“I was excited when I finally understood what the radio announcer was talking about this morning on my commute! All of those financial terms made perfect sense to me” 

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, share the story that led to that comment from one of their clients. They break down the three most popular indices for measuring stock market performance: the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite. 

You will learn how they are similar, how they are different, and generally what the indices track and tell us about the stock market.

Episode Highlights:

  • Erik emphasizes the necessity of separating emotions from financial decisions, and its impact on financial success. (3:34)
  • Erik explains discusses the Dow Jones, S&P 500, and NASDAQ. (6:51)
  • Erik mentions the Dow Jones consists of 30 big U.S. companies, with the lineup sometimes changing, such as Amazon recently taking Walgreens’ spot. (11:03)
  • Erik shares that the S&P 500, a broader index than the Dow Jones, reflects the stock market’s general direction by including a wide range of large companies. (12:44)
  • Erik explains that the NASDAQ Composite is known for its volatility, primarily includes technology and growth-oriented startups, contrasting with the stable, dividend-yielding companies of the Dow Jones. (15:15)
  • Erik shares that the S&P 500, covering 80% of the market capitalization of U.S. publicly traded companies, offers a comprehensive view of the stock market. (20:02)

Key Quotes:

  • “There’s something called a stock market index. An index is a collection of stocks that we use as a proxy or something to gauge what the stock markets are doing.” – Erik Garcia 
  • “There’s a Russell 3000, there’s a Dow Jones Industrial Transportation Index, there’s an index that tracks semiconductors, if you can think of a possible index or something that you want to track, there’s an index that exists.” – Erik Garcia

Resources Mentioned:

Whoa! Mind blown. Rescuing donkeys from the side of the road, funding hospitals, training hockey players, and so much more. Jeff and Una Roy live by the mantra, “Give with no expectation of anything in return”. They are catalysts for change in their community.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned:

College is CRAZY expensive. As a parent, where do you start planning for your child’s Higher Ed? There is so much competing for your money and with many colleges not offering merit-based financial aid, the prospect of paying for college is daunting, to say the least. 

It seems inevitable that our kids will be buried in college loan debt forever. 

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA™, has a conversation with Christen Arafeh of Crescent City College Consulting. Christen is a speaker, college admissions advisor, and scholarship strategist, and she shares her story of winning $900,000 total in scholarship money to pay for her own college. Today, Christen helps families navigate the college admission maze, and best of all she helps students find scholarships that they may qualify for.

Episode Highlights:

  • Christen shares her journey of starting scholarship applications as a high school freshman and eventually securing over $900,000 in scholarships. (2:39)
  • Christen discusses the misconception that scholarships should only be sought after choosing a college and a major. (7:47)
  • Christen recommends searching for scholarships based on specific criteria relevant to the student, such as grade level, career interest, personal characteristics, and unique backgrounds, to find more applicable opportunities. (13:29)
  • Christen emphasizes the essential components of a scholarship application, including transcripts, resumes, letters of recommendation, and essays. (20:27)
  • Christen discusses the need for open conversations about college affordability between parents and students. (30:33)
  • Christen discusses services offered by Crescent City College Consulting from one-time consultations to ongoing support in creating college lists, application reviews, essay brainstorming, and scholarship searches. (36:15)

Key Quotes:

  • “I feel like when you surround yourself with people who are making good decisions, making good financial decisions, and you see their direction, like the successful decisions that people are making, to surround yourself with more people who are making great choices, rather than the people who may not be making those same great financial moves.” – Christen Arafeh
  • “I have a workbook that I’ve published, that it’s my college-ready roadmap that we go through, it’s kind of a timeline and the steps that you need, creating a college list, planning, school tours, all of the things.” – Christen Arafeh

Resources Mentioned:

Entering into the personal pain of others is no easy feat. Hear how Vonda found personal healing through her involvement with crime stoppers and foster summer camp.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned:

“Listen intently and respond creatively”. Listen to how Erin and Mike Richardson deepen relationships through intentional listening and then responding to other’s needs.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned:

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, are joined by Attorney at Law Ryan McBride to discuss the basics of estate planning. They discuss what estate planning is, the importance of beneficiary designations on life insurance and retirement accounts, and finally one of the core tools used in estate planning, a will.

Episode Highlights:

  • Ryan shares his non-linear journey to becoming an attorney, starting from pre-med to obtaining a finance degree, then exploring business ventures before eventually specializing in estate planning and probate law. (5:37)
  • Ryan discusses the importance of professional estate planning to cover wills, asset distribution, and powers of attorney for both health and financial matters. (13:21)
  • Ryan emphasizes the need for coordination between financial advisors and estate planning attorneys to ensure comprehensive estate planning, focusing on asset distribution, guardianship for minors, and the best interests of the child. (21:38)
  • Ryan explains the critical role of choosing an executor for estate management, mentioning the benefits of an independent executorship for streamlining the process and reducing costs. (24:13)
  • Ryan emphasizes the need for primary and contingent beneficiaries for probate and non-probate assets to avoid unintentional distribution of retirement funds and life insurance proceeds. (29:08)
  • Ryan explains the difference between community and separate assets and how inheritance and ownership decisions affect asset distribution to spouses, children, and siblings without a will. (36:33)

Key Quotes:

  • “Everyone should consider putting together an estate plan. Spouses should do it together, you know, because there are a lot of obviously, interconnected assets and concerns.” – Ryan McBride
  • “It’s important to have your financial advisor and your estate planning attorney working together, because it’s really imperative that the attorney knows what’s going on, from a financial standpoint, what your plans are in financial, and things to be able to properly prepare for your estate planning.” – Ryan McBride
  • “I really encourage clients to make sure they have a first and then a contingent choice on their life insurance beneficiary, so that that’s not something that happens because a lot of times that money may end up in the hands of folks that they don’t want that money to get to.” – Ryan McBride

Resources Mentioned:

Rob is passionate about veterans. Hear how he meets their needs, from mental health to dressing nicely. Thank you for your service.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned:

Hear how at an early age, giving to others was instilled in Mohamad as a value. He’s driven to make a positive impact in the lives of others the way THEY need to be helped.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned:

In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, BFA and Xavier Angel, CFP®, ChFC, CLTC, take you on a trip down memory lane. They reminisce on how they first met (it has something to do with shoe shopping) and how Xavier ended up joining the Plan Wisely Wealth Advisors team. They share how they ended up developing their business model to deliver ongoing financial advice to clients. Erik shares his one-page monthly business plan. And finally, Xavier shares a little bit about his experience as a black advisor in a predominantly white industry.

Episode Highlights:

  • Xavier congratulates Erik for earning his Chartered Financial Consultant (ChFC) designation. (2:47)
  • Erik and Xavier share a light-hearted memory of bonding over shoe shopping during a financial planning course, highlighting their start and strategic networking in the industry. (7:19)
  • Erik reflects on the importance of reflection and considering one’s actions, rather than moving too quickly and not fully absorbing the present moment. (10:44)
  • Erik and Xavier discuss estate planning, beneficiary designations, and succession planning for business owners, with a focus on checking company-sponsored life insurance and retirement accounts. (14:12)
  • Xavier shares the value of learning from others in different regions. (19:23)
  • Erik emphasizes the importance of hiring professionals to help achieve personal and financial goals. (21:54)
  • Xavier shares his experience of being the only minority in a conference room full of old white men. (26:54)

Key Quotes:

  • “When you start to live life, and walk day by day, with people of a different culture, you start to understand so much more about why things are the way they are, you start to understand why people are the way they are.” – Erik Garcia, CFP®, BFA
  • “Go out there, listen to someone’s story talk to one person that you normally wouldn’t have spoken to. When you walk in that building, say hello. Because you never know what someone else is going through. You may just make their day. ” – Xavier Angel, CFP®, ChFC, CLTC

Resources Mentioned:

Hear how Margaret connects her 3 agency locations to different organizations she supports. And you do not want to miss her story about the Special Tigers swim team! Oh my goodness, grab your Kleenex.

Welcome to “Insurance Professionals Are Givers,” a podcast series led by Erik Garcia CFP® and guest co-host Billy Wagner, exploring the essence of Erik’s fifth pillar of financial security: “Give To Others.” Dive into engaging conversations with diverse insurance professionals as they share their journeys of creating legacies for their families and leaving a meaningful impact on their communities through generous acts. Discover the driving forces behind their giving, heartfelt stories of their chosen causes, and the profound transformations sparked by their dedication to giving back. Prepare to be inspired to engage with your community in profound ways, reminding us all that giving isn’t confined to a season—it’s a mindset that cultivates lasting connections and fulfillment.

Resources Mentioned: