Episodios

  • Episode 71: Should I Adjust My Portfolio? The Emotions of Investing with Dr. Matt Morris

    Episode 71: Should I Adjust My Portfolio? The Emotions of Investing with Dr. Matt Morris
    Aug 27 2024
    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
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    48 m
  • Episode 70: Mental Frameworks for Making Better Financial Decisions

    Episode 70: Mental Frameworks for Making Better Financial Decisions
    Aug 13 2024
    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
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    1 h y 4 m
  • Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace

    Episode 69: From Business to Household CFO: Financial Wisdom with Carey Wallace
    Jul 30 2024
    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
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    55 m
  • Episode 68: How to Maximize the Value of Your Insurance Agency

    Episode 68: How to Maximize the Value of Your Insurance Agency
    Jul 16 2024
    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
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    1 h y 1 m
  • Episode 67: Build Lasting Financial Security: Embrace These 3 Essential Habits

    Episode 67: Build Lasting Financial Security: Embrace These 3 Essential Habits
    Jul 2 2024
    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
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    13 m
  • Episode 66: Do I Need a Bookkeeper? with Jeremiah Bradley

    Episode 66: Do I Need a Bookkeeper? with Jeremiah Bradley
    Jun 18 2024
    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
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    47 m
  • Episode 65: 3 Money Strategies to Teach Your Kids

    Episode 65: 3 Money Strategies to Teach Your Kids
    Jun 4 2024
    We all want our kids to develop healthy money habits. We want them to grow to be financially independent humans. They need to develop the skills to face life's financial challenges while the consequences are not too costly. But where do we start? Can Taylor Swift help us in our efforts? Is there something to learn from Erik’s gardening hobby? 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
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    42 m
  • Episode 64: Am I Getting a Good Deal in My Marriage? with Dr. Matt Morris

    Episode 64: Am I Getting a Good Deal in My Marriage? with Dr. Matt Morris
    May 21 2024
    Money is a flash point in marriages. Throw in income disparity between spouses and you have even more opportunity for complex, emotionally charged conflict. 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
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    1 h y 5 m