Money is an important part of people's lives. It impacts everything that we do. It's our financial behaviors, how we spend, how we save, how we invest, that's ultimately going to determine our success. Erik Garcia believes in educating and empowering people to make the right decisions for their future. Co-hosted by "JAG," former afternoon host and Program Director of New Orleans radio station Voodoo 104.
Do you want to be the Next Millionaire Next Door? with Sarah Stanley Fallaw
In today’s episode of Plan Wisely Podcast, host Erik Garcia interviews Sarah Stanley Fallaw, Psychologist, Researcher and the Founder and President of DataPoints, the company that created the world's first financial psychology toolkit. Sarah is also the co-author of the best-selling book, “The Millionaire Next Door.” Erik and Sarah discuss the portrait of a millionaire and finding your path to wealth and financial independence.
Episode Highlights:
What led Sarah to write and publish the book The Millionaire Next Door? (00:44)
What’s the portrait of the millionaire? What does the millionaire look like? (03:00)
How well are you managing your financial life? (06:04)
Skills, abilities, and competencies required to become financially independent (08:44)
Finding your path to wealth and financial independence? (10:01)
Who is The Next Door Millionaire? (13:41)
Age as a predictor of net worth (16:13)
The first generation of millionaires (18:42)
Behavioral characteristics of people who have financial success (20:13)
Behavioral characteristics that lead to wealth building (22:58)
Why do we buy what we do not need? (26:55)
The importance of budgeting when it comes to wealth creation (28:18)
The correlation between high income and high net worth (30:39)
The role of discipline in wealth building (31:31)
What is social indifference, and how does it predict net worth? (36:20)
3 Key Points
If you think about managing your financial life as a job, you can always ask yourself what you need to do the job better.
A high income does not necessarily mean high net worth.
Discipline is mandatory when it comes to financial success.
Key Quotes:
“You have to work hard for things and don't expect to walk out of college or some kind of training program that you may have been in and all of a sudden things are going to be fine.” - Sarah Fallaw
“It's very important to ensure that you're being smart about the things that you use, including your money and part of that does have to do with discipline.” - Sarah Fallaw
“Those who can really spend in a way that's conducive to their own goals and ignores the consumption behaviors of their neighbors and friends, tend to build wealth better than those that are heavily Influenced by how everybody else drives, buys and wears things.” - Sarah Fallaw
Resources:
Sarah Fallaw LinkedIn
Plan Wisely
FINRA
Data Points
The Millionaire Next Door
Erik's Website: https://www.plan-wisely.com/
Erik's YouTube Page: https://www.youtube.com/channel/UCjD-ImfJlSItr5b3zUwKLVA/about?disable_polymer=1
Email Erik: Erik@plan-wisely.com
Call Erik's Office at 504-218-5479
27 May 2020
4 Reasons I Disagree With Dave Ramsey
Dave Ramsey is one of the biggest names when it comes to personal finance, and a lot of his advice is very good. But there are 4 of his philosophies that Erik Garcia takes issue with. They are:
Looking for a 12% annual return on your investments
Planning for an 8% withdrawal rate in retirement
Promoting Only Mutual Funds
Asset Allocation
Erik breaks down each of these ideas, and where he disagrees with Dave's theories on them. At the end of the day, personal finance should be personal, not mass marketed to thousands.
Resources:
Erik's Website: https://www.plan-wisely.com/
Erik's YouTube Page: https://www.youtube.com/channel/UCjD-ImfJlSItr5b3zUwKLVA/about?disable_polymer=1
Email Erik: Erik@plan-wisely.com
Call Erik's Office at 504-218-5479
9 May 2020
I Can't Afford My Wife - A Tribute To Moms
Salary.com tracks real-time market prices of all the jobs moms perform.
Stay-at-home or not, moms are way undervalued and to often underappreciated. In light of COVID and quarantine, moms are being asked to do even more. Happy Mother's Day!
Resources Mentions:
👉 Plan Wisely YouTube Channel
👉 Mr. T - Treat your mother right
👉 How Much Is a Mother Really Worth?
👉 Dr. Matt’s Website https://www.drmattmorris.com/
👉 Erik’s Website https://www.plan-wisely.com
27 Apr 2020
Planning Opportunities as a Result of COVID-19
The news is exhausting - markets up and down, press conferences, statistics and more. Today, Erik Garcia and Jag have a simple, easy-to-understand conversation around the financial opportunities that may exist for you during the pandemic.
After a quick explanation on AGI, we take a look at the tax rebate - those checks that are coming to us from the government soon (if you haven't received yours already). If you're still working, and still have a steady income, this could be a real opportunity to pay down debt or sock that cash away in savings.
We also look at other aspects of the CARES Act, including:
Student Loan Relief
New Charitable Deduction for those taking the standard deduction on their taxes
New Charitable Deduction rules for those taking itemized deductions - now up to 100% of your AGI!
Waiving of RMD's in 2020
Next, we examine the relaxing of restrictions on taking money out of retirement accounts - and why, as a financial advisor, this makes Erik really nervous.
Other financial opportunities available right now for individuals:
Mortgage Refinancing
In-Service distributions
Revisit your tax return for withholding
Review Your Spending!
Resources:
Erik's Website
Erik's YouTube Page
Email Erik
Call Erik's Office at 504-218-5479
23 Mar 2020
Coping with Financial and Family Stress During Times of Anxiety
These are trying times, both financially and psychologically. Dr. Matt Morris rejoins Erik Garcia and Jag today. Together, we cover the volatile market as well as the "new normal" of having families together for significantly longer periods. Erik will cover some financial strategies, and Matt will cover some ideas to help keep you - and your family - sane during this time.
Resources:
Link to Video Matt referencedLink to subscribe to Erik's YouTube page
Dr. Matt Morris Website and appointments
Erik Garcia on the Web
Erik's e-book: The 5 Pillars of Financial Security
21 Feb 2020
Are you Self-Employed? It can be Taxing
Welcome to the gig economy. Where employees have a side hustle, or three, and others have left the paycheck-to-paycheck lifestyle of Corporate America for the project-to-project grind. Gigs move the risk away from companies and toward the individuals. Today, Roy Taylor of Taylor and Willis CPAs and advisors joins Erik and Jag to discuss. In this episode we cover:
Challenges that newly self-employed entrepreneurs face and how a CPA can help.
Common problems for small business owners.
Mistakes small business owners make, and the ramifications.
To contact Roy:
Call: 504-267-4427
Email Roy: rtaylor@twcpas.net
To contact Erik:
Email Erik: erik@plan-wisely.com
Erik Garcia Website
Erik's E-Book: 5 Pillars of Financial Security
6 Jan 2020
How to Hit Your Money and Health Goals and Not Fail
6 Tips to Hit Your Money and Health Goals and Not Fail:
Be Intentional
Measure Your Progress
Challenge Yourself
Reward Yourself
Start Now
Find Accountability
Erik, Jodi, and Jag break down each of these tips, and how they can apply to your financial and fitness goals.
Resources:
CrossFit Algiers Website
Erik Garcia Website
Erik's E-Book: 5 Pillars of Financial Security
10 Dec 2019
The Best Way to Join Money In Marriage
The goal of today's podcast is not to defend separate or joint accounts. However, we do want to explore some of the obstacles around joining accounts. Establishing a healthy dialogue about finances can help couples get on the same page and result in happier relationships in the long run.
Today's guest is Dr. Matt Morris, licensed as both a professional counselor and as a marriage and family therapist. He's a longtime professor of counseling at the University of Holy Cross in New Orleans, and is very active in private practice. Dr. Matt and Erik look at the data around separate vs joint accounts, as well as the reasons why some couples have trouble with their finances. Sometimes the cause is simple; sometimes it's much deepr.
Rescources:
Dr. Matt Morris Website and appointments
Erik Garcia on the Web
Erik's e-book: The 5 Pillars of Financial Security
7 Nov 2019
How to Deny Your Kid to Better Their Financial Future
Today, Erik and Jag are joined by licensed family therapist Roy Salgado to discuss how we can teach our kids healthy financial habits. There are 4 common responses to kids when they want you to buy something:
No. We do not have money for that.
No. You don't need that.
Maybe you can ask for it for your birthday/Christmas.
How about you start saving your money and you can buy it when you have enough.
We break down each of these responses and the healthy traits they coincide with.
Resources:
More about Erik and how to contact him
Erik's e-book, The 5 Pillars of Financial Security
Call Erik at 504-218-5479
Email Erik: info@plan-wisely.com
Call Roy Salgado at Crescent City Counseling Center: (504) 491-1034
Email Roy: crescentcitycounseling@gmail.com
7 Oct 2019
How To Prep Your Finances For The Next Recession
Experts disagree on when the next recession will come, but the markets are cyclical. This means, sooner or later, eventually a recession will be upon us. If you're concerned about a recession, you aren't alone.
First, Erik breaks down some of the market terminology you often hear, in terms the average person (like Jag) can understand.
Next, there are 5 economic realities that we are currently facing. Understanding them is key to creating a plan.
Finally, Erik gets in to his 4 point plan for investing. These strategies apply to everyone, regardless of income level.
Resources:
More about Erik and how to contact him
Erik's e-book, The 5 Pillars of Financial Security
Call Erik at 504-218-5479
Email Erik: info@plan-wisely.com
18 Sept 2019
Making Room For What Matters Most
Why is Erik telling Jag about New Year's Resolutions in September? There's a method to that madness - it has to do with getting down to motivation - and an awesome story about how Erik quit his gym...on January 6th.
Next, Erik reveals his 8 tips for improving your finances, and you don't have to wait until January to start.
Finally, Erik tells Jag where the BEST chicken sandwich in New Orleans is - hint: it ain't Popeye's or Chick-Fil-A.
Resources:
More about Erik and how to contact him
Erik's e-book, The 5 Pillars of Financial Security
Call Erik at 504-218-5479
Email Erik: info@plan-wisely.com
18 Sept 2019
Plan Wisely with Erik Garcia - Trailer
Meet Erik Garcia, New Orleans financial adviser. In our trailer, Erik explains how he believes financial decisions and behaviors influence our entire lives. He's joined by Jon "JAG" Gay, former afternoon host and program director of New Orleans radio station Voodoo 104.
Resources:
More about Erik and how to contact him
Erik's e-book, The 5 Pillars of Financial Security
Call Erik at 504-218-5479
Email Erik: info@plan-wisely.com
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