Stanley Targosz discusses lifestyle protection during the expensive college years
Listen to the interview on the Business Innovators Radio Network: Interview with Stanley Targosz, Founding Member of The Responsible Brand Discussing Lifestyle Protection During the Expensive College Years
Stanley Targosz, dives into the important topic of lifestyle protection during the costly college years. Stanley emphasizes the financial and emotional challenges that come with supporting children through college, especially when multiple students are involved. The conversation highlights the stress of choosing the right school and career paths, managing housing and roommate situations, and the impact of financial strain on parents’ health and well-being.
The college years can be a financially taxing time for families, often leading to significant stress and lifestyle changes. As discussed in the podcast episode featuring Stanley Targosz, president and founding member of The Responsible Brand, it is crucial for parents to plan effectively during this period to ensure both their children’s education and their own financial well-being.
Lifestyle protection refers to the strategies and measures that families can implement to maintain their financial stability while supporting their children through college. This concept emphasizes the importance of not sacrificing one’s own health, retirement savings, and overall quality of life in the pursuit of funding a college education.
Many parents find themselves in a “conserve mode,” where they cut back on personal expenses and lifestyle choices to allocate more funds for their children’s education. This can lead to stress, health issues, and a diminished quality of life, as parents may feel they are living on a tight budget, reminiscent of the Great Depression era.
The cost of college can be overwhelming, especially for families with multiple children attending school simultaneously. Many parents feel compelled to sacrifice their own financial needs to support their children, often leading to a situation where they neglect their own well-being, such as skipping meals or halting retirement contributions.
Stanley highlights that this approach can have detrimental effects on parents’ health and financial stability. When parents stop funding their retirement accounts or neglect other financial responsibilities to pay for college, they risk facing a “graduation hangover” — a realization of the financial mess they have created after their children graduate.
To avoid these pitfalls, it is essential for parents to engage in proactive financial planning. This involves managing cash flow effectively and protecting their financial goals while still supporting their children’s education. By doing so, parents can ensure they do not lose sight of their own financial stability during this critical period.
One key strategy discussed is to view the college years as the first distribution from retirement savings. This perspective helps parents understand that the money spent on college is not just an expense but a significant transfer of wealth that could impact their financial future. For instance, spending $100,000 on college can equate to a monthly lifestyle cost of $1,000 to $1,500, which can have long-term implications for retirement savings.
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.”
Stanley emphasizes the importance of utilizing financial tools that can help parents manage their expenses without sacrificing their lifestyle. One such tool is properly structured cash value life insurance, which can serve as a savings vehicle that is transparent on financial aid applications (FAFSA) and allows for tax-deferred growth. This type of insurance can provide parents with the flexibility to access funds without penalties, unlike traditional retirement accounts.
By strategically positioning their finances, parents can avoid unnecessary costs and penalties associated with college expenses. For example, having funds in a cash value life insurance policy can potentially save families thousands of dollars compared to using a 529 plan, which may incur additional costs when applying for financial aid.
Video Link: https://www.youtube.com/embed/fw8tvqLLTDs
About Stanley Targosz
As the President and Founder of The Responsible Brand, he 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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