By Erik Garcia
//
August 11, 2026
How much control do we really have over our financial future? In this episode, Erik Garcia, CFP®, ChFC®, BFA™ and Dr. Matt Morris, LMFT explore the tension between external circumstances and personal responsibility. While economic conditions, inflation, taxes, and unexpected crises are outside anyone’s control, the conversation highlights the many financial choices that still remain firmly within reach.
Using concepts like “internal locus of control” and “external locus of control,” they explain how mindset shapes behavior and outcomes. Erik shares practical examples of decisions people can control — saving, spending, insurance, debt management, and lifestyle choices — while Dr. Matt explains how a sense of agency creates resilience and confidence. The episode challenges listeners to stop wasting emotional energy on uncontrollable variables and instead focus on the habits and decisions that move them forward.
Episode Highlights:
- Erik discusses the belief that financial success can feel dictated by external forces outside someone’s control. (02:19)
- Understanding how much control you actually have over your finances is the focus of this episode, Dr. Matt shares. (03:13)
- Dr. Matt explains the psychological concept of an internal locus of control, describing it as being “the captain of your own ship.” (04:44)
- Entrepreneurs often carry a strong sense of influence and control over their financial outcomes, Erik shares. (06:47)
- Erik shares a friend’s rule that if you can’t afford something twice, you can’t really afford it, using a car purchase as an example. (09:22)
- Dr. Matt recounts helping under-resourced clients in New Orleans save small amounts toward $100 so they’d have money to evacuate during a hurricane. (10:36)
- Recognizing personal control over spending and impulses, rather than adopting a victim mindset, is key to financial success, Erik shares. (13:00)
Key Quotes:
- “Money’s emotional. It’s tied to fear, identity, habits, and even relationships, and we’ve learned that long-term financial success is as much about behavior as it is math.” – Erik Garcia, CFP®, ChFC®, BFA™
- “Even the best financial plan can be undone by poor behavior, while good financial behavior has the potential to compound more powerfully than investment returns.” – Erik Garcia, CFP®, ChFC®, BFA™
- “We don’t have control over the weather, but we do have control over saving a little money so we can get to a destination that might be safer.” – Dr. Matt Morris, LMFT
Resources Mentioned:
Your First Step to Financial Security
Schedule your Strategy Session
Curious about working with Plan Wisely? Schedule your no-obligation 30-minute strategy session with us to explore how we can help you achieve your goals.
Schedule time with Erik
Schedule time with Xavier
