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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 66: Do I Need a Bookkeeper? with Jeremiah Bradley

    Episode 66: Do I Need a Bookkeeper? with Jeremiah Bradley
    Jun 18 2024
    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
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    47 mins
  • Episode 65: 3 Money Strategies to Teach Your Kids

    Episode 65: 3 Money Strategies to Teach Your Kids
    Jun 4 2024
    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
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    42 mins
  • Episode 64: Am I Getting a Good Deal in My Marriage? with Dr. Matt Morris

    Episode 64: Am I Getting a Good Deal in My Marriage? with Dr. Matt Morris
    May 21 2024
    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
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    1 hr and 5 mins
Economics Personal Finance
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