Stuff About Money They Didn't Teach You In School Erik Garcia, CFP®, Xavier Angel

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

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

Mother’s Day seems like a silly holiday! Well, at least that's the perspective of guest hosts Missy Garcia and Grace Angel on the Stuff About Money podcast. 

In this episode, Erik Garcia, CFP®, ChFC®, BFA™, and Xavier Angel, CFP®, ChFC®, CLTC, step back as their daughters take the lead in discussing the significance and value of their mothers and mothers everywhere.

Episode Highlights:

Grace and Missy share their perspectives on Mother's Day. (1:07)


Erik discusses how mothers provide security, hope, and significance throughout life. (7:23)


Xavier believes that mothers are the backbone of the family, providing security and support. (11:00)


Xavier mentions that mothers serve as nurturers by nature, providing a soothing presence and grounding influence, even in times of conflict. (17:59)


Missy shares that expressing appreciation and kindness towards mothers can be shown through gestures such as making breakfast in bed or simply being nice, giving hugs, and smiling. (20:20)


Grace and Missy each share their favorite quality about their mother. (23:55)



Key Quotes:

“My mom to this day makes me feel significant. The whole world could be against me. I think my mom would still make me feel significant. ” - Erik Garcia, CFP®, BFA

“I'm a better person, you know, physically, spiritually, from a professional standpoint. She's made me a better person all around.” - Xavier Angel, CFP®, ChFC, CLTC

“My favorite quality about my mom is I like having quality time with her. But, I like how I feel like we have a lot in common for most for most things. So, I think that's one of my favorite qualities about my mother.” - Grace Angel.

“My favorite quality about my mom is she's always kind to me and she always loves me, no matter what I do. She always loves me.” - Missy Garcia


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, ChFC®, BFA™ is joined by a long-time friend of the show, Couples Counselor Dr. Matt Morris, and first-time guest Michael Baudin.

Listen in as they discuss what work-life balance is and, maybe more importantly, what it is not. This recording extends from a casual conversation among friends that originated at a Pelicans NBA basketball game. Erik felt compelled to share this compelling dialogue with Stuff About Money listeners. 

Drawing from his expertise as a family therapist, Dr. Matt offers valuable insights, while Michael contributes his perspectives as a successful entrepreneur. Together, they conclude the discussion by offering practical strategies to attain fulfillment in one's professional and personal life.

They address pressing questions such as: Is work-life balance merely a myth? How can entrepreneurs effectively juggle the demands of business, family, and self-care while maintaining their well-being? And what sacrifices are acceptable in the pursuit of business growth? A standout moment in the episode is when Dr. Matt underscores the significance of creating margin in one's life to achieve a sense of “balance”.

Episode Highlights:

Dr. Matt explains why work-life balance is important due to the limited time we have on earth. (6:27)


Michael discusses work-life balance using the analogy of dividing a dollar into life's responsibilities: work, family, and self. (13:54)


Michael shares experiences of his business's growing pains, hiring employees, and increasing responsibilities that occasionally made him less present at home. (21:33)


Dr. Matt discusses the distinct challenges entrepreneurs face compared to employees, particularly in balancing time and resource allocation between business and family. (29:00)


Michael acknowledges that a one-size-fits-all approach doesn't work for managing family dynamics and business commitments. (34:58)


Erik emphasizes the importance of maintaining a "margin" in life, especially for entrepreneurs managing multiple demands. (41:00)


Michael values maintaining a work-life balance, prioritizing attendance at his children’s events and allowing his employees the same flexibility. (59:38)



Key Quotes:

“You get a lot of pride out of building your business, it's an enjoyment for you to build your business.” - Dr. Matt Morris

“Leave enough margin in your life and in your day that you can respond to needs as they pop up.” - Dr. Matt Morris

“You have to be fluid, you have to just be able to recognize what's happening and what's coming and be able to react, because that's all part of being a business owner and entrepreneur, whatever you want to call yourself. ” - Michael Baudin


Resources Mentioned:

Dr. Matt Morris


Michael Baudin 

Matt Morris & Associates

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

In this episode of the Stuff About Money podcast, Xavier Angel, a Certified Financial Planner (CFP®), Chartered Financial Consultant (ChFC), and Certified in Long-Term Care (CLTC), sits down with CPA Keith Raymond to discuss common questions from business owner clients about LLCs and S-Corporations.

Keith Raymond simplifies the key differences and misconceptions about LLCs and S-Corporations, providing valuable insights into how business owners should navigate tax considerations. Whether you're a seasoned entrepreneur or just starting out, understanding the tax implications of being taxed as an LLC versus an S-Corp is essential.

With the complexities of tax codes, having a knowledgeable CPA like Keith Raymond as a guide is invaluable for business owners. Tune in to this episode to gain clarity on LLCs, S-Corporations, and make informed decisions for your business's financial future.

Episode Highlights:

Keith discusses his career beginning in accounting with Ernst and Young in New Orleans, facing early challenges due to Hurricane Katrina. (1:53)


Keith explains the distinction between an S Corp (tax status) and an LLC (legal structure), highlighting misconceptions about tax implications. (7:57)


Keith emphasizes the protective benefits of an LLC, which safeguards an owner's personal assets from business liabilities, such as lawsuits or bankruptcy. (15:25)


Keith discusses S Corp benefits, including tax savings on earnings above a reasonable salary with certain limitations. (18:19)


Keith shares the key differences in business structures: sole proprietorship for simplicity, partnerships for flexible profit allocation, and S Corps for equal distribution among owners. (22:21)


Keith discusses the importance of considering both direct and indirect expenses when operating or planning to start a business. (28:04)


Keith mentions that it is important to understand deductible expenses, including recent changes to meals and entertainment rules, and encourages consulting professionals to ensure correct tax deductions. (29:47)



Key Quotes:

“The whole purpose of the LLC, the Limited Liability Company, is to protect the assets that are in the business, to the business.” - Keith Raymond, CPA

“The benefits of an S corp, for the most part, comes down to a popular strategy that is used where earnings within an S Corp are generally not subject to self-employment taxes.” - Keith Raymond, CPA

Just make sure you're capturing all of your business activity. Because, if you miss some expenses, that's tax dollars, that could be in your pocket that you're ultimately could be paying into government, that you just don't want to miss out on.” - Keith Raymond, CPA


Resources Mentioned:

Keith Raymond, CPA

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

"I was excited when I finally understood what the radio announcer was talking about this morning on my commute! All of those financial terms made perfect sense to me" 🙂

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, share the story that led to that comment from one of their clients. They break down the three most popular indices for measuring stock market performance: the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite. 

You will learn how they are similar, how they are different, and generally what the indices track and tell us about the stock market.

Episode Highlights:

Erik emphasizes the necessity of separating emotions from financial decisions, and its impact on financial success. (3:34)


Erik explains discusses the Dow Jones, S&P 500, and NASDAQ. (6:51)


Erik mentions the Dow Jones consists of 30 big U.S. companies, with the lineup sometimes changing, such as Amazon recently taking Walgreens' spot. (11:03)


Erik shares that the S&P 500, a broader index than the Dow Jones, reflects the stock market's general direction by including a wide range of large companies. (12:44)


Erik explains that the NASDAQ Composite is known for its volatility, primarily includes technology and growth-oriented startups, contrasting with the stable, dividend-yielding companies of the Dow Jones. (15:15)


Erik shares that the S&P 500, covering 80% of the market capitalization of U.S. publicly traded companies, offers a comprehensive view of the stock market. (20:02)



Key Quotes:

“There's something called a stock market index. An index is a collection of stocks that we use as a proxy or something to gauge what the stock markets are doing.” - Erik Garcia 

“There's a Russell 3000, there's a Dow Jones Industrial Transportation Index, there's an index that tracks semiconductors, if you can think of a possible index or something that you want to track, there's an index that exists.” - Erik Garcia


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors