In this episode of The MVP Podcast, Mitch Gibson sits down with Certified Financial Planner, Erik Garcia to discuss how important it is to have a strong financial vision and plan in place. Erik also breaks down the repercussions you could face by not implementing a financial vision/plan. If you are young and new to the industry, don’t wait to create your vision and plan. It will pay off for you in the long run
Do you hate budgeting? Don’t know how to budget? Stressed out financially? Don’t have a vision in place?
Erik has made it easy to get started with your financial vision and plan for the future.
For MVP Podcast Listeners, you can sign up for Erik’s “Budgeting Made Easy” Course by using Promo Code: “mvp23” to receive $25 off the course.
Click here: https://www.plan-wisely.com/budget/
Use code: “mvp23” at checkout
Price when using promo code: $55.00
Episode Highlights:
- Erik discusses the difference between a plan and a vision. (4:50)
- Erik explains that it is important to have a clear vision of where you want to go financially. (9:48)
- Erik mentions some common financial mistakes that insurance agents make, one of which is living on borrowed money. (13:02)
- Erik believes that individuals should not borrow money for anything that does not have a justified return on investment. (17:23)
- Erik shares another common financial mistake of agency owners, which is spending too much money on their houses. (19:48)
- Erik mentions that you can’t expect to accumulate in 3-5 years what took another agency owner 10-15 years to achieve. (21:37)
- Erik explains that another common mistake that agency owners make is failing to track their spending. (22:44)
- Erik believes that as people become conscious of where their money is going, they begin to make different buying decisions. (26:36)
- Erik announces that MVP Podcast listeners will get a discount on the Budgeting Made Easy Course by using coupon code “mvp23”. (30:09)
- Erik explains that the most common mistake that insurance agency owners or producers make is failing to save enough for retirement. (31:59)
- Erik discusses what an agent endgame is and how it may benefit certain agency owners. (36:56)
- Erik gives his responses to Mitch’s five rapid questions. (43:03)
Key Quotes:
- “You should be borrowing money on things that are going to generate revenue for you. Think of it as an investment. You’re not going to invest in anything that doesn’t have a return or a justified return on investment.” – Erik Garcia, CFP®
- “You just can’t accumulate what it took somebody, another agency owner, ten to fifteen years to get to and you think you’re gonna do it in three to five years?” – Erik Garcia, CFP®
- “Once you become aware of where your money’s going, you start making different buying decisions” – Erik Garcia, CFP®
Resources Mentioned: