I Got No Car Note! II

Xavier’s a Certified Financial Planner driving a 2008 Accord. What? Why? Well, he drives his old car without air conditioning for a simple reason: No car note!

Xavier Angel, CFP®, ChFC, CLTC and Erik Garcia, CFP®, BFA, chat about what having no car note opens up and about how it can be hard to reach your financial goals. In addition, Erik tries his hand at rapping to better illustrate his point… Well, he’s a perfect fit for his industry at least!

Episode Highlights:

  • Xavier shares a personal story about delaying gratification by driving a 2008 Honda Accord with no AC to prioritize his financial goals. (3:37)
  • Erik mentions that delayed gratification is important in achieving financial goals, it can be difficult but it is something that individuals can learn. (10:10)
  • Erik explains that to learn delayed gratification, people should set tangible goals, start with small steps or timeframes, and keep the vision in mind. (12:29)
  • Erik discusses the concept of social indifference and the importance of knowing your values, goals, and vision for your future and making intentional decisions about how to allocate your dollars. (15:36)
  • Xavier shares that having an independence account has enabled him to manage trips in the last 30 days. (20:26)
  • Erik discusses the concept of an independence account to do the things that you want to do and the importance of having an emergency fund as well. (21:05)

Key Quotes:

  • “I think this idea of gratitude is important, being thankful and practicing gratitude for what you currently have is important.” – Erik Garcia, CFP®, BFA
  • “If you put your goals down on paper, and you know where you stand and you have a specific date for when you want to accomplish that, I think it becomes easier to be able to reach that goal. Still painful, but easier.” – Xavier Angel, CFP®, ChFC, CLTC
  • “It’s really important that you know your values, you know your goals, your vision for your future. And then you start making those decisions that are in alignment with that.” – Erik Garcia, CFP®, BFA

Resources Mentioned:

About Erik Garcia

Hi there, I'm Erik. How you manage your money and other resources impacts practically every aspect of your life. I help individuals and families invest plan for a more secure and predictable financial future. Thanks for taking time on my site!

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