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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Economics Personal Finance
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Episodes
  • 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
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    40 mins
  • 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
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    40 mins
  • Episode 82: Will 2025 Bring More Volatility? Expert Market Outlook with Phil Blancato

    Episode 82: Will 2025 Bring More Volatility? Expert Market Outlook with Phil Blancato
    Jan 28 2025
    What should you expect in 2025? Will market volatility and inflation trends continue to dominate the economy? In this dynamic episode of Stuff About Money They Didn’t Teach You in School, host Erik Garcia, CFP®, sits down with Phil Blancato, Chief Market Strategist for Osaic Wealth Management and CEO of Ladenburg Thalmann, to break down the biggest surprises of 2024 and what’s ahead for the markets. They dive into whether the explosive growth of the Magnificent 7 tech giants can continue and discuss how market corrections and volatility could impact investors in the coming year. Are you ready for potential market pullbacks in 2025? Erik and Phil share practical strategies to help you navigate economic uncertainty and position your portfolio for long-term success. Tune in for valuable insights and expert guidance on managing risk in today’s unpredictable market. If you find this episode helpful, follow the show and share it with someone who’s looking to make smarter financial moves this year! Episode Highlights: Phil emphasizes separating emotions from investments with his philosophy: "The market doesn’t love you, don’t love it." (04:09) Phil explains the persistent inflation in 2024 and its impact on Federal Reserve policies. (05:13) Global monetary interventions since 2008 have created an unprecedented economic environment. (07:06) Erik reflects on 2024’s record market performance and inflation challenges. (08:35) Phil predicts a return to "normal" market conditions in 2025 and sees opportunities in U.S. equities and bonds. (17:21) Phil discusses the dominance of big tech and advises diversification to mitigate risk. (18:12) Erik highlights the importance of aligning investment decisions with overall financial goals. (26:13) AI, crypto, and energy will drive emerging market opportunities in 2025. (30:35) Phil closes by advising investors to focus on long-term strategies. (32:37) Key Quotes: “Risk plus time equals reward. Real simple. Risk plus time equals reward. The market doesn't love you, don't love it, and you'll do just fine” - Phil Blancato “Think about being invested in the supply chain for AI, not just an AI company like NVIDIA, all the parts that are needed to make a chip or the software to build it. I think that residual component is quite interesting.” - Phil Blancato “The world is generally deflationary, and by that I mean productivity, the more productive we are creates deflation.” - Phil Blancato Resources Mentioned: Phil Blancato Osaic Wealth Management Ladenburg Thalmann Erik Garcia, CFP®, BFA Xavier Angel, CFP®, ChFC, CLTC Plan Wisely Wealth Advisors
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    37 mins

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