76 episodes

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.

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

    • Education
    • 5.0 • 7 Ratings

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.

    Episode 61: S-Corp vs. LLC: Which Is Best for My Company?

    Episode 61: S-Corp vs. LLC: Which Is Best for My Company?

    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

    • 32 min
    Episode 60: Understanding the Dow Jones, S&P 500, and Nasdaq Composite

    Episode 60: Understanding the Dow Jones, S&P 500, and Nasdaq Composite

    "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

    • 23 min
    Champion People With Jeff Roy

    Champion People With Jeff Roy

    Whoa! Mind blown. Rescuing donkeys from the side of the road, funding hospitals, training hockey players, and so much more. Jeff and Una Roy live by the mantra, “Give with no expectation of anything in return”. They are catalysts for change in their community.  

    Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment.

    Resources Mentioned:


    Jeff Roy LinkedIn

    Excalibur Insurance Group


    Billy Wagner LinkedIn

    Brightway Insurance

    Erik Garcia, CFP®, BFA

    Plan Wisely Wealth Advisors

    • 21 min
    Paying for College With Christen Arafeh

    Paying for College With Christen Arafeh

    College is CRAZY expensive. As a parent, where do you start planning for your child’s Higher Ed? There is so much competing for your money and with many colleges not offering merit-based financial aid, the prospect of paying for college is daunting, to say the least. 
    It seems inevitable that our kids will be buried in college loan debt forever. 

    In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA™, has a conversation with Christen Arafeh of Crescent City College Consulting. Christen is a speaker, college admissions advisor, and scholarship strategist, and she shares her story of winning $900,000 total in scholarship money to pay for her own college. Today, Christen helps families navigate the college admission maze, and best of all she helps students find scholarships that they may qualify for.


    Episode Highlights:

    Christen shares her journey of starting scholarship applications as a high school freshman and eventually securing over $900,000 in scholarships. (2:39)


    Christen discusses the misconception that scholarships should only be sought after choosing a college and a major. (7:47)


    Christen recommends searching for scholarships based on specific criteria relevant to the student, such as grade level, career interest, personal characteristics, and unique backgrounds, to find more applicable opportunities. (13:29)


    Christen emphasizes the essential components of a scholarship application, including transcripts, resumes, letters of recommendation, and essays. (20:27)


    Christen discusses the need for open conversations about college affordability between parents and students. (30:33)


    Christen discusses services offered by Crescent City College Consulting from one-time consultations to ongoing support in creating college lists, application reviews, essay brainstorming, and scholarship searches. (36:15)



    Key Quotes:

    “I feel like when you surround yourself with people who are making good decisions, making good financial decisions, and you see their direction, like the successful decisions that people are making, to surround yourself with more people who are making great choices, rather than the people who may not be making those same great financial moves.” - Christen Arafeh

    “I have a workbook that I've published, that it's my college-ready roadmap that we go through, it's kind of a timeline and the steps that you need, creating a college list, planning, school tours, all of the things.” - Christen Arafeh


    Resources Mentioned:


    Christen Arafeh LinkedIn

    Crescent City College Consulting

    Erik Garcia, CFP®, BFA


    Xavier Angel, CFP®, ChFC, CLTC


    Plan Wisely Wealth Advisors

    • 39 min
    Leave the World Better Than How You Found It With Vonda Copeland

    Leave the World Better Than How You Found It With Vonda Copeland

    Entering into the personal pain of others is no easy feat. Hear how Vonda found personal healing through her involvement with crime stoppers and foster summer camp. 

    Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment.

    Resources Mentioned:


    Vonda Copeland LinkedIn

    Copeland Insurance Agency


    Billy Wagner LinkedIn

    Brightway Insurance

    Erik Garcia, CFP®, BFA

    Plan Wisely Wealth Advisors

    • 19 min
    Surprise and Delight With Erin Richardson

    Surprise and Delight With Erin Richardson

    “Listen intently and respond creatively”. Listen to how Erin and Mike Richardson deepen relationships through intentional listening and then responding to other’s needs.

    Welcome to "Insurance Professionals Are Givers," a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik's fifth pillar of financial security: "Give To Others." Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn't confined to a season—it's a mindset that cultivates lasting connections and fulfillment.

    Resources Mentioned:


    Erin Richardson LinkedIn

    Richardson Insurance


    Billy Wagner LinkedIn

    Brightway Insurance

    Erik Garcia, CFP®, BFA

    Plan Wisely Wealth Advisors

    • 15 min

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7 Ratings

7 Ratings

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