Show notes
In this episode of the Stuff About Money podcast, Erik Garcia, CFP®, ChFC®, BFA™ is joined by a long-time friend of the show, Couples Counselor Dr. Matt Morris, and first-time guest Michael Baudin.
Listen in as they discuss what work-life balance is and, maybe more importantly, what it is not. This recording extends from a casual conversation among friends that originated at a Pelicans NBA basketball game. Erik felt compelled to share this compelling dialogue with Stuff About Money listeners.
Drawing from his expertise as a family therapist, Dr. Matt offers valuable insights, while Michael contributes his perspectives as a successful entrepreneur. Together, they conclude the discussion by offering practical strategies to attain fulfillment in one's professional and personal life.
They address pressing questions such as: Is work-life balance merely a myth? How can entrepreneurs effectively juggle the demands of business, family, and self-care while maintaining their well-being? And what sacrifices are acceptable in the pursuit of business growth? A standout moment in the episode is when Dr. Matt underscores the significance of creating margin in one's life to achieve a sense of “balance”.
Episode Highlights:
Dr. Matt explains why work-life balance is important due to the limited time we have on earth. (6:27)
Michael discusses work-life balance using the analogy of dividing a dollar into life's responsibilities: work, family, and self. (13:54)
Michael shares experiences of his business's growing pains, hiring employees, and increasing responsibilities that occasionally made him less present at home. (21:33)
Dr. Matt discusses the distinct challenges entrepreneurs face compared to employees, particularly in balancing time and resource allocation between business and family. (29:00)
Michael acknowledges that a one-size-fits-all approach doesn't work for managing family dynamics and business commitments. (34:58)
Erik emphasizes the importance of maintaining a "margin" in life, especially for entrepreneurs managing multiple demands. (41:00)
Michael values maintaining a work-life balance, prioritizing attendance at his children’s events and allowing his employees the same flexibility. (59:38)
Key Quotes:
“You get a lot of pride out of building your business, it's an enjoyment for you to build your business.” - Dr. Matt Morris
“Leave enough margin in your life and in your day that you can respond to needs as they pop up.” - Dr. Matt Morris
“You have to be fluid, you have to just be able to recognize what's happening and what's coming and be able to react, because that's all part of being a business owner and entrepreneur, whatever you want to call yourself. ” - Michael Baudin
Resources Mentioned:
Dr. Matt Morris
Michael Baudin
Matt Morris & Associates
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors