Teach You In School

By Erik Garcia, CFP®, Xavier Angel

They might not have taught you the stuff about money you needed to know to build wealth, but Xavier and Erik are ready to take you back to school. When it comes to money, it is never too late to start... more

· Business
· Education
· Investing

88 ratings

FAQs about Stuff About Money They Didn't Teach You In School:

How many episodes does Stuff About Money They Didn't Teach You In School have?

The podcast currently has 101 episodes available.

Stuff About Money They Didn't Teach You In School episodes:

January 16, 2024What will the stock market do in 2024? with Phil Blancato
In this episode of the Stuff About Money podcast, join Erik Garcia, CFP®, BFA, as he sits down once again with two-time guest Phil Blancato, CEO of Ladenburg Asset Management and Chief Market Strategist for Osaic Research. Phil shares his top 5 themes for the 2024 stock market, addressing key questions about inflation, the Federal Reserve's next moves, and the impact of China on portfolios.

Erik and Phil also inject some humor into the conversation by exploring the connection between Nick Saban's retirement as the head coach of the Alabama Crimson Tide college football team and its potential effects on the stock market. Tune in for a thoughtful and entertaining exploration of the financial landscape in 2024.

Episode Highlights:
Phil shares his thoughts about the impact of Nick Saban's retirement as Alabama Crimson Tide coach. (3:10)
Phil explains that while inflation has decreased from its peak, the reset higher inflation is causing concerns about the state of the economy and the impact on markets, largely influenced by the actions of the Federal Reserve. (4:50)
Phil believes that the first six months of the year will be challenging for the stock market due to high valuations, followed by better performance from cheaper stocks. (9:18)
Phil mentions that the stock market is expected to have a positive year, especially during election years, with historical data showing average returns of 12% and a track record of positive returns when the Federal Reserve stops or cuts interest rates. (15:13)
Phil believes that inflation may fall faster than expected, leading to a positive impact on the bond market and stock market in the second half of the year. (19:48)
Phil explains that the bond market is expected to perform well in the coming years due to the slowing down of the economy and the Federal Reserve cutting interest rates. (25:17)
Phil discusses why it is important to stay invested, make gradual changes to the portfolio, and focus on long-term strategies to outperform in the marketplace. (27:11)
Key Quotes:
“Risk plus time equals reward. That's all you have to know everybody. The less time you have, the less risk you take.” - Phil Blancato
“History is a great place to begin in markets, history is on your side here, it's a chance to really use history to your advantage.” - Phil Blancato
“Let's take advantage of what the market’s going to give us. What it is that we can do that's going to allow us to really be smart about what's happening in the marketplace.” - Phil Blancato
Resources Mentioned:
Phil Blancato LinkedIn
Ladenburg Asset Management
Osaic Research
Erik Garcia, CFP®
Xavier Angel, CFP®, ChFC, CLTC
Garcia Financial Group
...more
33min
January 11, 2024“Give To Others” with Billy Wagner
Join Erik Garcia, CFP®, and guest co-host Billy Wagner in their new mini-podcast series, "Insurance Professionals Are Givers," as they explore Erik's fifth pillar of financial security: "Give To Others." Discover how generosity isn't just about material wealth—it's about finding joy and happiness through cheerful giving.

In each episode, Erik and Billy sit down with different insurance professionals, delving into how these individuals are shaping legacies for their families and impacting their communities through their acts of generosity.

Tune in weekly to uncover the inspiration and drive behind their giving, as they share heartfelt stories of causes close to their hearts and the transformative power of giving to others.

Get ready to be inspired and empowered to give back and forge deeper connections within your own communities. Remember, giving isn't tied to a season—it's a mindset that fosters lasting change and fulfillment.

Resources Mentioned:
Billy Wagner LinkedIn
Brightway Insurance
Erik Garcia, CFP®, BFA
Plan Wisely Wealth Advisors
...more
31min
January 02, 2024Income Is Not Wealth. Wealth Is Not Income. w/ David Carothers
There is a myth that people who look “richer” are thought to be “wealthy, but in reality, all that tells us is they have a more expensive lifestyle. Tied to that is the myth that big incomes mean you are wealthy. But income is not wealth, and wealth is not income.

In this episode Erik Garcia, CFP®, BFA, and David R. Carothers, CIC, CRM, CWCA discuss the secrets of millionaires of converting income into wealth. It's real simple to become a millionaire. It's just not easy!

Episode Highlights:
David mentions that his mission is to help people with unique skills and talents and surround himself with talented individuals to compensate for his weaknesses. (6:42)
David believes that the key to building wealth is not to emulate the ultra-wealthy but to follow the principles outlined in books like "The Millionaire Next Door" and practice financial discipline and common sense. (14:45)
David explains that the key to financial success is making wise long-term investment decisions rather than chasing get-rich-quick schemes like cryptocurrency. (22:35)
David mentions that taking quantifiable risks and having the financial means to self-insure can be a viable strategy for wealthy individuals to minimize the impact of insurance costs. (25:14)
David discusses the importance of staying disciplined and committed to financial goals, such as saving for future expenses, and avoiding borrowing or deviating from the plan. (32:10)
David explains that the current generation is successful because they are willing to ask for help and delegate tasks, allowing them to focus on being owners rather than workers, which leads to financial success and defined goals. (34:51)
David shares that young people today prioritize values and making a difference in their job, valuing experiences over material possessions, and prioritizing travel and personal growth over traditional career paths. (38:09)
Key Quotes:
“Income is finite and wealth can be infinite if you do it right. You know, if you get your family on the right course, and you teach your kids the right way, then you should be able to reasonably assume that things are going to work out okay for a few generations to come.” - David Carothers, CIC, CRM, CWCA
“If you're gonna build wealth, it's gonna change generations, It can't end with you knowing how to manage that.” - David Carothers, CIC, CRM, CWCA
“You don't get into debt, without making bad conscious to subconscious bad decisions. You've got to make conscious good decisions to get out of debt.” - David Carothers, CIC, CRM, CWCA
Resources Mentioned:
David Carothers, CIC, CRM, CWCA LinkedIn
Florida Risk Partners
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
...more
43min
December 19, 2023Impacting Community Through Giving With Inman Houston
Discover how $350,000,000 is making a profound impact in New Orleans! In this episode, Inman Houston, President and CEO of Baptist Community Ministries (BCM), sheds light on how BCM is transforming lives by financially supporting organizations that address crucial community needs in safety, education, and health.

However, the true highlight lies in Inman's compelling personal narrative. Joined by co-hosts Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, Inman shares a deeply personal story about receiving a life-changing gift with profound insight: "Before you can be a good giver, you have to be able to receive other people’s generosity." Tune in for this moving narrative and gain valuable perspectives on the power of giving and receiving.

Episode Highlights:
Inman explains that being intentional with budgeting and tracking expenses can help avoid financial challenges. (4:23)
Inman shares that the Baptist Community Ministries (BCM) is a private foundation with a mission to invest in the needs of people and honor and glorify God through healthcare and grants. (8:10)
Inman discusses the Congregational Wellness Division's efforts to train and equip nurses and health advocates to support physical, emotional, mental, and spiritual health within local churches, focusing on education, public safety, and health. (16:43)
Inman explains that to address the challenges and disadvantages individuals face, it is important to focus on preventative measures and addressing the realities of society and culture. (24:09)
Inman mentions that their foundation is fully funded and encourages listeners to support their grantees by donating online. (32:20)
Inman shares that it is important to be both a generous giver and a willing recipient of others' generosity to experience the joy of giving and receiving fully. (38:40)
Key Quotes:
“Our work is more funding and catalyzing than engaging directly in the activity. So, we went to a sense of drawing people together for the conversation to try to be creative and developing solutions.” - Inman Houston
“We just love people who are doing good work, doing it with a high level of integrity, and you have developed sustainable models.” - Inman Houston
Resources Mentioned:
Inman Houston LinkedIn
Baptist Community Ministries (BCM)
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
...more
48min
December 05, 2023College Financing: Mastering FASFA, 529s & Essential Planning Tips with John Hupalo
FAFSA? EFC? SAI? What does all this mean? College planning is complicated and overwhelming for both the student and the parent. There should be an easy button to plan for college.

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, has a candid discussion with John Hupalo (4-time guest on the show) on navigating the FASFA maze. From demystifying FASFA responsibilities to understanding asset impacts on aid eligibility, get expert insights into college planning essentials. They discuss strategies to pay for college using needs-based methods as well as merit-based methods. This is a must-listen if you have a student in the 8th grade all the way to college age.

Episode Highlights:
John mentions that there is still work to be done in expanding and improving the prepaid college savings program. (2:16)
John discusses how having a conversation about college affordability and financial fit early on in a student's high school years is crucial to making informed decisions and potentially reducing the amount of debt required for higher education. (6:53)
John explains that students must fill out the FAFSA form as it determines their eligibility for work-study, Pell grants, and federal student loans, and using online tools like the financial aid calculator can help estimate their Student Aid Index. (14:28)
John shares that it is important to understand the implications of the IRS having access to your financial information for automatic uploading into forms. (25:58)
John discusses improvements in the treatment of 529 plans for financial aid, including the removal of penalties for draining the account and the inclusion of grandparent 529 plans. (29:42)
John mentions that the recent changes to the 529 account program allow for greater flexibility in using the funds for education, including private and public schools, student loans, apprenticeships, and even rolling over into Roth IRAs. (44:28)
John believes that the key to planning for your child's education is to be realistic about your financial situation and not sacrifice your retirement savings to pay for college. (47:18)
Key Quotes:
“The college planning process does not start at senior year. It really starts freshman year for students.” - John Hupalo
“Student loans should be the last resort, not the first option to pay for college.” - John Hupalo
“Be realistic in your college planning. Avoid compromising your retirement savings to fund your child's education.” - John Hupalo
Resources Mentioned:
John Hupalo LinkedIn
Invite Education
My College Corner
Blog: Parents: Know the College Admissions Timeline
Blog: The Critical Student Financial Aid Terms You Should Know
Building Us Podcast: Part 1: Where Do I Start in Planning for My Child’s College? With John Hupalo
Building Us Podcast: Part 2: How Am I Going to Pay for College? With John Hupalo
Erik Garcia, CFP®, BFA
Stuff About Money: College Loans and Financial Aid with John Hupalo
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
...more
51min
November 21, 2023Taking Flyte and Changing Lives Through Financial Literacy With Alex Bigbie
In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, hear from Alexander Bigbie of Flyte as he shares his story of running small programs to help individuals in vulnerable communities with their financial literacy. Be prepared to be inspired.

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
...more
47min
November 07, 2023Prepare, Don't Predict. Surviving Uncertain Markets.
If we could predict how the stock market performs, we'd be retired! The only thing CERTAIN right now is UNCERTAINITY. But is this uncertainty, new? War, presidential elections, inflation, oil, & ongoing recession talk have us all feeling a bit, well, yucky!

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
...more
49min
October 24, 2023Bánh Mìs, Daiquiris & Celebrating Financial Milestones
Bánh Mìs and Daiquiris have nothing to do with money. But what better way to celebrate achieving a financial milestone than with a bang bang shrimp Bánh Mì (Vietnamese po-boy) and a crawgator Daiquiri?
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
...more
27min
October 10, 2023How Often Do You Think About the Roman Empire (How They Viewed Wealth)? #romanempire
Puff Daddy wasn’t Roman, but "Mo Money Mo Problems" may have resonated with the Stoics. Apparently, Erik thinks more about Roman views on wealth than he realized. And the Roman Empire is alive & well & taking TikTok over by storm thanks to Gaius Flavus…who?

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
...more
37min
September 26, 2023#GirlMath…Come On Man!
Are girls really bad at math? If something costs less than $5, it’s practically free, right? If I return something and get a store credit, I make money, correct? LOL

Xavier Angel, CFP®, ChFC, CLTC, and Erik Garcia, CFP®, BFA, discuss one of the latest TikTok trends #girlmath. Erik dispels the myth that girls are worse at math than boys. They discuss how we all tell ourselves stories to justify what we want to buy.

Episode Highlights:
Erik discusses the myth of "girl math" and disproves the idea that girls are bad at math by pointing out that, according to statistics, women are just as good at math as men. (2:53)
Erik mentions that girls lose confidence in math by grade two or three, leading to a lack of interest in math and STEM careers by ages 13 to 17, with only 11% of girls planning to pursue STEM compared to 35% of boys. (5:42)
Xavier explains that paying for a vacation on a credit card may seem like it's free, but it actually costs more due to accruing interest. (8:00)
Xavier discusses the tendency to justify purchases with "girl math" and encourages listeners to consider the long-term cost of charging items instead of paying upfront. (13:40)
Erik shares the importance of being mindful of the stories we tell ourselves, such as the unnecessary purchases we make to justify free shipping. (14:46)
Erik explains that teaching kids about money using cash is important for early understanding, but as they grow older, teaching discipline with digital currency becomes crucial. (20:39)
Key Quotes:
“Let's stop and think about what we're doing. You know, to charge something is costing you more in the long run.” - Xavier Angel, CFP®, ChFC, CLTC
“Teaching young kids about money early on, it's really good to have something tangible because they're incapable of thinking abstractly. So keeping coins around the house or something that represents money is important. But once your kids are able to start thinking abstractly, probably at age seven or eight, then I think you need to start teaching them discipline in spending money.” - Erik Garcia, CFP®, BFA
“Think about the stories that you tell yourself. When you buy stuff, you want something, buy it, and give yourself a good reason to buy it. If you can't think of a good reason to buy it, don't buy it.” - Erik Garcia, CFP®, BFA
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
...more
26min

FAQs about Stuff About Money They Didn't Teach You In School:

How many episodes does Stuff About Money They Didn't Teach You In School have?

The podcast currently has 101 episodes available.

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Stuff About Money They Didn't Teach You In School

FAQs about Stuff About Money They Didn't Teach You In School:

How many episodes does Stuff About Money They Didn't Teach You In School have?

Stuff About Money They Didn't Teach You In School episodes:

FAQs about Stuff About Money They Didn't Teach You In School:

How many episodes does Stuff About Money They Didn't Teach You In School have?

More shows like Stuff About Money They Didn't Teach You In School

The Insurance Guys Podcast

The Ryan Hanley Show

Shawn Ryan Show