Stuff About Money They Didn't Teach You In School

By Erik Garcia, CFP® & Xavier Angel, CFP®Business Education Investing

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

October 22, 2024Episode 75: Boost Your Income: Key Takeaways from IndieTech with Erik and Xavier
In this episode of the "Stuff About Money" podcast, hosts Erik Garcia, CFP®, BFA™, ChFC®, and Xavier Angel, CFP®, ChFC®, CLTC, share their top takeaways from the IndieTech Conference. While they usually dive into saving and investing, this time they focus on boosting your income by investing in yourself. Discover how developing relationships, establishing processes, and leveraging technology can drive revenue for entrepreneurs and professionals.

Erik and Xavier sprinkle humor into their insights on maximizing personal growth and taking risks. Learn why attending conferences is more than just collecting swag—it’s about connecting with like-minded professionals and upgrading your skills. Tune in for a fresh perspective on how investing in yourself can lead to financial success and a few laughs along the way.

Episode Highlights:
Erik asks Xavier about the common financial challenges his clients, particularly business owners, are facing. (0:54)
Xavier explains how small business owners often blur the lines between personal and business finances, which can impact their spending decisions. (2:02)
Erik stresses the importance of maintaining updated financial books to manage revenue and expenses accurately. (7:30)
Erik discusses the critical role of income generation in building wealth and how income does not always equate to wealth. (11:30)
Xavier introduces the idea of investing in yourself as a method to increase your income and professional growth. (14:00)
Erik shares their experience at the IndieTech conference and introduces the first takeaway: Developing and strengthening professional relationships. (17:45)
Xavier emphasizes how attending conferences helps build valuable relationships and fosters personal and team growth. (24:05)
Xavier introduces the second takeaway: Establishing processes and systems to improve business scalability and efficiency. (32:10)
Erik explains how well-defined processes can streamline operations and enhance the customer experience. (34:50)
Xavier presents the third takeaway: Leveraging technology wisely by focusing on tools that solve specific business problems. (49:30)
Erik shares his "technology policy statement," which helps assess the value of new technology in a business setting. (52:40)
Erik stresses the importance of treating new technology like an employee, with proper onboarding and training. (57:50)
Xavier and Erik discuss the importance of taking calculated risks in business to drive growth and opportunity. (1:06:35)
Erik shares a personal example of taking a risk by co-presenting a last-minute joint presentation with Ryan Hanley at IndieTech. (1:09:25)
Xavier talks about a recent calculated risk they took by hiring a new team member to grow their firm. (1:13:10)
Key Quotes:
“More income does not necessarily lead to more wealth. The more income you have, the better opportunity you have to build wealth. But you and I both know, and you listening to this podcast, you know as well as I do, that there's people who make a lot of money who don't build a lot of wealth.” - Erik Garcia, CFP®, BFA
“Your books in your business tell a story, paint a financial picture of your business. If you kept good books over a period of years, you can see what are the trends in your business.“ - Erik Garcia, CFP®, BFA
“We don't rise to the level of our goals, we fall to the level of our systems and you can substitute processes in there for systems. Right? We all have good intentions in business, but if we haven't built out a systematic way to actually accomplish that, most humans do not have the willpower just to accomplish a goal.” - Xavier Angel, CFP®, ChFC, CLTC
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
44 min
October 08, 2024Episode 74: Top 3 Financial Planning Tips for Early-Career Pharmacists
In this episode of the "Stuff About Money" podcast, co-hosts Erik Garcia, CFP®, BFA™, ChFC® and Xavier Angel, CFP®, ChFC®, CLTC discuss key financial planning strategies for pharmacists at the start of their careers. They explore how to effectively manage income and expenses, set meaningful financial goals, and create a balanced budget to ensure a secure financial future.

Erik and Xavier also discuss the challenges of managing student debt and the importance of making informed financial decisions. With practical insights and tips, this episode is packed with valuable advice to help pharmacists build a strong financial foundation.

Episode Highlights:
Xavier explains how he began working with pharmacists, including the story of how he met his wife in a pharmacy. (03:00)
Xavier emphasizes the importance of understanding your income and expenses as the foundation for building wealth. (07:00)
Erik discusses the challenge of managing variable expenses and how they can derail financial goals. (16:00)
Xavier explains student loan repayment strategies, including prioritizing high-interest loans or using the “snowball method”. (18:30)
Erik discusses the importance of making smart financial decisions early in your career and avoiding the temptation to accumulate too much too fast. (22:30)
Xavier shares how to evaluate benefits packages when choosing a job, especially retirement plans and matching contributions. (25:00)
Xavier explains the importance of disability insurance and the role of short-term and long-term coverage for pharmacists. (28:30)
Erik mentions the importance of knowing where your money is and understanding how benefits like insurance and retirement plans contribute to financial security. (31:00)
Erik wraps up with final thoughts on laying a strong financial foundation through careful cash flow management, debt repayment, and understanding benefits. (33:00)
Key Quotes:
“Cash flow management gives us an opportunity to really sit down and start understanding what your income is and what your expenses are.” - Xavier Angel, CFP®, ChFC, CLTC
“If I didn’t know where I was going, then it didn’t matter where I spent my money or where I saved my money. But if I have a direction, if I have an objective, then it matters.” - Erik Garcia, CFP®, BFA™
“Benefits represent money. It might not be cash money that you have to spend, but health insurance, it’s money. Disability insurance, man, if you have a triggering event where you’re disabled and you can’t work, you want to make sure you understand what you’ve got coming in the door.” - Erik Garcia, CFP®, BFA™
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
36 min
September 24, 2024Episode 73: Should My Agency Be My Only Retirement Plan? Insights with Carey Wallace
In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA, ChFC®, welcomes back Carey Wallace to tackle the question: Should your insurance agency be your only retirement plan? Carey shares her expertise on diversifying retirement strategies, the risks of relying solely on your agency, and the importance of planning for a secure financial future.

Erik and Carey discuss practical steps to evaluate your current retirement approach, explore alternative investment options, and ensure a balanced financial strategy. Learn how to prepare for a successful retirement and maximize the value of your agency with insights from Erik and Carey's experience in financial planning and agency management.

Episode Highlights:
Carey discusses the importance of understanding your agency's true value early. (3:24)
Carey talks about the factors that determine an agency’s valuation, including profitability, transferability, and growth. (6:00)
Carey shares her experience working with clients to prepare their businesses for a profitable sale five to eight years in advance. (11:24)
Carey highlights that independent insurance agencies can create significant wealth but also require prudent financial management. (17:10)
Carey emphasizes the limitations of an agency if the owner hasn’t prepared for a change in circumstances. (27:00)
Carey explains the necessity of balancing investments in technology, infrastructure, and talent to scale an agency. (34:52)
Carey mentions that having industry-specific professionals can greatly impact an agency owner's financial planning and strategy. (42:15)
Key Quotes:
“I fully believe that independent insurance agents can live a very nice lifestyle and you can also, if you're living beyond your means, you can find yourself having to continue to work.” - Carey Wallace
“If you have somebody who understands your business, they're going to be so much more impactful than someone who doesn't and be able to piece all this together.” - Carey Wallace
Resources Mentioned:
Carey Wallace
AgencyFocus
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
45 min
September 10, 2024Episode 72: Momentum Investing: Exploring Relative Strength with Ian Saunders
In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA™, ChFC®, welcomes Ian Saunders, Senior Research Analyst for Nasdaq Dorsey Wright. They explore the world of Relative Strength, also known as Momentum Investing. Ian draws a compelling analogy to March Madness, highlighting that top seeds have an 80% chance of winning their games, similar to how strong investments are identified.

Throughout the discussion, Ian explains what Relative Strength is and how it differs from other strategies. He shares insights into the metrics used for measurement, optimal time frames for assessment, and the process of identifying promising investments. They also explore the advantages and limitations of this strategy, its performance in various market conditions, and the impact of AI on analysis methods. Gain valuable insights into how Relative Strength can enhance your investment decisions.

Episode Highlights:
Ian shares about his experience with Dorsey Wright and the evolution of the firm, especially after its acquisition by Nasdaq. (01:36)
Ian discusses what he wishes he knew about money earlier, highlighting the importance of understanding technical analysis alongside fundamentals. (03:24)
Ian explains the concept of relative strength (momentum) investing. (07:17)
Ian discusses the practical application of relative strength investing in creating portfolios. (10:44)
Ian outlines the main advantages of relative strength investing, such as its objectivity and systematic nature, which help remove emotional biases from investment decisions. (18:28)
Ian addresses the limitations of relative strength investing, particularly during market conditions where discernible trends are lacking. (22:44)
Ian shares his comments on the current market environment and how relative strength strategies have adapted to recent market challenges and opportunities. (24:24)
Ian speculates on the potential impacts of artificial intelligence on investment strategies, emphasizing how AI might speed up data processing without fundamentally changing decision-making processes. (33:18)
Key Quotes:
“Our approach is a little bit different because it looks at these relative strength comparisons to identify which areas have the best momentum.” - Ian Saunders
“Relative Strength Investing, RSI, is essentially taking the price movement of two things and see which one wins that game right now.” - Ian Saunders
Resources Mentioned:
Ian Saunders
Nasdaq Dorsey Wright
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
41 min
August 27, 2024Episode 71: Should I Adjust My Portfolio? The Emotions of Investing with Dr. Matt Morris
In this episode of the "Stuff About Money" podcast, host Erik Garcia CFP®, BFA™, ChFC®, is joined by long-time friend of the show, Dr. Matt Morris. Together, they tackle the question: "Should I adjust my portfolio?" as they navigate the emotions of investing in a volatile market. Erik provides insights into current market noise, discussing factors like employment rates, Japan's rate changes, the federal reserve, and media influence on investor sentiment. Dr. Matt and Erik discuss strategies for managing emotions and making informed decisions amid uncertainty.
The conversation explores stories from the trenches and examines destructive and disruptive behaviors impacting wealth building. Erik and Dr. Matt emphasize the importance of attaching purpose to your investments. By managing emotions with objective facts and educating oneself on market performance, investors can maintain perspective and avoid fear-based decisions. Tune in to gain valuable insights and learn how to keep your investment strategy on track despite market fluctuations.

Episode Highlights:
Erik explains the importance of active listening and respecting clients' emotions in financial planning. (3:00)
Dr. Matt discusses learning from Erik about behavioral finance and how irrational behavior can affect financial decisions. (5:32)
Dr. Matt brings up the complexities of the stock market and Erik responds with an analogy comparing it to a highly emotional client. (10:13)
Dr. Matt recounts the alarming news headlines from August 7th that stirred market fears, leading to a broader discussion on media impact on investment behavior. (15:07)
Dr. Matt shares a personal experience of reacting to market news and consulting Erik, leading to a discussion about the proper timing for adjusting investment strategies. (22:32)
Erik discusses the significance of aligning investment decisions with long-term financial goals and not succumbing to short-term market events. (27:10)
Erik emphasizes the commonality of market pullbacks, correcting misconceptions about market corrections and their normalcy. (39:58)
Dr. Matt and Erik discuss the importance of aligning investment decisions with long-term financial goals, not short-term market movements. (42:09)
Key Quotes:
“I think the most successful financial planners are the ones who are good at investor management.” - Erik Garcia
“Making a decision that impacts your long-term investment strategy based on a short-term economic market-driven event is often a poor decision.” - Erik Garcia
“How do fear and alarm influence my decision making? And that can be financially, but in my field, it's often relationally. Fear is a very effective driver of behavior change.” - Dr. Matt Morris
Resources Mentioned:
Dr. Matt Morris
Matt Morris & Associates
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
49 min
August 13, 2024Episode 70: Mental Frameworks for Making Better Financial Decisions
In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with Ryan Hanley, a consultant to an AI marketing company, successful podcaster, and executive coach. Ryan's podcast, "The Ryan Hanley Show," is a top 20 business podcast on Apple and ranks in the top 145 of all Apple podcasts. They discuss the key points from a recent keynote Ryan delivered, focusing on the importance of using mental frameworks to make better financial decisions. Ryan shares how these frameworks help us navigate our inherent biases and beliefs, leading to more sound financial choices.

Erik and Ryan cover several valuable concepts, including the Pareto Principle, the metaphor of buffalo running towards a storm, and their shared views on goal setting. They emphasize that goals are not about winning once, but about winning repeatedly and staying in the game. Long-term financial success is achieved through a series of small, wise decisions that compound over time, which is why having frameworks to guide these decisions is crucial. Tune in to discover practical insights and strategies to enhance your financial decision-making using effective mental frameworks.

Episode Highlights:
Ryan shares his journey in the insurance industry and current roles in consulting, podcasting, and coaching. (3:34)
Ryan discusses optimizing for resilience over mere growth, discussing how the right type of growth can contribute to long-term stability. (6:00)
Erik and Ryan discuss the influence of James Clear's book, "Atomic Habits," on their approach to personal and professional growth. (12:00)
Erik shares insights on how the principle of compounding interest can apply to both financial investments and personal success. (25:24)
Ryan discusses his "Finish Formula" for making significant decisions, which considers preparation, pace, time, and distractions to calculate potential upside. (32:24)
Ryan discusses the importance of facing challenges head-on, likening it to buffaloes running into a storm to get through it faster. (36:02)
Ryan highlights how the fear of losing status, rather than failure itself, can be a significant distraction and how awareness of this can improve decision-making. (40:00)
Ryan explains how the 80/20 rule can be applied to various aspects of life and business, including financial decisions and managing personal expenses. (51:11)
Key Quotes:
“I think we need to optimize for resilience. And what I mean by that is sometimes growth is the best path to resilience in our business. It all depends on what season we're in, what our goals are, what we want our life to look like.” - Ryan Hanley
“For me, it's a core foundational aspect of human connectivity is being present. You can't connect with someone unless they believe they're, you're there with them in that moment.” - Ryan Hanley
“I call it the finish formula and this is what I created for myself to make big decisions. This isn't something that you would use for every decision in your life. It's just not necessary. However, for bigger decisions in your life, I created this formula called the finish formula.” - Ryan Hanley
Resources Mentioned:
Ryan Hanley
The Ryan Hanley Show
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
1 hr 4 min
July 30, 2024Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace
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
55 min
July 16, 2024Episode 68: How to Maximize the Value of Your Insurance Agency
As business owners, the majority of our net worth is tied to the value of our business. What steps should we take today to maximize this value for a future sale?

In this episode of the Stuff About Money podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with tax attorney David Foate JD, LLM, to explore practical advice on preparing your business for a successful sale. David specializes in the buying and selling of agencies and shares his extensive experience with our listeners on how to increase the saleability and value of their agencies.

Episode Highlights:
David shares his background in tax law and his focus on succession planning for business owners. (01:04)
David discusses the financial burdens of student loans and the wisdom of financial pacing. (05:20)
Erik shares the key strategies to enhance an agency’s value before selling. (10:04)
David explains the legal and financial preparations necessary for selling an agency. (13:57)
Erik discusses the importance of understanding why one wants to sell and the preparation timing. (18:14)
Erik mentions that a strong management team and advisory board are important for business operations. (27:50)
David discusses the significance of clean financial records and the benefits of having a qualified bookkeeper. (38:17)
David elaborates on legal strategies for structuring producer agreements and the risks associated with revenue sharing. (45:26)
Erik discusses the emotional challenges of selling a business, noting the difficulty of separating from something so integral to one's identity. (56:27)
Key Quotes:
“Tax law, tax planning, a lot of M&A work, it's very tax heavy. So that's where I spend a lot of my time day-to-day with my clients.” - David Foate, JD, LLM
“The better prepared you can be, the better the outcome, just mentally, emotionally, and then the final deal result, everything will just be better.” - David Foate, JD, LLM
Resources Mentioned:
David Foate, JD, LLM
PFS Global
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
1 hr 2 min
July 02, 2024Episode 67: Build Lasting Financial Security: Embrace These 3 Essential Habits
What does it mean to achieve financial security? Is it having a certain dollar amount in the bank or the ability to maintain your desired lifestyle no matter what happens? Erik Garcia (CFP®, BFA™, ChFC®) shares the three habits he believes are essential for building financial security in this episode. While the path to financial security may seem simple, it's not easy to achieve.

In this solo episode of the Stuff About Money podcast, Erik will explore these habits further and explain how you can take control of your financial future. By cultivating these key practices, you can set yourself up for lasting wealth and peace of mind.

Episode Highlights:
Erik introduces the concept of solo episodes aimed at exploring topics in-depth. He outlines the focus of this episode on three crucial habits for financial security, emphasizing their simplicity in concept but difficulty in practice. (01:13)
Erik discusses the importance of defining what financial security means personally, highlighting the concept of "enough" in terms of income, savings, and investment for peace of mind. (03:04)
Erik breaks down the first habit: spending less than one earns to avoid debt and financial strain. He explains the challenges posed by societal pressures and the need for disciplined budgeting. (05:48)
The second habit involves saving diligently. Erik encourages building wealth through consistent savings, discussing various strategies for effective financial management. (06:51)
Addressing the third habit, Erik advises against making foolish financial decisions. He stresses the importance of aligning expenditures with personal values to prevent wasteful spending. (07:36)
Erik concludes with encouragement for listeners to apply these habits incrementally to foster financial security, inviting them to engage further through consultations with him and Xavier. (10:53)
Key Quotes:
“If I do less foolish things and more wise things, less foolish decisions with my money and more wise decisions with my money, that's going to put me in a position to have a fighting chance to build financial security.” - Erik Garcia, CFP®, BFA
“Save as much as you can. This is where you really benefit from working with a financial advisor or financial planner.” - Erik Garcia, CFP®, BFA
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors
13 min
June 18, 2024Episode 66: Do I Need a Bookkeeper? with Jeremiah Bradley
Many insurance agency owners struggle with the financial side of their business - Am I paying too much in taxes? Are my finances in order? Am I making a profit? These questions can be daunting, especially for those who don't have a strong background in accounting and bookkeeping.

In this episode, Erik Garcia (CFP®, BFA™, ChFC®) and Xavier Angel (CFP®, ChFC®, CLTC®) sit down with Jeremiah Bradley, an expert in providing bookkeeping and payroll services to insurance agencies and independent agents. Jeremiah shares insights on the benefits of having a dedicated bookkeeper, the impact of not having one, common myths about bookkeeping, and how to build trust with your financial professional. They also discuss some of the crazier tax write-offs Jeremiah has encountered working with his insurance clients.

Episode Highlights:
Jeremiah shares a lesson about saving money from his youth and its long-term impact. (06:33)
Jeremiah explains his journey to specializing in bookkeeping for insurance agencies. (10:12)
Jeremiah discusses the significance of understanding and managing cash flow in business. (17:46)
Jeremiah explains the importance of accurate bookkeeping for business decisions. (19:04)
Erik discusses the necessity of having a good relationship with your CPA and bookkeeper. (25:20)
Jeremiah mentions that it is important to ensure that your financial advisors, including accountants and CFOs, have a deep understanding of your specific industry. (33:55)
Erik discusses the importance of managing business expenses with an eye toward potentially selling the business in the future. (40:20)
Jeremiah believes that it is important for agency owners to continuously question the quality and comprehension of their financials, especially regarding specific practices like agency billing. (44:00)
Key Quotes:
“Bookkeeping is so important because if you don't know, it's a path, right? It's a path of, Hey, how am I doing? The month-to-month, but also it helps you look back and say, Hey, where did I come from? What have I been doing?" - Jeremiah Bradley
“Your bank account statement doesn't tell stories. Your profit and loss statements tell stories. You can't get an accurate profit 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
47 min

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

From the publisher's feed

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…