Episode 95: The Three Biggest Money Lies We Tell Ourselves

In this episode of Stuff About Money They Didn’t Teach You in School, hosts Erik Garcia, CFP®, ChFC®, BFA™, and Xavier Angel, CFP®, ChFC®, CLTC®, tackle a hard truth — sometimes, the biggest threat to our financial health isn’t the economy, it’s the lies we tell ourselves. From “I’ll save when I make more” to “I deserve this purchase” and “I can time the market,” Erik and Xavier break down how these self-deceptions quietly shape our spending, saving, and investing habits. They’ll also reveal how these internal narratives may be fueling the stress behind alarming stats showing that 58% of Americans feel their finances are in crisis and 47% say money negatively affects their mental health.

Digging deeper, they unpack the psychology and emotion behind each lie and how believing them keeps us stuck — overspending, under-saving, and second-guessing our investments. You’ll hear relatable stories, practical tips, and a few laughs along the way as Erik and Xavier guide listeners toward replacing financial fiction with truth. Whether you’re guilty of lifestyle creep, emotional spending, or chasing market timing, this conversation will challenge you to confront your money myths and live the Plan Wisely Way. Be sure to follow the show, share it with a friend, and leave a review if you enjoy the episode.

Episode Highlights:

• Erik connects Xavier’s story to financial behaviors that can lead to crisis and introduces “three money lies” people tell themselves. (08:00)
• Together, Erik and Xavier unpack the first lie: “I’ll save more when I make more,” discussing paycheck-to-paycheck realities and intentional saving habits. (11:00)
• Xavier challenges excuses around spending, encouraging listeners to align money use with what truly matters. (14:00)
• Erik emphasizes starting small, automating savings, and prioritizing goals that match personal values. (18:00)
• Erik and Xavier move to the second lie, “I deserve this,” exploring emotional spending, debt, and budgeting for wants versus needs. (20:00)
• Erik shares strategies to manage impulse buys and highlights the power of financial planning rooted in discipline and purpose. (24:00)
• Xavier discusses intentional spending on meaningful experiences and maintaining balance between enjoyment and prudence. (26:00)
• The third lie, “I can time the market,” introduces a conversation on emotional investing and long-term financial discipline. (28:00)
• Erik and Xavier reminds listeners that honest reflection, planning, and value-based choices lead to stronger financial wellbeing. (31:00)

Key Quotes:

• “There’s lies that we tell ourselves about money. We’re all guilty of this. Just some are guilty of it at different levels. Levels that are more material than others.” –  Erik Garcia, CFP®, ChFC®, BFA™
• “Create that strategy, take a look at what your finances are, know what’s important to you, and then make those decisions.” – Xavier Angel, CFP®, ChFC®, CLTC®
• “Saving is like a muscle. And the more you use it, the stronger it gets. The more you save, the easier it gets to save. And I think people just need to start.” –  Erik Garcia, CFP®, ChFC®, BFA™

Resources Mentioned:

• Erik Garcia, CFP®, BFA
• Xavier Angel, CFP®, ChFC, CLTC
• Plan Wisely Wealth Advisors