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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Episodes
  • 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 mins
  • 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 hr and 4 mins
  • 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 mins
Economics Personal Finance
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