Plan Wisely with Erik Garcia

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

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

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

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

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

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 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

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

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

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

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

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