Stuff About Money They Didn't Teach You In School

By: Erik Garcia CFP® Xavier Angel
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  • Summary

  • 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 learning.
    2021
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Economics Personal Finance
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Episodes
  • Episode 80: Common Money Mistakes Advisors See Clients Make

    Episode 80: Common Money Mistakes Advisors See Clients Make
    Dec 31 2024
    In this episode of Stuff About Money They Didn't Teach You in School, host Erik Garcia, CFP®, teams up with Brenton Harrison, the host of the New Money, New Problems podcast, to discuss the most common financial mistakes clients make. Recorded live at Osaic's annual Connected conference in Orlando, they explore the emotional factors that influence poor investment decisions, the critical differences between risk tolerance and risk capacity, and the myths surrounding passive income. Erik and Brenton share real-world examples and insights from their practices as financial advisors, highlighting how emotions like fear and greed can derail sound financial planning. They stress the importance of defining financial purpose and aligning investment strategies with personal goals. Tune in for actionable tips and a deeper understanding of how to make informed financial decisions for a more secure future. Episode Highlights: Erik discusses how emotional decisions, driven by greed and fear, often lead to poor financial outcomes. (02:13) Benton explains the concept of risk capacity and how it differs from risk tolerance, emphasizing its role in long-term investment strategies. (04:48) Benton emphasizes the misconception that real estate is a passive investment and explains the realities of managing properties. (10:52) Erik explains the importance of attaching purpose to investments, such as distinguishing between cash flow and capital appreciation strategies. (13:15) Benton discusses the mistake of buying homes too big or too small for one’s financial situation and shares tailored advice based on income potential. (15:26) Erik highlights the value of a "statement of financial purpose" to align financial decisions with personal values and long-term goals. (18:27) Benton emphasizes the importance of starting financial plans that align with long-term objectives, avoiding unsustainable patterns. (23:11) Benton shares the mistake of perpetually budgeting for car loans. (25:45) Key Quotes: “People act counter to what they say they feel as an investor. I will come across people who are so conservative and they are so afraid of the market that they'll be in their forties before they invest in anything outside their 401k.” - Brenton Harrison “Don't start some plan of action that doesn't tie into what you want to be doing 10, 15 years from now.” - Brenton Harrison Resources Mentioned: Brenton Harrison New Money, New Problems podcast Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    29 mins
  • Episode 79: Navigating Student Loans: A Roadmap to Funding College with John Hupalo

    Episode 79: Navigating Student Loans: A Roadmap to Funding College with John Hupalo
    Dec 17 2024
    In this episode, Erik Garcia, CFP®, and host of the Stuff About Money podcast, continues his conversation with John Hupalo from My College Corner, exploring the complex world of student loans. Building on their previous discussion about the FAFSA form, they cover the various types of loans available to students, including federal, private, and state-based options. John shares valuable insights on responsible borrowing, the differences between subsidized and unsubsidized loans, and how parents can navigate the financial landscape to support their children's education. Join them as they unpack essential questions surrounding student loans, such as what to consider when comparing offers, the impact of cosigners, and effective repayment strategies. This episode aims to empower parents and students with the knowledge they need to make informed decisions about financing college, ensuring a brighter financial future for everyone involved. Episode Highlights: Erik discusses the common struggle parents face between saving for retirement and funding their children’s education. (03:12) John explains the importance of prioritizing retirement savings over college funding and the emotional aspect of this decision. (04:12) John explains the differences between subsidized and unsubsidized federal loans and the responsibilities they entail for borrowers. (10:25) John discusses tuition payment plans as a valuable tool to reduce student borrowing through incremental payments. (19:05) John shares the advantages of private credit loans for parents, including fixed rates and co-signer release options. (30:32) Erik emphasizes the importance of having early, realistic conversations with children about college affordability to manage expectations. (39:00) John shares insights on exploring non-traditional options, such as lesser-known colleges with strong programs, as alternatives to expensive brand-name schools. (41:07) Erik discusses the need to separate emotions from financial decisions to ensure sound choices for long-term stability. (44:23) Key Quotes: “Every single student who goes to college, no matter what parents make or have, is eligible for a federal student loan.” - John Hupalo “This is the time in life to be realistic, not optimistic and not pessimistic about what it is, right? You know how much you saved or didn’t save, and that’s not a value judgment.” - John Hupalo Resources Mentioned: John Hupalo My College Corner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    48 mins
  • Episode 78: Navigating FAFSA with John Hupalo

    Episode 78: Navigating FAFSA with John Hupalo
    Dec 3 2024
    In this episode of the "Stuff About Money" podcast, host Erik Garcia, CFP®, CHFC®, BFA®, welcomes back his good friend John Hupalo from mycollegecorner to discuss college financing. This is part one of their conversation, where they tackle FAFSA season and share insights, tips, and a few laughs about the sometimes overwhelming process of financial aid applications. They also explore common misconceptions about financial aid and how to best prepare for the application process. Erik humorously suggests that having a therapist on speed dial might be a wise choice for families navigating these financial waters together! Join Erik and John as they explore the rising costs of college tuition and the various ways families can prepare financially. From the complexities of federal loans to the realities of saving for college, this episode is packed with valuable information—and a few light-hearted moments about the emotional rollercoaster that comes with planning for higher education. In part two of their conversation, they will discuss the different loan options available to students. Whether you're a parent with a college-bound child or just curious about the financial aid landscape, this conversation is sure to enlighten! Episode Highlights: John explains why FAFSA opens each year and its importance for families with college-bound students. (1:07) John discusses FAFSA’s purpose in determining eligibility for federal grants, loans, and work-study programs. (5:55) John advises high-income families on why completing FAFSA can still matter for scholarships and federal loans. (11:02) John explains contributor roles in FAFSA and how separated or divorced parents should provide financial information. (19:00) John breaks down the Student Aid Index (SAI), its difference from the Expected Family Contribution (EFC), and its implications for aid eligibility. (25:00) John explains the value of federal student loans for students and contrasts them with the pitfalls of Parent PLUS Loans. (30:15) John emphasizes the importance of early financial conversations with students to set realistic college expectations. (35:10) John advises families to leverage professional judgment if their financial circumstances change significantly after FAFSA submission. (41:00) Key Quotes: “Saving a dollar today is better than borrowing one tomorrow. We actually registered that trademark. We love that.” - John Hupalo “Every single student is eligible, like Bill Gates’ kids, you know, they’re all eligible for federal student loans.” - John Hupalo “Financial fit is important because academically and socially, it might be a great fit, but you have to know what’s realistic financially.” - John Hupalo Resources Mentioned: John Hupalo mycollegecorner Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    43 mins

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