Episodes

  • Episode 81: Ditch Your Resolutions: Rewire Your Mindset for Financial Success

    Episode 81: Ditch Your Resolutions: Rewire Your Mindset for Financial Success
    Jan 14 2025
    Why do most New Year's resolutions fail, and why is it often a waste of time to even set them? In this engaging episode of "Stuff About Money," certified financial planners Xavier Angel and Erik Garcia commit to changing their mindset as they usher in 2025. They explore the common pitfalls of resolutions, revealing that a staggering 80% of goals fall by the wayside within the first month. Instead of traditional resolutions, Xavier and Erik emphasize the importance of actionable strategies that focus on living in the gain and creating new neural pathways for lasting change. Listeners will discover practical tips on how to celebrate their achievements, no matter how small, and the significance of accountability in achieving financial goals. From automating savings to embracing a mindset of continuous improvement, this episode is packed with insights that will inspire you to take charge of your financial future. Tune in and learn how to make 2025 your most successful year yet! Episode Highlights: Erik emphasizes the importance of building on the strong foundation laid in 2024 to execute plans successfully in 2025. (03:06) Erik discusses why many New Year's resolutions fail and how focusing on measurable, actionable goals can lead to better outcomes. (05:15) Xavier shares how measuring and celebrating small wins can create momentum, using a mutual client’s financial success as an example. (10:21) Erik introduces the mindset of living in the gain, where accomplishments are celebrated rather than focusing on what hasn’t been achieved. (13:06) Xavier highlights the power of delegation in freeing up time for high-value tasks and shares his personal growth in this area. (19:42) Erik explains how creating new neural pathways helps develop healthy habits and why routine plays a crucial role in sustaining behavioral changes. (23:00) Erik discusses automation as a form of accountability, making it easier to maintain financial goals such as saving with purpose. (32:00) Xavier concludes by emphasizing the importance of accountability and finding a partner to share and track your goals. (34:44) Key Quotes: “Rather than saying this is my New Year's resolution, let's come up with something that's measurable and that you can actually execute on.” - Xavier Angel, CFP®, ChFC, CLTC “The majority of the financial decisions we make are driven by behavior, not logic. Changing that behavior is key.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    35 mins
  • 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
  • Episode 77: Less Bad Decisions: How To Build Wealth with Bradley Flowers

    Episode 77: Less Bad Decisions: How To Build Wealth with Bradley Flowers
    Nov 19 2024
    In this episode of "The Stuff About Money They Didn't Teach You in School," host Erik Garcia welcomes Bradley Flowers, co-host of "The Insurance Guys Podcast" and owner of Portal Insurance. Bradley shares his unique perspective on improving both golf scores and financial health by focusing on making fewer bad decisions rather than striving for perfection. They discuss how this approach can lead to better outcomes in wealth-building and entrepreneurship. Bradley and Erik explore common financial mistakes and strategies to avoid them, drawing parallels between golf and financial decision-making. Bradley also shares insights from his entrepreneurial journey, emphasizing the importance of long-term success by minimizing errors. Tune in to learn how a shift in mindset can enhance both your financial literacy and your golf game. Episode Highlights: Bradley shares his experience with VR golf and how it helps him practice managing mistakes. (02:07) Bradley’s story of playing with a PGA coach and the lessons on controlling risk and avoiding catastrophic mistakes. (05:27) Bradley shares a personal anecdote about winning a dollar from a PGA tour golfer and how smart risk-taking led to success. (12:29) Erik explains a lesson from his mentor on the importance of choosing safe, consistent gains over risky decisions. (15:23) Bradley shares his approach to avoiding financial mistakes by consulting with a financial advisor. (20:41) Bradley discusses the value of hiring for weaknesses and the difference between business focus and overextending with multiple ventures. (29:26) Bradley discusses how prioritizing relationships over profits helped him gain valuable business insights. (37:21) Erik and Bradley conclude with reflections on avoiding hasty decisions by surrounding oneself with supportive people. (44:46) Key Quotes: “My whole strategy in a nutshell is to never put all the chips on the table. You know what I mean? Like I'm never going to put everything at risk. And, you know, I think it's having good people around you because it's easier.” - Bradley Flowers “Your education is really the only thing that can’t be taken away from you. It’s the relationships and the connections...like that’s really where the value is.” - Bradley Flowers “Build your strengths, not your weaknesses, don’t put it all on the table, be smart.” - Bradley Flowers Resources Mentioned: Bradley Flowers LinkedIn The Insurance Guys Podcast Portal Insurance Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    47 mins
  • Episode 76: Investing in Quality: A Conversation with Kevin Caron, CFA

    Episode 76: Investing in Quality: A Conversation with Kevin Caron, CFA
    Nov 5 2024
    In this episode of the "Stuff About Money" podcast, hosts Erik Garcia, CFP®, BFA™, ChFC®, and Xavier Angel, CFP®, ChFC®, CLTC, discuss investing with Kevin Caron, CFA, Senior Portfolio Manager for Washington Crossing Advisors. They explore the firm's investment philosophy, focusing on quality companies with a track record of consistent growth and profitability. Kevin explains their emphasis on businesses that are well-capitalized, with low debt and attractive valuations, ensuring a focus on durability and predictability. The discussion also touches on the strengths and limitations of this investment approach, including when it performs well and potential times of underperformance. Kevin shares the metrics used to select these companies and provides insights into current economic events, such as the market's narrow leadership by the "magnificent seven" stocks and record U.S. equity valuations. Learn how a focus on quality can lead to a strong and resilient investment strategy. Episode Highlights: Kevin reflects on the past 20 years in the financial markets, highlighting the impact of 0% interest rates and stock market growth. (2:42) Kevin introduces Washington Crossing Advisors' investment philosophy, focusing on quality investing and how it differs from momentum investing. (5:23) Kevin breaks down Washington Crossing’s proprietary grading system for companies, based on financial stability and asset performance. (12:49) Kevin discusses the challenge of evaluating tech companies under their quality standards, and how valuation plays a crucial role. (13:34) Kevin elaborates on the impact of volatility on portfolio returns, using the tortoise and hare analogy to illustrate steady performance versus high-risk investments. (23:56) Kevin explains how Washington Crossing Advisors assesses risk by focusing on predictable, flexible, and durable companies. (26:26) Kevin highlights the importance of building a balanced portfolio with a foundation of conservative, stable investments before venturing into riskier investments. (28:02) Kevin shares the composition of Washington Crossing’s investment committee and the importance of math in investment decision-making. (29:57) Kevin emphasizes maintaining a quality-focused portfolio to navigate both expected and unforeseen market challenges. (35:42) Key Quotes: “I think that by and large, many people overcomplicate investing, and it doesn't need to be all that complicated. And the best way to think is like a bond investor, even if you're an equity investor, because a bond investor asks two simple questions. The first question is whether or not the bond is going to pay me back, and the second question is whether or not I'm being paid to take on the risk.” - Kevin Caron, CFA “We know what we do. We know what we don’t do, and our style, because it’s so carefully prescribed, it’s very hard for us to deviate from something once you very clearly define what it is you’re looking for.” - Kevin Caron, CFA Resources Mentioned: Kevin Caron, CFA Washington Crossing Advisors Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    43 mins
  • Episode 75: Boost Your Income: Key Takeaways from IndieTech with Erik and Xavier

    Episode 75: Boost Your Income: Key Takeaways from IndieTech with Erik and Xavier
    Oct 22 2024
    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
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    43 mins
  • Episode 74: Top 3 Financial Planning Tips for Early-Career Pharmacists

    Episode 74: Top 3 Financial Planning Tips for Early-Career Pharmacists
    Oct 8 2024
    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
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    36 mins