June 06, 2023

Education Planning: Xavier’s Story

16 minutes

Education planning comes with many obstacles, like student loans, meal plans, housing… and, as some of you will come to find out, what happens after graduation.

Xavier Angel, CFP®, ChFC, CLTC, tells Erik Garcia, CFP®, BFA, his and his family’s story of having to financially plan for a recent college graduate. The two discuss values-based planning, moving complications, “working your way through college” and more in this latest installment of the stuff about money podcast.

Episode Highlights:

Xavier discusses his personal experience with unforeseen costs that surfaced after his kids completed college, and how vital it is to prepare for such expenses. (2:22)

Xavier explains the need to anticipate and plan for expenses within the first 6-12 months post-graduation, to help graduates start their new phase of life smoothly. (5:43)

Erik shares insights on creating a financial plan for a unique gift for each child after college, emphasizing the necessity to plan for sudden costs. (8:46)

Erik clarifies the concept of a "Work optional account". (10:11)

Erik mentions the importance of understanding one's values before establishing goals and working toward them. (12:57)

Erik discusses the advantages of consistent savings to tackle unexpected expenses. (15:01)

Key Quotes:

“It's those first six to twelve months that I think are important because those paychecks aren't coming in right away. And there are added expenses that we have to plan for to help them get started.” - Xavier Angel, CFP®, ChFC, CLTC

“If we're saving money on a regular basis, if we had that strategy for saving money than a network optional account, we have options in there. So when that time comes, if I need money to purchase another car, if I need money for relocation, I have access to that money. I'm not stressed, because I've been saving over X amount of years to begin to have that liquidity in that freedom.” - Xavier Angel, CFP®, ChFC, CLTC

“Once you understand your values, you can start to set goals forward, and you can start to set real deliberate behaviors to achieve those goals.” - Erik Garcia, CFP®, BFA

Resources Mentioned:

Erik Garcia, CFP®, BFA

Xavier Angel, CFP®, ChFC, CLTC

Plan Wisely Wealth Advisors

...more

View all episodes

By Erik Garcia, CFP® & Xavier Angel, CFP®

88 ratings