In this episode of the "Stuff About Money" podcast, hosts Erik Garcia, CFP®, BFA™, ChFC®, and Xavier Angel, CFP®, ChFC®, CLTC, share their top takeaways from the IndieTech Conference. While they usually dive into saving and investing, this time they focus on boosting your income by investing in yourself. Discover how developing relationships, establishing processes, and leveraging technology can drive revenue for entrepreneurs and professionals.
Erik and Xavier sprinkle humor into their insights on maximizing personal growth and taking risks. Learn why attending conferences is more than just collecting swag—it’s about connecting with like-minded professionals and upgrading your skills. Tune in for a fresh perspective on how investing in yourself can lead to financial success and a few laughs along the way.
Episode Highlights:
Erik asks Xavier about the common financial challenges his clients, particularly business owners, are facing. (0:54)
Xavier explains how small business owners often blur the lines between personal and business finances, which can impact their spending decisions. (2:02)
Erik stresses the importance of maintaining updated financial books to manage revenue and expenses accurately. (7:30)
Erik discusses the critical role of income generation in building wealth and how income does not always equate to wealth. (11:30)
Xavier introduces the idea of investing in yourself as a method to increase your income and professional growth. (14:00)
Erik shares their experience at the IndieTech conference and introduces the first takeaway: Developing and strengthening professional relationships. (17:45)
Xavier emphasizes how attending conferences helps build valuable relationships and fosters personal and team growth. (24:05)
Xavier introduces the second takeaway: Establishing processes and systems to improve business scalability and efficiency. (32:10)
Erik explains how well-defined processes can streamline operations and enhance the customer experience. (34:50)
Xavier presents the third takeaway: Leveraging technology wisely by focusing on tools that solve specific business problems. (49:30)
Erik shares his "technology policy statement," which helps assess the value of new technology in a business setting. (52:40)
Erik stresses the importance of treating new technology like an employee, with proper onboarding and training. (57:50)
Xavier and Erik discuss the importance of taking calculated risks in business to drive growth and opportunity. (1:06:35)
Erik shares a personal example of taking a risk by co-presenting a last-minute joint presentation with Ryan Hanley at IndieTech. (1:09:25)
Xavier talks about a recent calculated risk they took by hiring a new team member to grow their firm. (1:13:10)
Key Quotes:
“More income does not necessarily lead to more wealth. The more income you have, the better opportunity you have to build wealth. But you and I both know, and you listening to this podcast, you know as well as I do, that there's people who make a lot of money who don't build a lot of wealth.” - Erik Garcia, CFP®, BFA
“Your books in your business tell a story, paint a financial picture of your business. If you kept good books over a period of years, you can see what are the trends in your business.“ - Erik Garcia, CFP®, BFA
“We don't rise to the level of our goals, we fall to the level of our systems and you can substitute processes in there for systems. Right? We all have good intentions in business, but if we haven't built out a systematic way to actually accomplish that, most humans do not have the willpower just to accomplish a goal.” - Xavier Angel, CFP®, ChFC, CLTC
Resources Mentioned:
Erik Garcia, CFP®, BFA
Xavier Angel, CFP®, ChFC, CLTC
Plan Wisely Wealth Advisors