Phillip talks about college education planning and why parents don't have to save inside college funds for their kids.
This conversation is mostly about how wealthy families plan for their finances and how regular families can maximize their resources. It is important to have reserve capital that is accessible in case of an emergency, and this money should not be locked up in retirement plans or college funds. It is important to plan and save for future home purchases, college for kids, financial independence and other important life goals. It is possible to have a bucket of money saved for all these goals and access it if needed. It is becoming more common for kids to be self-learners and have skills that can be used to make money and may not need college. They may still go to college, but they may be able to pay for it themselves or get a scholarship.
Locking children into one path is not beneficial and it may make sense for them to pursue what they are interested in and have the means to help if they choose a different path than college.
0:01:10 The Benefits of Having an Asset Stack for Wealth Building
0:03:37 Understanding Liquid Assets and College Savings for Wealthy Families
0:09:28 Cash Flow vs. College Savings Plans: Exploring Optionality for Education Funding
0:10:54 Financial Planning Strategies for Wealthy Families
Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
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