Education Planning: Xavier’s Story

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:

About Erik Garcia

Hi there, I'm Erik. How you manage your money and other resources impacts practically every aspect of your life. I help individuals and families invest plan for a more secure and predictable financial future. Thanks for taking time on my site!

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