Episodios

  • Episode 89: Prepare for Future Spending by Practicing the Payment

    Episode 89: Prepare for Future Spending by Practicing the Payment
    May 20 2025
    In this episode of the Stuff About Money They Didn't Teach You in School podcast, host ⁠Erik Garcia⁠, CFP®, ChFC®, BFA™, shares a practical financial strategy he personally uses—what he calls practicing your future payment. Whether you’re planning to buy a home, send a child to college, or take on any significant financial commitment, Erik walks through how simulating that future expense now can reduce stress, build confidence, and help you make smarter money decisions. Plus, he dives into the psychology behind this tactic, including why naming a savings account after your future goal can be surprisingly powerful. Erik outlines three reasons to practice your future payment and three key benefits that come from doing it, including building a custom emergency fund and creating margin before you need it. Backed by behavioral research and real-world application, this episode offers a clear, actionable approach to preparing for life’s financial milestones. If this helps you, share it with someone else who’s facing a big financial decision, and don’t forget to follow the show for more thoughtful money strategies. Episode Highlights: Erik explains the idea of planning for predictable future expenses by simulating those costs in advance. (01:00) Erik outlines three reasons to practice future payments: stress testing your budget, building confidence, and evaluating the decision’s wisdom. (01:43) Erik shares the mechanics of how to implement the strategy using a named savings account and automatic transfers. (04:00) Erik provides examples of future costs like buying a house, a car, or college tuition, and explains how to simulate those payments. (04:48) Erik highlights the benefits: building a savings buffer, easing financial transitions, and creating financial margin. (06:27) Erik references research on “episodic future thinking” and its impact on behavior and reduced money-related stress. (09:00) Key Quotes: “I'm speaking as a fellow sojourner with you, someone who is actively trying to manage their finances better.” - Erik Garcia, CFP®, BFA “You're building in some space financially that if things go wrong, you've got money set aside in savings.” - Erik Garcia, CFP®, BFA Resources Mentioned: ⁠Erik Garcia, CFP®, BFA⁠ ⁠Xavier Angel, CFP®, ChFC, CLTC⁠ ⁠Plan Wisely Wealth Advisors⁠
    Más Menos
    14 m
  • Episode 88: Parent PLUS vs. Private College Loans with John Hupalo

    Episode 88: Parent PLUS vs. Private College Loans with John Hupalo
    May 6 2025
    In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, welcomes back longtime guest and college funding expert John Hupalo from MyCollegeCorner.com. As Erik navigates the emotional rollercoaster of planning for his own child’s college costs, he brings listeners along for a candid conversation about the realities of paying for school when savings and cash flow aren’t enough. From the tension between dreams and debt to that Rodrigue Blue Dog artwork hanging behind John in New York, this episode blends practical advice with real-world emotion. Erik and John dive deep into the differences between federal Parent PLUS loans and private student loans—unpacking the risks, benefits, repayment structures, and emotional consequences of each. They also share smart strategies for comparing options, planning payments, and managing expectations. Whether you’re a parent feeling overwhelmed or a financial professional advising clients, this conversation is packed with insight. If you enjoy the episode, follow the show and share it with someone navigating the same road. Episode Highlights: Erik opens up about the emotional and financial challenges of navigating college costs as both a financial advisor and a parent. (01:19) John explains the three ways families can pay for college: saving, cash-flowing, or borrowing—emphasizing this discussion focuses on borrowing options beyond federal student loans. (02:28) Erik and John discuss the potential dangers of Parent PLUS loans and explain why parents must understand the loan structure and long-term implications before committing. (09:30) John shares how private loans differ from Parent PLUS loans, including credit-based underwriting, variable rates, and the absence of origination fees. (17:01) Erik encourages “practicing the payment” as a proactive strategy—making mock loan payments in advance to test affordability before borrowing. (36:29) John suggests reducing market risk by shifting 529 funds to conservative options in advance of college payments. (38:01) They stress the value of planning for contingencies, including hidden risks like a student withdrawing mid-semester, and mention TuitionGuard as a resource to explore. (39:44) Key Quotes: “You just got to really be careful how far you're willing to reach for your, your students' dreams.” - John Hupalo “This is the time to be realistic and throughout the optimism, throughout the pessimism, and get the family together and talk about what can actually happen.” - John Hupalo Resources Mentioned: John Hupalo Invite Education MyCollegeCorner.com Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    45 m
  • Episode 87: Dollar Cost Averaging: Your 401(k)’s Superpower

    Episode 87: Dollar Cost Averaging: Your 401(k)’s Superpower
    Apr 22 2025
    In this episode of the Stuff About Money They Didn’t Teach You in School podcast, certified financial planner Erik Garcia speaks directly to those regularly investing in a 401(k), 403(b), or IRA. With the market constantly shifting, it can be tempting to pause contributions and wait for “better” times. But that move might cost you more than you think. Erik explains why dollar cost averaging—investing consistently regardless of market conditions—is actually your retirement plan’s greatest superpower. You’ll hear about three powerful benefits of dollar cost averaging, along with two real challenges that make it tough to stick with. This episode is all about helping you stay confident and committed to your long-term plan—even when the headlines say otherwise. If you're wondering whether to keep investing through market noise, this one’s for you. Episode Highlights: Erik explains the concept of dollar cost averaging and why it's a hidden 401(k) superpower. (01:01) Erik outlines how volatility can be an opportunity for 401(k) investors through consistent investing. (03:21) Erik shares how dollar cost averaging helps remove emotional decision-making from investing. (04:28) Erik emphasizes the role of automated discipline in building long-term wealth. Erik cautions that dollar cost averaging doesn't remove investment risk and long-term perspective is key. (06:23) Erik warns about the emotional challenge of staying invested during market drops. (07:57) Erik encourages investors to keep contributing, and possibly increase contributions, during down markets. (09:00) Key Quotes: “ The third benefit of dollar cost averaging is you are building a very important habit that's gonna help you build wealth, and that is discipline.” - Erik Garcia, CFP®, BFA “ investing in a down market is actually a very good long-term investment strategy, so stay invested. Keep investing. Use your superpower, your dollar cost averaging superpower to build your wealth in your 401k.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    11 m
  • How To Prep Your Finances for the Next Recession (Throwback Episode)

    How To Prep Your Finances for the Next Recession (Throwback Episode)
    Apr 8 2025
    In this episode of Stuff About Money They Didn't Teach You in School, I (Erik Garcia, CFP®, ChFC®, BFA™) take a solo journey back to 2019—pre-COVID, pre-pandemic stimulus, pre-whatever the heck this current economy is. It's wild to think how much has changed… and how much has stayed the same. This episode opens with a confusing encounter with a Polish website and a German iPhone—setting the stage for how disorienting the financial world can feel when recession fears start swirling. And lately? With inflation still lingering, market volatility, and general unease—it's giving déjà vu all over again. Though recorded years ago, the financial wisdom in this episode remains rock solid. I unpack five economic realities that hold true no matter the cycle, explain key market terms you’re probably hearing more of, and walk through a 4-step plan that works at any income level. Whether you're nervous about what's next or just want to make smarter money moves, this episode is a reminder that fear doesn’t have to drive your decisions—clarity and preparation can. Be sure to follow the show and share it with someone who could use a little financial calm in the chaos. Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    29 m
  • Episode 86: How to Actually Use Money for Happiness

    Episode 86: How to Actually Use Money for Happiness
    Mar 25 2025
    We all think having more money will make us happier, but what if the way we instinctively spend it isn’t actually the key to lasting happiness? In this episode of Stuff About Money, Erik Garcia, CFP®, dives into five ways we can use money, and why the thing we want to do with it—buying more stuff—won’t bring us the deep, fulfilling happiness we hope for. Instead, he explores the four things that actually do create happiness: investing in experiences, buying back time, giving generously, and saving for the future. From reflecting on a family trip to Disney World to the conversation we all love to have—“What would you do if you won the lottery?”—this episode challenges the way we think about money and what it can (and can’t) buy. Erik breaks down why spending money on experiences creates memories that last, why buying time back only works if you actually use it wisely, and how generosity is one of the most unexpected happiness boosters. Plus, he explains why saving money isn’t just about financial security—it’s about progress, and progress makes us happy. If you’re looking for a way to shift your mindset on money and happiness, this episode is for you. Tune in, challenge yourself to rethink how you spend, and share this episode with someone who could use a fresh perspective on what really leads to financial joy. Plan wisely, live confidently! Episode Highlights: Erik discusses Arthur Brooks’ research on money and happiness, sharing insights from his book on how financial choices impact well-being. (03:00) Erik explains why experiences create lasting happiness, while material goods lose their appeal over time. (03:47) Erik explores how using money to buy time can lead to greater fulfillment by prioritizing meaningful activities. (06:00) Erik shares why generosity leads to greater life satisfaction, as highlighted in Brooks’ book. (07:00) Erik emphasizes saving as a way to create future opportunities and achieve long-term happiness, a key theme in Brooks’ research. (09:19) Erik explains the deeper purpose of financial success and the importance of using money to support meaningful goals, a key lesson from Brooks’ book. (14:47) Key Quotes: “Spending money on experiences, buying experiences is a lasting investment into happiness and when you can use your money to buy experiences to create shared memories with people you love, that is a ticket to happiness.” - Erik Garcia, CFP®, BFA “Go out there and find a way to use your money to make a long-term investment in your happiness.” - Erik Garcia, CFP®, BFA “Every dollar that you save is creating a future opportunity and every dollar you waste represents a wasted opportunity in the future. We don't know what the future holds. So having money in savings is a good way to prepare for the unknown” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    16 m
  • Episode 85: Should You Pay Your Mortgage Off Early?

    Episode 85: Should You Pay Your Mortgage Off Early?
    Mar 11 2025
    Debt. Some people hate it. Some people tolerate it. And when it comes to a mortgage, the debate gets even more interesting. In this episode of Stuff About Money They Didn’t Teach You in School, Erik Garcia unpacks the question that’s been on the minds of several clients this week: Should I pay off my mortgage early? With four unique client scenarios—ranging from low-interest-rate borrowers with excess cash flow to high-rate homeowners debating a refinance—Erik highlights why there’s no one-size-fits-all answer. Along the way, he shares his personal philosophy on debt (hint: not all debt is created equal) and why blindly following financial advice can sometimes backfire. As the episode unfolds, Erik explores the key factors to consider when making this decision—your interest rate, cash flow, investment potential, and, most importantly, your comfort level with risk. Sure, being mortgage-free sounds appealing, but what if paying it off means leaving yourself cash-poor? Trading your liquidity for a paid-off home might seem like the responsible move, but could it actually be a risky bet? Before you rush to throw extra payments at your mortgage, tune in to this thought-provoking conversation to ensure your financial strategy aligns with your long-term goals. Episode Highlights: Erik outlines four different client situations, each with unique mortgage rates, cash flow, and financial goals. (01:28) Erik discusses key factors to consider when deciding whether to pay off a mortgage early, including interest rates, cash flow, and investment opportunities. (04:10) Erik highlights common reasons people choose to pay off their mortgage early, such as peace of mind, retirement planning, and reduced interest costs. (07:31) Erik breaks down how interest rates impact the decision to invest extra money versus paying down a mortgage. (12:09) Erik explains the role of risk tolerance, noting that some people are comfortable investing while carrying debt, while others feel uneasy. (15:00) Erik explains how homeowners should consider future expenses, like home renovations and unexpected costs, before accelerating mortgage payments. (18:47) Erik encourages listeners to evaluate their own financial situation, use mortgage calculators, and consult a financial planner before making a decision. (21:49) Erik explains why liquidity is crucial and warns against using all available cash to pay off a mortgage too soon. (22:10) Key Quotes: “Risk tolerance and comfort with debt. Some people have the risk tolerance to invest while carrying debt. Others might feel uneasy by having a mortgage balance. So, having a conversation, a thoughtful conversation about how much debt you feel like you can tolerate is important.” - Erik Garcia, CFP®, BFA “Avoid credit card debt as much as possible, like the plague, car debt, school debt, sometimes it's unavoidable, so you want to be prudent and judicious in that.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    24 m
  • Episode 84: Tomorrow Never Comes: Why We Put Off Financial Decisions

    Episode 84: Tomorrow Never Comes: Why We Put Off Financial Decisions
    Feb 25 2025
    In this episode of the Stuff About Money podcast, Erik and Xavier kick off this episode with a slightly humorous conversation about the unique way people from New Orleans speak—because if nothing else, in The Big Easy, they have their own way of doing things. But that same tendency to do things our way extends beyond language—it also applies to how we handle money. More specifically, how we don’t handle it. That’s right, this episode dives into the all-too-common habit of financial procrastination and why we keep telling ourselves, “I’ll take care of it tomorrow.” Why do we put off saving for retirement, getting life insurance, or investing for the future? It turns out, human nature makes it easy to prioritize today’s wants over tomorrow’s needs. Erik and Xavier explore the psychology behind why we delay crucial financial decisions, touching on everything from marshmallow experiments to why our future selves feel like total strangers. They also break down practical ways to stop stalling and start acting—from automation to visualization and a little bit of accountability (actually, a lot of accountability). Lean into this conversation for a fresh perspective on making smarter financial choices—or at the very least, to expand your New Orleans vocabulary. Episode Highlights: Erik and Xavier discuss common New Orleans phrases and their connection to financial habits. (02:00) Xavier shares a powerful story about a client who delayed purchasing life insurance and faced devastating consequences. (04:32) Erik explains present bias, the tendency to prioritize immediate rewards over future financial security. (09:04) Xavier emphasizes the impact of procrastination on financial planning, especially for business owners. (10:05) Erik introduces the concept of future self-continuity, explaining how people struggle to identify with their future selves. (12:01) Xavier shares a story of a client who secured life insurance just in time, ensuring financial stability for their family. (19:09) Erik breaks down the cost of delaying financial decisions, from rising life insurance premiums to missed investment growth opportunities. (21:12) Xavier stresses the emotional impact of financial procrastination and how it leads to stress, shame, and regret. (27:01) Erik and Xavier outline strategies to overcome procrastination, including visualization, automation, simplification, and accountability. (31:06) Key Quotes: “We're paying for something today, robbing ourselves from the future for something that we consumed yesterday.” - Erik Garcia, CFP®, BFA “We all understand what we need to do, what we're not doing, what we know we need to do, and we're ashamed because we're not following through.” - Xavier Angel, CFP®, ChFC, CLTC “If we can connect our present self to our future self. That's going to help us make more intentional decisions for, uh, for tomorrow.” - Erik Garcia, CFP®, BFA Resources Mentioned: Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    40 m
  • Episode 83: Is the Piggy Bank Dead? Teaching Kids to Manage Digital Money

    Episode 83: Is the Piggy Bank Dead? Teaching Kids to Manage Digital Money
    Feb 11 2025
    In this episode of Stuff About Money They Didn’t Teach You in School, certified financial planners Erik Garcia, CFP®, and Xavier Angel, CFP®, are joined by Javier Sanchez, AVP of Financial Literacy for Fidelity Bank. Together, they explore how teaching kids about money has shifted in the digital age. The classic piggy bank may be fading, but the need for financial education is stronger than ever. Javier shares practical insights on starting financial conversations early, navigating the risks of credit cards, and the importance of modeling good money behavior for our children. They also dive into how mobile banking apps and automated savings can help young people develop healthy financial habits. From personal stories—like Erik’s experience of spending more when swiping a credit card compared to paying with cash—to actionable advice on budgeting and avoiding credit card debt, this episode is packed with valuable tips for parents and caregivers. And hey, even if you think you’ve got your finances figured out, you might just walk away with a few new money skills yourself—or at least feel slightly more prepared than your kids. Be sure to follow, share, and let us know how you’re teaching money skills at home! Episode Highlights: Erik and Javier reflect on the importance of starting financial literacy early and the role of practical tools like the piggy bank. (03:00) Javier explains why children need a clear, visual savings vessel to understand the concept of saving money. (07:33) Javier discusses the challenges of teaching kids about digital money and the importance of introducing mobile banking at an early age. (11:00) Javier shares insights on how children can develop awareness of their income and spending habits using apps and alerts. (16:00) The conversation shifts to the pitfalls of credit cards, emphasizing the need for parents to teach kids about borrowing costs and responsible use. (20:47) Javier explains the significance of modeling good financial behavior for children to emulate. (29:00) Javier shares practical advice, such as leveraging library resources and encouraging kids to invest in self-development. (36:46) Key Quotes: “ Is the piggy bank dead? Absolutely not. Younger children need a container or a vessel that's clear, actually, so they can see that money growing. That instills that, hey, it's got to grow.” - Javier Sanchez “You can make very little money and still have an 850 credit score. It just means being smart and wise with your choices” - Javier Sanchez “If you're responsible, your kids follow that path. If you're very irresponsible, or you always seem to be struggling with your money, nine times out of ten, unless your kid sees it and says, ‘I don't want to live like this,’ they'll fall into that same habit.” - Javier Sanchez Resources Mentioned: Javier Sanchez Fidelity Bank Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
    Más Menos
    40 m
adbl_web_global_use_to_activate_T1_webcro805_stickypopup