In this episode of the Building Us podcast, Dr. Matt Morris, LPC, LMFT, and Erik Garcia, CFP® are joined by Xavier Angel to discuss the worst financial advice given to them. “Free” credit cards, fancy jeans, expensive cars, and big houses…
Episode Highlights:
- What’s the worst financial advice that Xavier has ever received? (2:38)
- Xavier mentions some of the goals he had, when he moved to Holland. (3:59)
- What happened when Xavier tried to purchase his first car? (9:34)
- Xavier explains how his credit card debt demotivated him. (15:16)
- Xavier mentions how debt becomes a cycle. (21:34)
- Xavier shares a story about the phone call he received a couple of weeks ago. (34:22)
- Xavier gives his closing thoughts on bad financial advice. (40:40)
Key Quotes:
- “I think walking into the bank and having family members talk to you about how money works… that is lost in today’s age.” – Xavier Angel
- “These individuals graduating from college or in their mid to late 20s, they just don’t realize how much that debt that they’ve accrued over their short lifetime… the effects that it has going forward. Whether it’s purchasing a home, whether it’s purchasing a car, that debt has a lasting effect on them.” – Xavier Angel
- “You still have that bad advice when you’re looking at those salespeople coming in and trying to do something that’s going to better themselves. They’re still out there doing that same practice that you experienced.” – Xavier Angel