What does “building wealth” mean when you’re still trying to figure out rent, your career, debt, relationships, and adulthood?
In this episode of Stuff About Money They Didn’t Teach You in School, Xavier Angel, CFP®, sits down with his daughter, Caitlin, for a conversation that started when she gave him some unexpected feedback: “I don’t think you should give this presentation.” Xavier had built a financial presentation for young adults around investing early, compound interest, and building wealth. The problem wasn’t that the advice was wrong. Caitlin helped him realize he was talking about what young adults needed to hear without first asking what they were ready to hear.
Together, Xavier and Caitlin explore what the word “wealth” means to a younger generation, what young adults are actually thinking about financially, and why building wealth may need to be framed less around a number and more around creating choices. Because before we ask, “How do I build wealth?” there may be a more important question: What do I want my money to make possible?
Episode Highlights:
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Caitlin shares that she wished she’d known money wouldn’t work the simple way she expected: paycheck in, bills on autopay, and leftover cash to spend freely. (03:45)
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Caitlin explains that the original presentation missed the mark because it assumed young adults already understood why the concepts mattered, when they were focused on immediate financial survival. (06:15)
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Caitlin describes wealth as “the margin,” meaning bills on autopay and being able to buy what she needs or say yes to plans without running the numbers first. (09:50)
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Caitlin shares how immediate pressures like rent and debt make it hard to think about long-term wealth when she’s focused on getting through the week. (12:30)
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Caitlin completes the thought “I would feel wealthy if…” by describing being able to send a future child to the school of her choice. (15:45)
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Xavier discusses the building blocks of wealth for young adults: understanding cash flow, building emergency reserves, controlling high-interest debt, and using employee benefits like a 401(k). (19:30)
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Xavier explains the “pay yourself before you pay debt” approach, walking through how to redirect leftover cash flow into savings first. (24:15)
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Caitlin advises listeners to find a neutral, outside person like a financial planner to talk to about money instead of relying only on family. (26:45)
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Xavier shares that a financial planner also serves as an accountability partner and cheerleader who helps clients celebrate their financial wins. (28:00)
Key Quotes:
- “As of now, building wealth seems like something that I’m gonna have to do eventually when I get a job that supplies more for me than what I’m currently paying for.” – Caitlin Barnes
- “ To me, wealth, if I were living here and where I am now, and I still had an excess amount of money to build an investment portfolio, that would mean wealth to me.” – Caitlin Barnes
- “ Wealth is what you’re able to build and keep from what comes in, keep from what’s coming in, and ultimately, the goal isn’t simply to make more money. It’s to turn that money you make into greater security, the freedom and choices over time” – Xavier Angel, CFP®, ChFC, CLTC
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