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

As business owners, the majority of our net worth is tied to the value of our business. What steps should we take today to maximize this value for a future sale? 

In this episode of the Stuff About Money podcast, host Erik Garcia, CFP®, BFA™, ChFC®, sits down with tax attorney David Foate JD, LLM, to explore practical advice on preparing your business for a successful sale. David specializes in the buying and selling of agencies and shares his extensive experience with our listeners on how to increase the saleability and value of their agencies.

Episode Highlights:

David shares his background in tax law and his focus on succession planning for business owners. (01:04)


David discusses the financial burdens of student loans and the wisdom of financial pacing. (05:20)


Erik shares the key strategies to enhance an agency’s value before selling. (10:04)


David explains the legal and financial preparations necessary for selling an agency. (13:57)


Erik discusses the importance of understanding why one wants to sell and the preparation timing. (18:14)


Erik mentions that a strong management team and advisory board are important for business operations. (27:50)


David discusses the significance of clean financial records and the benefits of having a qualified bookkeeper. (38:17)


David elaborates on legal strategies for structuring producer agreements and the risks associated with revenue sharing. (45:26)


Erik discusses the emotional challenges of selling a business, noting the difficulty of separating from something so integral to one's identity. (56:27)



Key Quotes:

“Tax law, tax planning, a lot of M&A work, it's very tax heavy. So that's where I spend a lot of my time day-to-day with my clients.” - David Foate, JD, LLM

“The better prepared you can be, the better the outcome, just mentally, emotionally, and then the final deal result, everything will just be better.” - David Foate, JD, LLM


Resources Mentioned:

David Foate, JD, LLM

PFS Global

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

What does it mean to achieve financial security? Is it having a certain dollar amount in the bank or the ability to maintain your desired lifestyle no matter what happens? Erik Garcia (CFP®, BFA™, ChFC®) shares the three habits he believes are essential for building financial security in this episode. While the path to financial security may seem simple, it's not easy to achieve.

In this solo episode of the Stuff About Money podcast, Erik will explore these habits further and explain how you can take control of your financial future. By cultivating these key practices, you can set yourself up for lasting wealth and peace of mind.

Episode Highlights:

Erik introduces the concept of solo episodes aimed at exploring topics in-depth. He outlines the focus of this episode on three crucial habits for financial security, emphasizing their simplicity in concept but difficulty in practice. (01:13)


Erik discusses the importance of defining what financial security means personally, highlighting the concept of "enough" in terms of income, savings, and investment for peace of mind. (03:04)

Erik breaks down the first habit: spending less than one earns to avoid debt and financial strain. He explains the challenges posed by societal pressures and the need for disciplined budgeting. (05:48)


The second habit involves saving diligently. Erik encourages building wealth through consistent savings, discussing various strategies for effective financial management. (06:51)


Addressing the third habit, Erik advises against making foolish financial decisions. He stresses the importance of aligning expenditures with personal values to prevent wasteful spending. (07:36)


Erik concludes with encouragement for listeners to apply these habits incrementally to foster financial security, inviting them to engage further through consultations with him and Xavier. (10:53)



Key Quotes:

“If I do less foolish things and more wise things, less foolish decisions with my money and more wise decisions with my money, that's going to put me in a position to have a fighting chance to build financial security.” - Erik Garcia, CFP®, BFA

“Save as much as you can. This is where you really benefit from working with a financial advisor or financial planner.” - Erik Garcia, CFP®, BFA


Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

Many insurance agency owners struggle with the financial side of their business - Am I paying too much in taxes? Are my finances in order? Am I making a profit? These questions can be daunting, especially for those who don't have a strong background in accounting and bookkeeping.

In this episode, Erik Garcia (CFP®, BFA™, ChFC®) and Xavier Angel (CFP®, ChFC®, CLTC®) sit down with Jeremiah Bradley, an expert in providing bookkeeping and payroll services to insurance agencies and independent agents. Jeremiah shares insights on the benefits of having a dedicated bookkeeper, the impact of not having one, common myths about bookkeeping, and how to build trust with your financial professional. They also discuss some of the crazier tax write-offs Jeremiah has encountered working with his insurance clients.

Episode Highlights:

Jeremiah shares a lesson about saving money from his youth and its long-term impact. (06:33)


Jeremiah explains his journey to specializing in bookkeeping for insurance agencies. (10:12)


Jeremiah discusses the significance of understanding and managing cash flow in business. (17:46)


Jeremiah explains the importance of accurate bookkeeping for business decisions. (19:04)


Erik discusses the necessity of having a good relationship with your CPA and bookkeeper. (25:20)


Jeremiah mentions that it is important to ensure that your financial advisors, including accountants and CFOs, have a deep understanding of your specific industry. (33:55)


Erik discusses the importance of managing business expenses with an eye toward potentially selling the business in the future. (40:20)


Jeremiah believes that it is important for agency owners to continuously question the quality and comprehension of their financials, especially regarding specific practices like agency billing. (44:00)



Key Quotes:

“Bookkeeping is so important because if you don't know, it's a path, right? It's a path of, Hey, how am I doing? The month-to-month, but also it helps you look back and say, Hey, where did I come from? What have I been doing?" - Jeremiah Bradley

“Your bank account statement doesn't tell stories. Your profit and loss statements tell stories. You can't get an accurate profit and loss statement unless you're tracking expenses and income on a regular basis.” - Erik Garcia, CFP®, BFA


Resources Mentioned:

Jeremiah Bradley

Bradley Books and Balancing - Virtual Bookkeeping Services

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

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