Show notes
In this solo episode of the Stuff About Money podcast, Erik Garcia CFP®, BFA™, ChFC®, reflects on King Cake season in New Orleans, an annual reminder that some things are wonderful precisely because they don’t last forever. Between questionable calorie intake and the collective sugar coma that sweeps the city, Erik is grateful that King cake is a season, not a lifestyle. That rhythm sparks a bigger conversation about money and how so much of our financial stress comes from forgetting that money, too, has seasons.
Erik breaks down the three financial seasons he most often discusses with clients: laying the foundation, building on that foundation, and eventually spending down and distributing assets. Each season comes with different demands, priorities, and emotional pressures, and many “bad” financial decisions are only bad because they’re made in the wrong season of life. He also explores how these seasons show up for business owners, from startup to growth to exit. If money feels tight, confusing, or heavier than expected, this episode offers clarity, perspective, and a reminder that you’re probably not doing it wrong. You may just be in a different season. If it resonates, follow the show and share it with someone who could use that reminder.
Episode Highlights:
Erik discusses three financial phases: laying a foundation, building on it, and spending down your accumulated assets. (04:15)
Erik shares his biggest financial mistake: trying to accumulate in five years everything that took his parents decades to build. (05:35)
What makes a financial decision bad isn't always the decision itself, but making it in the wrong season of life. (07:45)
The foundation-laying season is characterized by tight margins, high demands, and competing financial priorities like homeownership, transportation, and student loan repayment. (09:25)
Erik explains that restraint doesn't mean selling yourself short, but preparing yourself for the future, and making hard decisions early makes transitions easier. (12:50)
Regardless of income level, clients face a common challenge: people tend to spend or tie up their money in proportion to what they earn. (16:10)
Not spending every dollar isn't a sign of missing out on life; it's good stewardship and wise money management. (18:30)
Erik mentions that most small businesses fail not because they're bad ideas, but because they run out of cash. (22:00)
Financial seasons have beginnings and endings, making it valuable to pause and reflect on where you currently are in your money journey. (24:50)
Erik discusses the value of working with a financial planner who understands your values and the season of life you're in. (26:10)
The reality that seasons are temporary makes having trusted guidance in your financial life incredibly valuable. (27:15)
Key Quotes:
“Restraint doesn't mean that you're selling yourself short. You're preparing yourself for the future.” - Erik Garcia CFP®, BFA™, ChFC®
“Making good decisions that are in alignment with your values, that are in alignment with the season that you're in. It's important.” - Erik Garcia CFP®, BFA™, ChFC®
“I love the fact that more and more people aren't just quitting or retiring completely, that they recognize they have something still to give. There's meaning, and there's purpose in working.” - Erik Garcia CFP®, BFA™, ChFC®
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors