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

We all know that in the case of an emergency, it’s nice to have finances not tied up in stuff like real estate or the like - i.e., liquid assets. But did you know that’s not all that you want liquid assets for?

This week, your Lords of Liquidity (not an actual title), Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, discuss liquid assets, what they are, where you’ll keep them, and what you’ll use them for. They talk about how liquid assets can help out in business, paying for school, and calming anxiety.

Episode Highlights:

Xavier explains that liquid assets are the assets that you can readily move to cash, if you need to get your hands on it quickly. (2:37)


Xavier mentions that liquidity is essential for taking care of day-to-day expenses and saving for future needs. (6:53)


Erik explains that liquid assets help businesses feel more confident and comfortable going into the month. (9:19)


Erik shares that liquidity makes debt tolerable, especially lower interest rate debt. (13:24)


Erik mentions that liquidity reduces stress, allows us to make better decisions, and provides safety and security. (15:57)


Erik discusses how liquidity allows us to be more efficient and purposeful with our investments. (17:21)


Xavier mentions that it is important to review our retirement plans when tax planning. (21:29)


Xavier recommends individuals to sit down with a financial planner and advisor to discuss how to begin saving to build net worth. (24:29)


Erik shares that a good financial planner helps you match up assets with liquidity events and keep you accountable. (27:05)


Erik discusses why having liquidity is one of the most important things that we can be talking about right now. (28:28)



Key Quotes:

“Sit down with your Certified Financial Planner and let that individual look at where you currently are, what are you doing, and what is a more efficient way to begin saving to begin building net worth. Do you have enough liquidity?” - Xavier Angel, CFP®, ChFC, CLTC

“When you have liquidity, when you have cash available, debt becomes tolerable, especially lower interest rate debt.” - Erik Garcia, CFP®, BFA

“Having liquidity reduces stress, it allows us to make better decisions when we know we've got the safety and security of some type of liquid assets on top of cash. ” - Erik Garcia, CFP®, BFA


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

Your body is valuable, especially if you work in a physical industry! So, if something happens to it, it’s nice to have the peace of mind that cash won’t stop flowing.

As always, Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, take insurance and make it interesting: this time, it’s disability insurance. The two talk about what disability insurance is, when to get it, and what can cause a disability claim.

Episode Highlights:

Xavier explains group and individual disability insurance, as well as short-term and long-term disability insurance. (6:23)


According to Xavier, 90% of disability claims are the result of heart disease, cancer, or some sort of illness. (13:07)


Xavier believes that disability insurance should be the foundation of every financial plan. (16:05)


Erik explains that, from a planning standpoint, what you do for a living may change the priority of disability. (18:32)


Erik discusses the importance of disability insurance for business owners. (21:17)


Xavier explains that insurance coverage can be tailored by a financial expert, and that group plans are restricted and may not cover bonuses or sufficiently cover high-earners. (23:00)


Xavier explains the importance of knowing the disability coverage provided by an employer's group insurance, including the definition of disability and the terms and conditions for payment, in order to decide whether to purchase an individual policy or continue with the group policy. (26:17)


Xavier encourages individuals to seek advice from insurance professionals or to contact them if they have any concerns about disability coverage. (28:04)



Key Quotes:

“From a planning standpoint, I've looked at utilizing that group policy, it's not bad. You know, I've recommended individuals go out there and enroll in that group policy, and then supplement that group policy with an individual policy. That way, we're making sure that in the event of a disability, you're going to get at least 60% of your income.” - Xavier Angel, CFP®, ChFC, CLTC

“I truly believe that every financial plan, the foundation is going to be disability insurance.” - Xavier Angel, CFP®, ChFC, CLTC

“My number one rule of financial security is to know where your money is. Your insurance represents money. It's not physical money that you have in the bank, but it's money that’s available for really specific times if you need it. And if you have a disability or have access to a policy, know what it's for, know how to use it because that really can go a long way in giving you peace of mind and knowing that you have a good solid financial plan.” - Erik Garcia, CFP®, BFA


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

Social media is ubiquitous. Everyone uses it, including us, and including you (if you’re counting podcasts)! This includes people who give financial advice, even if it’s not always the best.
Your favorite financial influencers, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, discuss different financial advice that’s given on social media, from crypto to life insurance, and why ultimately, you as the consumer ought to ask questions and be skeptical. In addition, they talk about peeing on Mardi Gras (a rather difficult problem for us folks in New Orleans), and why Erik’s daughter being excited for a “stinky feet coupon” shows good financial growth.

Episode Highlights:

Erik mentions that he is planning and saving money for particular things, the majority of which are more long-term this year. (6:53)


Erik defines liquidity and explains why it is important. (9:02)


Xavier shares his feelings about individuals providing financial advice on social media. (11:40)


Erik explains that most social media influencers are compensated by their followers, and they may not always be selling items, but rather offering advice that might be clickbait. (12:11)


Erik explains what “get rich quick” schemes are and why people should avoid them. (14:29)


Xavier mentions that individuals should be aware of and understand the risks associated with real estate. (17:27)


Erik explains that certain TikTok influencers make you believe that everyone can be a day trader. (19:20)


Erik mentions that some influencers persuade people that life insurance is the be-all and end-all product that would answer all of their financial difficulties and ambitions. (21:11)


Xavier discusses the importance of knowing what a person hopes to achieve with life insurance. (23:36)


Erik mentions that you should always ask questions and be extremely careful about who you trust to offer you financial advice. (24:51)


Erik recommends that you receive and follow advice from individuals who understand your value and are working to ensure that the choices you make are in line with where you want to go in the long run. (28:05)



Key Quotes:

“Ask questions, be a cynic. Whenever you're taking advice from someone you do not know, who has not earned your trust, be incredibly cynical, and ask a ton of questions. And number one question you should ask is, what's their motivation?” - Erik Garcia, CFP®, BFA

“It is so important to work with a financial planner who knows and understands your values, who can help you build wealth in a way that's consistent, and aligns with what gives you life and not what worked for someone else.” - Erik Garcia, CFP®, BFA

“Ask questions and understand what you're getting involved in.” - Xavier Angel, CFP®, ChFC, CLTC


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

Finances are important. Building wealth is important. At Plan Wisely, we deal with money and stocks and finance all day long. But you know what’s really, really important? Relationships.
Erik Garcia, CFP®, BFA welcomes longtime friend of the show Dr. Matt “The Relationship Doctor” Morris, a professor and relationship counselor, discuss 10 tenets of all kinds of relationships, from parents to siblings to spouses. Matt and Erik discuss trust, integrity, connection, and more in this extra-long episode of Stuff About Money.

Episode Highlights:

Matt explains why relationships are necessary. (11:40)


Matt discusses how desirable relationships are and how they add so much enjoyment and benefit to the quality of life. (14:49)


Matt mentions that relationships are refining and that they should be a life-growth mechanism that helps individuals become better versions of themselves. (19:48)


Matt discusses one of the essential aspects of relationship literacy which is reflecting on how relationships grow and change people. (25:13)


Matt explains that people must understand that relationships are challenging and difficult to maintain, but this does not mean that the relationship is not worthy. (26:58)


Matt discusses how relationships can be hard in a negative way, and how individuals must be able to differentiate between hard that’s normal, hard that’s good, hard that is refining, and hard that is toxic or traumatizing. (31:44)


Matt mentions that relationships have their own developmental course. (36:20)


Matt believes that, from the standpoint of relationship literacy, relationships today may grow or change. (39:31)


Matt discusses some causes and resolutions for relationships that function on repeated patterns. (41:37)


Matt explains that relationships should feel safe and secure enough that people turn to them when we're not at our best. (47:36)


Matt believes that relationships should be adventurous and thrilling and should be inspiring us to go out and accomplish. (59:15)


Matt explains that relationships should have the integrity to allow people to be themselves. (1:06:58)


Matt explains that relationships are sacrifices that require people to be aware of the needs of others. (1:17:28) 



Dr. Matt's 10 Tenets of Relationship Literacy:
1. Relationships are necessary
2. Relationships are desirable
3. Relationships are refining
4. Relationships are hard
5. Relationships develop
6. Relationships function on repeated patterns
7. Relationships should feel secure
8. Relationships should be inspiring
9. Relationships require trust
10. Relationships are sacrificial

Key Quotes:

“Relationships are hard. They're wonderful and hard. Sometimes wonderfully hard, and sometimes, hardly wonderful.” - Dr. Matt Morris, LPC, LMFT

“Relationships should feel safe and secure enough that we turn toward them when we're not feeling our best, when we either need to rest, when we need to take a break, when we need to recuperate from something.” - Dr. Matt Morris, LPC, LMFT

“None of us can control everything or predict the future and who knows how one person or my story is going to unfold. But relationships are part of the human story. Certainly part of the human experience. Relationships are all around us.” - Dr. Matt Morris, LPC, LMFT


Resources Mentioned:


Dr. Matt Morris LinkedIn

Dr. Matt Morris, LPC, LMFT

Matt Morris & Associates

Building Us

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

What a year 2022 was! Ups and downs in the market, financial happiness, financial sadness… and now, we usher it out the door and welcome in 2023. Who knows what 2023 will bring for you and your finances?

Erik Garcia, CFP®, BFA, and Xavier Angel, CFP®, ChFC, CLTC, reflect on the past year and finally welcome in the new year (about 2 episodes too late). They exchange their favorite moments from the podcast and talk about guest highlights before the dynamic duo turn their attention to the new year, goals, and what’s next for our favorite hosts.

Episode Highlights:

Xavier mentions that in the past year, he has learned a lot about podcasting which was not taught to him in school. (4:07)


Xavier explains why the two-part episode with Jessica Burke was so powerful and one of his favorites. (5:13)


Erik explains that the episode with Daniel Seong was very motivating and near to his heart since talking to Daniel reminded him so much of talking to his father, as they had very similar situations and moved into a country where they didn't know the culture. (7:55)


Erik discusses his favorite 2022 memories and what he learned from them. (10:53)


Erik mentions that understanding risk tolerance, capability, emotions, and discipline is a solid formula for long-term financial success. (13:20)


Xavier discusses the significance of shared values in both business and in marriage. (16:30)


Xavier explains that as part of their financial plan for 2023, he and his wife intend to spend money on experiences. (17:34)


Erik discusses how he keeps track of where he and his wife are in terms of financial planning. (20:56)


Xavier encourages listeners to sit down with their business partners and life partners in January and February to plan their budgeting and cash flow for the year. (24:29)


Erik mentions that one of the things they were finally able to complete was the budgeting video course, “Budgeting Made Easy”, which will soon be available. (24:50)



Key Quotes:

“Understanding those three things, risk tolerance and capacity, emotions, and discipline is a good little recipe for long-term investment success.” - Erik Garcia, CFP®, BFA

“Risk tolerance is maybe a little bit more sturdy than just our feelings in general. But eventually, when things are more volatile, we're less tolerant for risk.” - Erik Garcia, CFP®, BFA

“One of my recommendations is, sit down, sit down with your business partner, sit down with your lifelong partner and look at what are some of the things that we can be doing now. January, February, is a great time to begin planning and looking at budgeting, looking at cash flow.” - Xavier Angel, CFP®, ChFC, CLTC


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

For the majority of Americans, retiring is an inevitable stage of life, one that comes with both the promise of relaxing without having to work and the threat of saving enough to make that promise come true. It’s pretty easy to see that retiring comes with its challenges, and staying in the loop means that tackling them is that much easier.

Erik Garcia, CFP®, BFA, and guest Vinnie Allard, AIF®, discuss the Secure Act 2.0 and how it impacts employers and employees as it relates to retirement plans. They discuss some key changes and why some employers ought to consider opening new plans this year.

Episode Highlights:

Vinnie shares that he wishes his financial lessons in school had included more personal finance and the importance of saving early. (3:31)


Vinnie discusses what led to the official national recognition that there is a retirement crisis and how an increasing number of states are taking up or discussing some type of retirement legislation. (7:36)


Vinnie shares how state-mandated retirement plans typically work. (9:14)


Vinnie explains that the biggest takeaway from Secure 1.0 was that it enabled company owners to get up to $5,000 or 50% of plan costs per year, up to $15,000 for the first three years of the plan, and a $500 credit for auto-enrollment. (14:11)


Vinnie explains that Secure 2.0 builds on Secure 1.0 by enhancing the dollar-for-dollar tax credit up to 100%, still with a $15,000 cap, and also provides a tax credit for employer contributions. (16:50)


Vinnie discusses some of the Secure Act 2.0 provisions that will be implemented and those that will be phased out. (18:23)


Vinnie mentions that Secure 2.0 also enables companies to help their employees repay their student debt. (25:40)


Vinnie explains what emergency withdrawal provisions for participants are. (28:50)


Vinnie believes doing better for their workers will lead to better outcomes in the future. (33:20)



Key Quotes:

“One of the other benefits of Secure 2.0 is the fact that as a business owner, to help entice your employees to come to these sign-up meetings or get involved with a retirement plan, you can offer small incentives such as gift cards or bonuses to help drive participation in the plan. And I think that's going to do a couple of things for you, as a business owner, one, it's going to help the overall health of your plan and drive your employees to save, which is, you know, great for their futures.” - Vinnie Allard, AIF®

“Secure 2.0 allows for employers to help folks pay back their student debt.” - Vinnie Allard, AIF®

“If we continue to do better for our employees, they'll do better for us and we'll have better outcomes in the future.” - Vinnie Allard, AIF®


Resources Mentioned:


Vinnie Allard, AIF® LinkedIn

Human Interest

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors