Stanley Targosz discusses tips to cashflow management to fund college without affecting retirement
Listen to the interview on the Business Innovators Radio Network: Stanley Targosz, Founding Member of The Responsible Brand Discussing Cashflow Management to Fund College Without Affecting Your Retirement
Stanley Targosz, president and founding member of The Responsible Brand. He delves into the critical issue of funding college education without jeopardizing retirement savings. Stanley highlights the alarming statistics surrounding student loan debt and its adverse effects on families, particularly regarding retirement lifestyle income. Through their extensive experience working with families, Stanley and his team discovered that while parents are often well-intentioned in their efforts to support their children’s education, the impact on their retirement is a more significant concern.
In today’s financial landscape, many families face the pressing challenge of funding their children’s college education while ensuring a secure retirement. As discussed in the podcast episode with Stanley Targosz, it is essential for families to grasp how their financial decisions can influence both college funding and retirement planning.
Families often find themselves in a dilemma: they want to support their children in achieving higher education, but they also need to protect their own financial future. The statistics surrounding student loan debt and its effects on retirement savings are alarming. Many families make sacrifices in their retirement plans to fund their children’s college education, which can lead to long-term financial strain.
One of the key takeaways from the episode is the importance of prioritizing retirement while planning for college expenses. Stanely emphasizes that many families initially focus on getting their kids into college, but the financial impact on retirement can be more significant than they realize. By understanding this dynamic, families can establish boundaries on how much they are willing to spend on college without jeopardizing their retirement.
Effective cash flow management is critical during the college years. Families often operate under the assumption that traditional financial strategies—such as paying off debt and maximizing contributions to retirement accounts—are the best course of action. However, Stanley points out that these strategies can backfire when it comes to college funding. For instance, paying off a mortgage or aggressively funding a 401(k) can negatively impact a family’s Expected Family Contribution (EFC) on the FAFSA, potentially reducing their eligibility for financial aid.
To navigate these complexities, families should consider alternative strategies that align with both their college funding and retirement goals. For example, Stanley suggests that families might benefit from contributing to a Roth IRA instead of a traditional 401(k) during the college years. This approach can help maintain a lower EFC while still allowing for retirement savings.
Additionally, families should be aware of the implications of 529 plans. While these accounts are designed for college savings, they can also impact financial aid eligibility. Targosz advises families to consider saving in a way that provides flexibility, allowing funds to be used for various purposes beyond just college expenses.
Stanley shared: “Families often struggle with managing debt during their life seasons. I have been very successful at sharing ways to use internal savings to fund life’s events without taking away from big goals like college, retirement, or helping others. We all make the best decisions we can with the information we have at the time, my job is to give better information to help make better decisions moving forward. our goal is to use our God given skills and talents to serve others, not just debt.”
Video Link: https://www.youtube.com/embed/ZzSIpP1FRvY
About Stanley Targosz
As the President and Founder of The Responsible Brand, Stanley is dedicated to bringing financial education back to families and the industry. He believes that responsible solutions begin with a knowledge base that can be applied to each phase of life, helping individuals have more control over their current and future financial decisions. With over 20 years of experience in helping families understand how to afford the next step after high school without affecting their life goals, he also solves the extreme college debt issue organically, using a knowledge-based solution that everyone can implement. His mission is to put the family at the center of the solution, ensuring everyone wins.
Learn more: https://theresponsiblebrand.com/
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