1 00:00:05,090 --> 00:00:06,510 Speaker 1: Welcome to Money Making Conversations. 2 00:00:06,750 --> 00:00:08,950 Speaker 2: It's the show that shares the secrets of success experienced 3 00:00:09,010 --> 00:00:11,630 Speaker 2: firsthand by marketing and branding expert, Rashawn McDonald. 4 00:00:12,010 --> 00:00:12,469 Speaker 3: I will know. 5 00:00:12,610 --> 00:00:14,750 Speaker 2: He's given me advice on many occasions, and in case 6 00:00:14,770 --> 00:00:17,890 Speaker 2: you didn't notice, I'm not broke. You know he'll be 7 00:00:17,910 --> 00:00:21,790 Speaker 2: interviewing celebrities, CEOs, entrepreneurs, and industry decision makers. It's what 8 00:00:21,810 --> 00:00:24,000 Speaker 2: he likes to do. It's what he likes to share. 9 00:00:24,450 --> 00:00:27,280 Speaker 2: Now it's time to hear from my man, Rashawn McDonald. 10 00:00:27,580 --> 00:00:28,700 Speaker 2: Money Making Conversations. 11 00:00:29,060 --> 00:00:29,540 Speaker 1: Here we go. 12 00:00:30,280 --> 00:00:30,620 Speaker 4: Welcome. 13 00:00:30,720 --> 00:00:34,830 Speaker 1: Welcome to Money Making Conversations. Conversation Masterclass. I am the host, 14 00:00:34,890 --> 00:00:38,250 Speaker 1: Rashawn McDonald. You know, the interviews and information this show 15 00:00:38,270 --> 00:00:42,530 Speaker 1: provides are for everyone. Please listen. Please take their advice. Please, 16 00:00:43,390 --> 00:00:46,150 Speaker 1: you know, Google information I give you. Do your research. 17 00:00:46,810 --> 00:00:50,500 Speaker 1: The information I give you is Information that I believe 18 00:00:50,620 --> 00:00:52,550 Speaker 1: will make your life a lot better because it's time 19 00:00:52,590 --> 00:00:55,390 Speaker 1: to stop reading other people's success stories and start living 20 00:00:55,430 --> 00:00:58,370 Speaker 1: your own. Also on the show, I have Brad Baldrige. 21 00:00:58,830 --> 00:01:01,470 Speaker 1: Over the past 10 years, Brad has directly helped hundreds 22 00:01:01,510 --> 00:01:05,110 Speaker 1: of families plan and pay for college. That's important. We're 23 00:01:05,310 --> 00:01:07,930 Speaker 1: in the college season. Got to help these kids make 24 00:01:07,950 --> 00:01:11,090 Speaker 1: it to their educational goals and got to have that money. 25 00:01:11,450 --> 00:01:16,140 Speaker 1: Has provided in-depth college plans resulting in increased financial aid. scholarships, 26 00:01:16,319 --> 00:01:19,740 Speaker 1: identification of right schools at the right price and better loans. 27 00:01:20,080 --> 00:01:21,819 Speaker 1: As I say every week, you can only hear these 28 00:01:21,920 --> 00:01:26,020 Speaker 1: interviews on Money Making Conversations Masterclass. Let's get this show 29 00:01:26,040 --> 00:01:29,720 Speaker 1: started with my first guest. It is Brad Baldrige. He 30 00:01:29,760 --> 00:01:32,899 Speaker 1: is one of the nation's leading financial experts. He teaches 31 00:01:32,959 --> 00:01:36,260 Speaker 1: families the best ways to plan, save and pay for college. 32 00:01:36,530 --> 00:01:39,170 Speaker 1: so they can make their children's college dreams come true 33 00:01:39,470 --> 00:01:43,090 Speaker 1: without wiping out their finances or their retirement. Please welcome 34 00:01:43,110 --> 00:01:46,750 Speaker 1: to Money Making Conversation Masterclass, Brad Baldrige. How you doing, Brad? 35 00:01:47,750 --> 00:01:48,680 Speaker 4: I'm doing great. How are you? 36 00:01:49,220 --> 00:01:51,640 Speaker 1: Pretty good, Brad. You know, I always call my guests 37 00:01:51,720 --> 00:01:54,400 Speaker 1: prior to the show just to hear the voice and 38 00:01:54,420 --> 00:01:57,640 Speaker 1: let them know that this is a very upbeat show 39 00:01:57,680 --> 00:02:00,980 Speaker 1: about information that I want to share with my guests. 40 00:02:01,240 --> 00:02:02,560 Speaker 1: How long have you been doing this, Brad? 41 00:02:03,220 --> 00:02:04,830 Speaker 4: I've been doing this about 20 years now. 42 00:02:05,250 --> 00:02:05,470 Speaker 5: Mm-hmm. 43 00:02:06,300 --> 00:02:08,340 Speaker 1: And what puts you in this direction? Because you are 44 00:02:08,400 --> 00:02:10,560 Speaker 1: a certified financial planner, correct? 45 00:02:10,919 --> 00:02:13,799 Speaker 4: That's correct. Yeah. So college planning is kind of a 46 00:02:13,860 --> 00:02:19,160 Speaker 4: subset of general financial planning, which is what CFPs do. 47 00:02:19,840 --> 00:02:21,520 Speaker 4: And I just got involved in it. And the more 48 00:02:21,560 --> 00:02:24,060 Speaker 4: I got involved, the more questions I heard, the more 49 00:02:24,120 --> 00:02:26,139 Speaker 4: I realized that this was an area that just isn't 50 00:02:26,180 --> 00:02:30,010 Speaker 4: being covered for most families as far as their normal planning. 51 00:02:30,770 --> 00:02:32,630 Speaker 4: And there's a big need for it. So I've been 52 00:02:32,830 --> 00:02:36,850 Speaker 4: giving presentations at high schools and just have a Had 53 00:02:36,889 --> 00:02:39,080 Speaker 4: a very good response. So I just, again, kind of 54 00:02:39,120 --> 00:02:41,200 Speaker 4: a snowball. The more I worked at it, the more 55 00:02:41,220 --> 00:02:43,060 Speaker 4: information I put out there, the more people came to 56 00:02:43,120 --> 00:02:44,240 Speaker 4: me and had more questions. 57 00:02:44,260 --> 00:02:47,500 Speaker 1: Well, you know, it's really interesting because, you know, help 58 00:02:47,540 --> 00:02:50,299 Speaker 1: me out with the education of what scholarships are, what 59 00:02:50,360 --> 00:02:53,210 Speaker 1: is financial planning, what is financial aid. Because those are 60 00:02:53,250 --> 00:02:59,320 Speaker 1: different fields of education education. that you can get to 61 00:02:59,340 --> 00:03:02,240 Speaker 1: pay for an education, correct? But how do you, as 62 00:03:02,300 --> 00:03:07,299 Speaker 1: a financial planner for college education, how do you work 63 00:03:07,380 --> 00:03:10,360 Speaker 1: amongst these different fields when a person or a parent 64 00:03:10,419 --> 00:03:11,060 Speaker 1: comes to you? 65 00:03:12,340 --> 00:03:15,160 Speaker 4: Right, yeah, so it's kind of a specialized area because 66 00:03:15,180 --> 00:03:17,560 Speaker 4: you need to have a really good understanding of how 67 00:03:18,060 --> 00:03:20,730 Speaker 4: financial aid works, both the need-based aid, which is the 68 00:03:20,750 --> 00:03:25,050 Speaker 4: FAFSA and all that process, as well as scholarships and 69 00:03:25,090 --> 00:03:29,310 Speaker 4: merit scholarships and merit aid, and that would be athletics 70 00:03:29,570 --> 00:03:32,350 Speaker 4: and high academic achievers and that type of thing. And 71 00:03:32,370 --> 00:03:35,900 Speaker 4: then all that has to roll together with the family's finances. And, 72 00:03:35,920 --> 00:03:38,920 Speaker 4: you know, for most families, college is going to cost something, 73 00:03:39,480 --> 00:03:45,420 Speaker 4: but depending on where you stand, it could be $ 5, 000 74 00:03:43,180 --> 00:03:45,880 Speaker 4: or $ 10, 000 or $ 20, 000, or it could be $ 50, 000 or 75 00:03:45,880 --> 00:03:49,589 Speaker 4: $ 60, 000 or $ 70, 000 for each year. So, you know, doing 76 00:03:49,630 --> 00:03:51,590 Speaker 4: it well makes sense for most families. 77 00:03:52,010 --> 00:03:55,170 Speaker 1: You know, sometimes every year you read about I got 78 00:03:55,490 --> 00:03:59,560 Speaker 1: a hundred scholarships. I got 50 scholarships. I've been enrolled 79 00:03:59,620 --> 00:04:03,640 Speaker 1: in over 200 schools. And when you sit down and 80 00:04:03,680 --> 00:04:06,560 Speaker 1: you talk to, do you talk to the schools directly 81 00:04:06,640 --> 00:04:10,600 Speaker 1: or do you do virtual counseling or how does your 82 00:04:10,680 --> 00:04:12,080 Speaker 1: system work, Brad? 83 00:04:12,600 --> 00:04:15,020 Speaker 4: Right. So generally you can think of it as I'm 84 00:04:15,040 --> 00:04:16,960 Speaker 4: the coach that's working with parents. 85 00:04:17,300 --> 00:04:17,500 Speaker 5: Right. 86 00:04:17,800 --> 00:04:21,020 Speaker 4: So I help parents understand need-based aid and merit aid 87 00:04:21,160 --> 00:04:23,380 Speaker 4: and talk them through what they can do to make 88 00:04:23,430 --> 00:04:26,270 Speaker 4: things better and whether they should save or invest or 89 00:04:26,310 --> 00:04:32,710 Speaker 4: choose the right loans or reposition assets, help them figure 90 00:04:32,730 --> 00:04:36,910 Speaker 4: out what schools might be a good fit for their student. Again, oftentimes, 91 00:04:37,310 --> 00:04:40,469 Speaker 4: because college is so challenging, people are shocked to learn 92 00:04:40,490 --> 00:04:43,440 Speaker 4: that there's very similar schools with very different price tags, 93 00:04:43,480 --> 00:04:47,179 Speaker 4: just depending on how your family fits into the overall 94 00:04:47,240 --> 00:04:48,740 Speaker 4: mix for that particular school. 95 00:04:49,240 --> 00:04:50,659 Speaker 1: Let me ask you this, because I got to ask 96 00:04:50,680 --> 00:04:53,450 Speaker 1: these questions, because You know, do you bring in because, 97 00:04:53,470 --> 00:04:56,529 Speaker 1: you know, there are a lot of military options to 98 00:04:56,570 --> 00:04:58,770 Speaker 1: pay for school. Do you bring that into your financial 99 00:04:58,810 --> 00:05:01,570 Speaker 1: planning as an option or you can stick with the 100 00:05:01,610 --> 00:05:02,850 Speaker 1: merit and the need base? 101 00:05:03,850 --> 00:05:06,430 Speaker 4: Yeah, military does come up where it's a good fit. 102 00:05:06,870 --> 00:05:10,430 Speaker 4: And again, that's kind of a family decision. You know, 103 00:05:10,450 --> 00:05:15,410 Speaker 4: military is an option. Athletics for some athletes is. But 104 00:05:15,430 --> 00:05:18,570 Speaker 4: the reality is for a lot of people, five or 10% 105 00:05:18,570 --> 00:05:21,510 Speaker 4: might be athletes, a few percent might use the military, 106 00:05:21,570 --> 00:05:23,940 Speaker 4: a few percent. And that's the challenge, right? There's all 107 00:05:23,980 --> 00:05:26,640 Speaker 4: these different ideas and programs out there, and only a 108 00:05:26,680 --> 00:05:28,599 Speaker 4: couple of them are going to be right for any 109 00:05:28,640 --> 00:05:32,280 Speaker 4: particular family. And I think that's the big caution where 110 00:05:33,160 --> 00:05:35,020 Speaker 4: families will say, well, my brother-in-law did it, and this 111 00:05:35,060 --> 00:05:37,820 Speaker 4: is what he did. But unless your family and your 112 00:05:37,880 --> 00:05:40,640 Speaker 4: student and your income and all your statistics are just 113 00:05:40,680 --> 00:05:43,480 Speaker 4: like your brother-in-law, there's a good chance that what worked 114 00:05:43,520 --> 00:05:45,849 Speaker 4: for him may not work for you And you're going 115 00:05:45,870 --> 00:05:48,110 Speaker 4: to have to come up with your own strategies that 116 00:05:48,150 --> 00:05:49,130 Speaker 4: will work better for you. 117 00:05:49,589 --> 00:05:51,670 Speaker 1: And that's really the key because I was a need 118 00:05:51,750 --> 00:05:55,030 Speaker 1: base when I was in college. I, you know, my family, 119 00:05:55,089 --> 00:05:58,550 Speaker 1: my father was a truck driver and I hit that, 120 00:05:58,570 --> 00:06:01,570 Speaker 1: hit that economic level where I was able to apply 121 00:06:01,630 --> 00:06:05,310 Speaker 1: for financial aid. And that enabled me to actually go 122 00:06:05,350 --> 00:06:07,190 Speaker 1: through college and I didn't have to get a college 123 00:06:07,270 --> 00:06:10,950 Speaker 1: loan now because the big shout out now is that 124 00:06:11,050 --> 00:06:15,290 Speaker 1: these college loans and trying to get, um, government subsidies 125 00:06:15,330 --> 00:06:17,750 Speaker 1: where they don't have to pay these loans back. And 126 00:06:17,790 --> 00:06:20,330 Speaker 1: I'm just, as I walk through this conversation with you, Brad, 127 00:06:20,390 --> 00:06:23,789 Speaker 1: and Brad is one of the nation's leading college financial experts. 128 00:06:23,810 --> 00:06:26,390 Speaker 1: He teaches families the best ways to plan, save and 129 00:06:26,430 --> 00:06:29,190 Speaker 1: pay for college so they can make their children's college 130 00:06:29,250 --> 00:06:33,430 Speaker 1: plans come true. Now you hear the word loan, you 131 00:06:33,930 --> 00:06:39,429 Speaker 1: hear the word need-based, you hear the word merit. Walk 132 00:06:39,490 --> 00:06:43,250 Speaker 1: us through, is getting a loan a bad thing? 133 00:06:46,420 --> 00:06:48,720 Speaker 4: No. I mean, getting a loan in general is not bad. 134 00:06:48,920 --> 00:06:51,820 Speaker 4: It's not good either. It's just one tool in the toolbox. 135 00:06:52,710 --> 00:06:55,690 Speaker 4: And I think where people misuse the tool, that's when 136 00:06:55,730 --> 00:06:57,890 Speaker 4: things get bad, right? If you only have a hammer 137 00:06:57,930 --> 00:06:59,710 Speaker 4: and you've got screws that you're trying to deal with, 138 00:07:00,350 --> 00:07:01,830 Speaker 4: it's just not a good fit. And it's kind of 139 00:07:01,850 --> 00:07:03,940 Speaker 4: the same thing when it comes to college. You know, 140 00:07:03,950 --> 00:07:07,880 Speaker 4: sometimes a loan is the only tool available. So that's 141 00:07:07,900 --> 00:07:10,580 Speaker 4: the one you use and it gets people in trouble. 142 00:07:11,360 --> 00:07:14,920 Speaker 4: Other times, loans are very appropriate. So it really depends 143 00:07:15,100 --> 00:07:21,060 Speaker 4: on your particular situation and how much earnings you may 144 00:07:21,100 --> 00:07:22,840 Speaker 4: have to pay them back and all that type of thing. 145 00:07:23,740 --> 00:07:25,860 Speaker 1: But like you said, something really interesting. You said, Rashawn, 146 00:07:26,240 --> 00:07:29,000 Speaker 1: you know, you would think that the same school would 147 00:07:29,040 --> 00:07:32,520 Speaker 1: have the same financial commitment and they don't. So if 148 00:07:32,550 --> 00:07:34,610 Speaker 1: you have a student out there and you and they're 149 00:07:34,630 --> 00:07:36,710 Speaker 1: trying to go the route of a loan, knowing they 150 00:07:36,730 --> 00:07:39,150 Speaker 1: have to pay that loan back. Do you play a 151 00:07:39,210 --> 00:07:42,490 Speaker 1: role in the decision making with the parent to say, hey, look, 152 00:07:42,950 --> 00:07:45,290 Speaker 1: this is what's going to happen. I would recommend this 153 00:07:45,350 --> 00:07:51,110 Speaker 1: school over here. Excellent recommendation. graduate, excellent reputation within the 154 00:07:51,430 --> 00:07:54,390 Speaker 1: business community. How does your relationship work with the parents? 155 00:07:54,430 --> 00:07:57,880 Speaker 1: Because in the end, you're trying to make sure that they, 156 00:07:58,300 --> 00:08:01,000 Speaker 1: the child gets a proper education. The parents are not 157 00:08:01,380 --> 00:08:07,400 Speaker 1: so not like mortgaging their retirement. And there's an opportunity 158 00:08:07,440 --> 00:08:09,460 Speaker 1: for this kid to live a life that their parents 159 00:08:09,500 --> 00:08:10,230 Speaker 1: may not have led. 160 00:08:10,250 --> 00:08:13,970 Speaker 4: Right, exactly. And I think it's, if you, you know, 161 00:08:13,990 --> 00:08:15,410 Speaker 4: look at what it looks like at the end. 162 00:08:15,890 --> 00:08:16,110 Speaker 1: Right. 163 00:08:16,860 --> 00:08:19,550 Speaker 4: You know, that's an important thing to realize that, you know, 164 00:08:19,880 --> 00:08:22,230 Speaker 4: as an example, at the very end of the process, 165 00:08:22,270 --> 00:08:24,190 Speaker 4: at the end of your senior year, you know, a 166 00:08:24,190 --> 00:08:26,870 Speaker 4: family might say, OK, we applied to these five schools. Right. 167 00:08:26,910 --> 00:08:29,630 Speaker 4: You know, this one we didn't get accepted at. This 168 00:08:29,710 --> 00:08:31,890 Speaker 4: is the local state school. It's going to cost us 169 00:08:31,930 --> 00:08:34,929 Speaker 4: about twenty five thousand. Here's a couple of private schools. 170 00:08:35,170 --> 00:08:38,010 Speaker 4: One's twenty seven thousand, one's twenty nine thousand. And then 171 00:08:38,030 --> 00:08:40,929 Speaker 4: here's another private school that's, you know, fifty seven thousand. 172 00:08:41,710 --> 00:08:44,150 Speaker 4: A lot of families would say, you know, 57 versus 27, 173 00:08:44,150 --> 00:08:47,480 Speaker 4: you know, maybe we'll skip that expensive one, but not always. 174 00:08:47,520 --> 00:08:49,700 Speaker 4: Sometimes people say that, you know, the most expensive one's 175 00:08:49,720 --> 00:08:51,190 Speaker 4: the one we like and we're willing to pay it. 176 00:08:51,760 --> 00:08:54,320 Speaker 4: There's no right or wrong here. Just like when we 177 00:08:54,340 --> 00:08:57,439 Speaker 4: buy a car, not everybody pays the same price, but 178 00:08:58,280 --> 00:09:01,520 Speaker 4: if there's lower priced options available, you know, you certainly 179 00:09:01,540 --> 00:09:03,600 Speaker 4: want to consider them. And I think that's where many 180 00:09:03,660 --> 00:09:08,520 Speaker 4: families make a mistake is when they apply, all their 181 00:09:08,540 --> 00:09:11,610 Speaker 4: choices end up being expensive choices. They didn't even realize 182 00:09:11,640 --> 00:09:16,090 Speaker 4: that there was lower cost options available because it's very opaque. 183 00:09:16,730 --> 00:09:19,690 Speaker 4: Colleges have the price that they publish, but there's also 184 00:09:19,730 --> 00:09:21,609 Speaker 4: the price you pay, and that can be very different 185 00:09:21,630 --> 00:09:23,690 Speaker 4: if you get a lot of aid. As an example, 186 00:09:24,510 --> 00:09:28,929 Speaker 4: Stanford is $ 87, 000, but they've had some press releases out 187 00:09:28,950 --> 00:09:36,910 Speaker 4: there saying that for families whose income is under $ 100, 000, 188 00:09:33,630 --> 00:09:36,479 Speaker 4: their cost will essentially be zero. They'll pay all of 189 00:09:36,530 --> 00:09:39,120 Speaker 4: tuition and all of room and board so the student 190 00:09:39,140 --> 00:09:42,860 Speaker 4: can go almost free. Now, if that's the case, it 191 00:09:42,880 --> 00:09:45,859 Speaker 4: doesn't really matter that they list at $ 85, 000. What you 192 00:09:46,000 --> 00:09:50,260 Speaker 4: pay is what matters. And conversely, if your income is 193 00:09:50,300 --> 00:09:52,850 Speaker 4: really high at Stanford, they don't offer any merit aid 194 00:09:52,870 --> 00:09:55,890 Speaker 4: at all. So if you don't show any need, then 195 00:09:55,950 --> 00:09:57,990 Speaker 4: you're going to pay full price almost no matter what 196 00:09:58,090 --> 00:10:01,410 Speaker 4: because of the way the system works. So for some families, 197 00:10:02,540 --> 00:10:06,520 Speaker 4: Stanford could be free. For other families, it could be $ 85, 000. 198 00:10:05,400 --> 00:10:09,800 Speaker 4: And it's really understanding where you fit into that. Because 199 00:10:09,820 --> 00:10:11,620 Speaker 4: I've had families come to me and say, it doesn't 200 00:10:11,660 --> 00:10:13,780 Speaker 4: make sense. The school didn't offer any merit aid. And 201 00:10:13,820 --> 00:10:16,780 Speaker 4: it's like, okay, well, that school never offers merit aid. 202 00:10:16,980 --> 00:10:19,800 Speaker 4: So it's not like they're picking on you. They don't 203 00:10:19,840 --> 00:10:23,179 Speaker 4: give it to anybody. So look for schools where merit 204 00:10:23,220 --> 00:10:28,360 Speaker 4: aid is appropriate. If you have a student, that's what 205 00:10:28,400 --> 00:10:30,960 Speaker 4: you need to do to make it work. Other families, 206 00:10:31,040 --> 00:10:33,080 Speaker 4: it's like, well, let's find schools that are very generous 207 00:10:33,140 --> 00:10:36,540 Speaker 4: on the need-based side. Because in our situation, need-based aid 208 00:10:36,590 --> 00:10:38,970 Speaker 4: is what's going to help us. And then there's always 209 00:10:39,010 --> 00:10:42,510 Speaker 4: the lower cost state schools. And again, when I say 210 00:10:42,550 --> 00:10:44,270 Speaker 4: low cost, the average state school. 211 00:10:44,110 --> 00:10:46,949 Speaker 1: Is $ 27, 000. 212 00:10:44,850 --> 00:10:49,719 Speaker 4: Per year all in. But that, you know, again, relative 213 00:10:49,760 --> 00:10:53,380 Speaker 4: to the $ 50, 000 and $ 75, 000 schools, it looks like a 214 00:10:53,400 --> 00:10:53,820 Speaker 4: good deal. 215 00:10:53,840 --> 00:10:54,960 Speaker 6: Right. 216 00:10:55,340 --> 00:10:58,530 Speaker 1: I can assure you that, Brad, that I was a 217 00:10:58,570 --> 00:11:02,950 Speaker 1: need base. I was way under $ 100, 000 with my family. So, 218 00:11:03,070 --> 00:11:07,090 Speaker 1: you know, that's where we get, you know, the thing 219 00:11:07,130 --> 00:11:09,720 Speaker 1: about it when I wanted to bring you in the show, 220 00:11:09,740 --> 00:11:13,160 Speaker 1: and I'm very happy, because you're breaking down there's a 221 00:11:13,240 --> 00:11:15,939 Speaker 1: place you can go, a person you can talk to 222 00:11:15,960 --> 00:11:20,000 Speaker 1: that can really You know, we through all these decisions 223 00:11:20,100 --> 00:11:23,760 Speaker 1: or these books and all this, that's really what your 224 00:11:23,800 --> 00:11:26,890 Speaker 1: brain is all about. Kind of like breaking through all 225 00:11:26,929 --> 00:11:31,150 Speaker 1: the confusion of bringing clarity to better options. Correct. 226 00:11:32,010 --> 00:11:35,689 Speaker 4: Absolutely. There's all kinds of programs. And every time the 227 00:11:35,870 --> 00:11:38,210 Speaker 4: government says, OK, we're going to build a new program 228 00:11:38,230 --> 00:11:41,570 Speaker 4: because we found a problem. We're going to help these 229 00:11:41,630 --> 00:11:44,130 Speaker 4: people in this situation. Well, now there's one more program 230 00:11:44,150 --> 00:11:46,170 Speaker 4: that you have to figure out if you qualify for 231 00:11:46,230 --> 00:11:49,470 Speaker 4: or not. And because over the years they've added need-based 232 00:11:49,590 --> 00:11:52,110 Speaker 4: aid and merit aid and the FAFSA's come and changed 233 00:11:52,170 --> 00:11:55,030 Speaker 4: and there's different loans. And now there's a, and the 234 00:11:55,070 --> 00:11:59,410 Speaker 4: states get involved. States also offer aid in various ways. 235 00:12:00,080 --> 00:12:02,060 Speaker 4: By the time you mix it all together, most families 236 00:12:02,100 --> 00:12:04,880 Speaker 4: are like, wow, this is really confusing. Do I look 237 00:12:04,920 --> 00:12:07,080 Speaker 4: at these programs or those programs and how does it 238 00:12:07,120 --> 00:12:09,859 Speaker 4: all come together? I mean, that's the bad news is 239 00:12:09,940 --> 00:12:12,760 Speaker 4: it's confusing and challenging. The good news is if you 240 00:12:12,780 --> 00:12:15,880 Speaker 4: look at a typical college campus, there's lots of students there. 241 00:12:16,400 --> 00:12:18,940 Speaker 4: So most families in the end eventually figure it out. 242 00:12:19,820 --> 00:12:22,420 Speaker 4: The real challenge is, did they figure it out as 243 00:12:22,460 --> 00:12:24,760 Speaker 4: best as they could? You know, are they paying the 244 00:12:24,800 --> 00:12:27,140 Speaker 4: lowest number they could? And I think for a lot 245 00:12:27,179 --> 00:12:30,020 Speaker 4: of families, they're not because they made mistakes and they 246 00:12:30,090 --> 00:12:32,350 Speaker 4: ended up just taking loans to, you know, to cover 247 00:12:32,410 --> 00:12:33,890 Speaker 4: up the fact that they didn't plan well. 248 00:12:34,630 --> 00:12:37,849 Speaker 1: And that's where I, and that's the catch 22 that 249 00:12:37,870 --> 00:12:41,010 Speaker 1: we were talking about in this interview is that, you know, these, 250 00:12:41,070 --> 00:12:43,730 Speaker 1: when I brought the whole matter of loans, you know, where, 251 00:12:44,110 --> 00:12:48,130 Speaker 1: you know, president Biden is trying to, You know, just 252 00:12:48,820 --> 00:12:54,199 Speaker 1: let loans and the general population is going, why? Why 253 00:12:54,220 --> 00:12:56,860 Speaker 1: should I pay that off? Why should I? That's the 254 00:12:56,880 --> 00:12:59,109 Speaker 1: decision they made. And that's what I'm saying is that 255 00:12:59,450 --> 00:13:01,329 Speaker 1: you have to sit down with what I consider you 256 00:13:01,390 --> 00:13:05,370 Speaker 1: to be an expert in the college financial planning world. 257 00:13:05,710 --> 00:13:07,800 Speaker 1: How does one get in touch with you or? Or 258 00:13:07,820 --> 00:13:10,480 Speaker 1: do you have a website to be able to communicate 259 00:13:10,600 --> 00:13:12,660 Speaker 1: with these needs? And my interview is not over. I 260 00:13:12,700 --> 00:13:14,939 Speaker 1: just want to get this information out right. 261 00:13:14,840 --> 00:13:17,500 Speaker 4: Now before the break. Yeah, so all my information is 262 00:13:17,620 --> 00:13:22,270 Speaker 4: at our website, TamingTheHighCostOfCollege.com. So there's all kinds of free 263 00:13:22,309 --> 00:13:25,390 Speaker 4: resources as well as phone numbers and anything else that 264 00:13:25,410 --> 00:13:28,470 Speaker 4: you might need. So you can reach out there for sure. Cool. 265 00:13:28,750 --> 00:13:32,030 Speaker 1: I'm talking to Brad, Brad Baldrige. For 20 years, he 266 00:13:32,070 --> 00:13:35,170 Speaker 1: has shared his expertise and insights through his private practice 267 00:13:35,270 --> 00:13:38,140 Speaker 1: as a blogger. We'll talk about that blogger. Taming the 268 00:13:38,200 --> 00:13:41,040 Speaker 1: High Cost of College podcast when we get back, but 269 00:13:41,100 --> 00:13:45,160 Speaker 1: also Late Stage College Planning. He explained that to me 270 00:13:45,179 --> 00:13:48,000 Speaker 1: prior to the interview because I had never heard of that. 271 00:13:48,179 --> 00:13:50,000 Speaker 1: And when he spoke to me, when he explained it 272 00:13:50,040 --> 00:13:52,020 Speaker 1: to me, it made a lot of sense. We'll be 273 00:13:52,059 --> 00:13:56,040 Speaker 1: right back with more Money-Making Conversations Masterclass with Brad Baldrige. 274 00:13:56,240 --> 00:13:59,080 Speaker 1: Over the past 10 years, he's helped hundreds of families 275 00:13:59,179 --> 00:14:00,370 Speaker 1: plan and pay for college. 276 00:14:07,420 --> 00:14:10,980 Speaker 5: We'll be right back with more Money Making Conversations Masterclass 277 00:14:11,020 --> 00:14:15,750 Speaker 5: with Rashawn McDonald. You are now tuned into the Money 278 00:14:15,790 --> 00:14:19,630 Speaker 5: Making Conversations Minute of Inspiration with Rashawn McDonald. 279 00:14:19,710 --> 00:14:23,570 Speaker 1: Grammy Award winning gospel singer Yolanda Adams always brings balance 280 00:14:23,690 --> 00:14:27,030 Speaker 1: into my life. Especially during our interview, what we discuss 281 00:14:27,220 --> 00:14:29,800 Speaker 1: is not about the amount of money you make, but 282 00:14:30,060 --> 00:14:31,880 Speaker 1: about the amount of money you give. 283 00:14:32,160 --> 00:14:34,720 Speaker 3: You have always taught us to have a good cause 284 00:14:34,920 --> 00:14:39,010 Speaker 3: surrounding your brand. Don't just take. Be in the position 285 00:14:39,050 --> 00:14:42,490 Speaker 3: to give. When the pandemic started, I talked to all 286 00:14:42,530 --> 00:14:44,830 Speaker 3: of my manufacturers. I talked to all of my distributors. 287 00:14:44,890 --> 00:14:47,250 Speaker 3: I'm like, listen, I need a portion of this money 288 00:14:47,390 --> 00:14:50,280 Speaker 3: to go to feed the hungry. I need a portion 289 00:14:50,300 --> 00:14:52,800 Speaker 3: of this money to go to cooking for kids. I 290 00:14:52,840 --> 00:14:54,880 Speaker 3: need a portion of this money to go to so-and-so. 291 00:14:55,120 --> 00:14:58,640 Speaker 3: So when you buy any YA product or simply Yolanda product, 292 00:14:58,680 --> 00:15:02,050 Speaker 3: with the purchase of these things, you are actually feeding people. 293 00:15:02,090 --> 00:15:05,810 Speaker 3: You're actually providing assistance to the homeless folks. 294 00:15:06,090 --> 00:15:08,880 Speaker 1: If you want to hear this full interview with Yolanda Adams, 295 00:15:09,000 --> 00:15:10,820 Speaker 1: visit moneymakingconversation.com. 296 00:15:13,110 --> 00:15:15,360 Speaker 4: HBCUs represent Black excellence. 297 00:15:15,550 --> 00:15:18,800 Speaker 6: If you attend or are an alumnus of an HBCU, 298 00:15:18,960 --> 00:15:22,580 Speaker 6: we want to hear about your story. The MyHBCU Story 299 00:15:22,680 --> 00:15:26,800 Speaker 6: Digital Library will allow current HBCU students and alumni to 300 00:15:26,880 --> 00:15:32,340 Speaker 6: share their stories. More information is available at hbcucollegeday.com. You 301 00:15:32,380 --> 00:15:35,230 Speaker 6: can upload a photo. The photo can be recent or 302 00:15:35,400 --> 00:15:39,290 Speaker 6: from when you attended your HBCU. More information is available 303 00:15:39,470 --> 00:15:41,750 Speaker 6: at hbcucollegeday.com. 304 00:15:42,910 --> 00:15:47,050 Speaker 7: Programming is made possible in part by support from 3815 Media, 305 00:15:47,310 --> 00:15:53,620 Speaker 7: led by Emmy and NAACP Image Award-winning television producer, Rashaun McDonald. 306 00:15:53,620 --> 00:15:59,220 Speaker 7: 3815 Media offers social media management, podcast production, designs logos, 307 00:15:59,450 --> 00:16:00,870 Speaker 7: and develops websites. 308 00:16:01,190 --> 00:16:02,970 Speaker 4: Additional services include. 309 00:16:03,310 --> 00:16:08,650 Speaker 7: brand management and career development consulting services. More information is 310 00:16:08,790 --> 00:16:19,370 Speaker 7: available at 470-688-3815 or via email at info at 3815media. com. 311 00:16:18,160 --> 00:16:18,800 Speaker 1: Keep winning. 312 00:16:20,960 --> 00:16:25,920 Speaker 5: Now let's return to Money Making Conversations Masterclass with Rashawn McDonald. 313 00:16:26,240 --> 00:16:28,380 Speaker 1: At the beginning of my interview, Brad, you know, I 314 00:16:28,440 --> 00:16:31,120 Speaker 1: was really just letting everybody know it's all about the money. 315 00:16:31,160 --> 00:16:33,530 Speaker 1: It's all about the dollars. You know, that's why I 316 00:16:33,550 --> 00:16:36,170 Speaker 1: wanted people to understand that you are a certified financial 317 00:16:36,210 --> 00:16:40,410 Speaker 1: planner and you've shifted gears and basically a certified financial 318 00:16:40,550 --> 00:16:43,860 Speaker 1: college education planner. I guess I can add that as 319 00:16:44,270 --> 00:16:45,980 Speaker 1: a title, correct? Yes. 320 00:16:46,360 --> 00:16:48,760 Speaker 4: I mean, that's what I do. There's no official title 321 00:16:48,800 --> 00:16:49,740 Speaker 4: for that or no official. 322 00:16:50,180 --> 00:16:51,340 Speaker 1: I'm going to give it to you, Brad. I'm going 323 00:16:51,360 --> 00:16:52,400 Speaker 1: to give it to you if you don't mind. 324 00:16:53,420 --> 00:16:53,920 Speaker 4: I don't mind. 325 00:16:56,040 --> 00:16:59,610 Speaker 1: And with that being said, we were talking about late 326 00:16:59,730 --> 00:17:03,330 Speaker 1: stage college planning. What exactly is that? 327 00:17:03,840 --> 00:17:06,750 Speaker 4: Right. So late stage is where people really need to 328 00:17:06,790 --> 00:17:10,330 Speaker 4: start focusing in on the very specifics of college. You know, 329 00:17:10,430 --> 00:17:13,770 Speaker 4: early stages, you know, grade school, high school or before 330 00:17:13,820 --> 00:17:18,919 Speaker 4: high school, grade school, kindergarten, even before school starts or, hey, 331 00:17:18,940 --> 00:17:21,500 Speaker 4: we're pregnant. Maybe we should be saving for college. 332 00:17:21,520 --> 00:17:21,740 Speaker 5: Right. 333 00:17:21,780 --> 00:17:24,370 Speaker 4: You know, that's. And that's all well and good, but 334 00:17:24,410 --> 00:17:28,070 Speaker 4: you're not visiting colleges. You're not planning your testing strategies. 335 00:17:28,090 --> 00:17:31,490 Speaker 4: You're not doing a lot of the very minute work early. 336 00:17:31,510 --> 00:17:33,969 Speaker 4: All that starts late stage. So late stage is when 337 00:17:34,010 --> 00:17:36,770 Speaker 4: you start switching from, okay, whether I've saved a bunch 338 00:17:36,790 --> 00:17:38,859 Speaker 4: of money or whether I've saved zero at all, college 339 00:17:38,880 --> 00:17:41,420 Speaker 4: is coming and it's coming quickly. What do I need 340 00:17:41,440 --> 00:17:43,359 Speaker 4: to do to be ready? And I think for a 341 00:17:43,380 --> 00:17:45,280 Speaker 4: lot of families, the first thing is you need to 342 00:17:45,320 --> 00:17:47,899 Speaker 4: start earlier than what we used to. When I went 343 00:17:47,940 --> 00:17:50,699 Speaker 4: to college, it wasn't unusual to wait till your senior 344 00:17:50,720 --> 00:17:53,379 Speaker 4: year before you even thought much about college. Now I 345 00:17:53,760 --> 00:17:56,680 Speaker 4: encourage families to really start thinking about it sophomore year, 346 00:17:56,980 --> 00:18:00,280 Speaker 4: maybe even freshman year of high school so that you 347 00:18:00,340 --> 00:18:02,680 Speaker 4: have some time to plan and prepare. And again, it's 348 00:18:02,740 --> 00:18:05,700 Speaker 4: not necessarily the student that's doing it that early. It's 349 00:18:05,740 --> 00:18:09,470 Speaker 4: the parents because the parents have pieces to do no 350 00:18:09,510 --> 00:18:11,890 Speaker 4: matter what school or whatever. So they need to understand 351 00:18:11,930 --> 00:18:13,869 Speaker 4: how need-based aid is going to work and how merit 352 00:18:13,890 --> 00:18:16,800 Speaker 4: aid works and If you've been saving and investing money, 353 00:18:16,820 --> 00:18:19,560 Speaker 4: are you doing enough? And how much do you need? 354 00:18:19,580 --> 00:18:20,780 Speaker 4: And how are you going to be fair if you've 355 00:18:20,820 --> 00:18:23,190 Speaker 4: got multiple kids? And all these things that you can 356 00:18:23,210 --> 00:18:25,869 Speaker 4: work on, even if your student's not quite ready to 357 00:18:25,910 --> 00:18:29,330 Speaker 4: be visiting and doing their part yet. And if you 358 00:18:29,350 --> 00:18:31,109 Speaker 4: can spread that out a little bit, it takes a 359 00:18:31,130 --> 00:18:33,060 Speaker 4: lot of the pressure off. Because one of the things 360 00:18:33,119 --> 00:18:36,120 Speaker 4: I hear over and over again is, I'm so confused. 361 00:18:36,160 --> 00:18:38,670 Speaker 4: I'm so overwhelmed. And we have to get all this 362 00:18:38,730 --> 00:18:41,450 Speaker 4: figured out in the next six months because, you know, 363 00:18:41,470 --> 00:18:44,390 Speaker 4: we're up against deadlines. And for a lot of families, 364 00:18:44,450 --> 00:18:47,609 Speaker 4: if you can start earlier so that you can slow 365 00:18:47,630 --> 00:18:49,950 Speaker 4: the process down, you can enjoy it a little bit more, 366 00:18:49,990 --> 00:18:53,119 Speaker 4: it's not such a rush, and you can get a 367 00:18:53,119 --> 00:18:56,020 Speaker 4: little more thorough and understand, you know, what you're dealing with, 368 00:18:57,080 --> 00:18:59,939 Speaker 4: and it helps you plan. And ultimately, I think with 369 00:18:59,960 --> 00:19:01,580 Speaker 4: a little more time and effort, you come up with 370 00:19:01,619 --> 00:19:03,460 Speaker 4: a plan that ultimately saves you money. 371 00:19:03,859 --> 00:19:08,540 Speaker 1: And I think that's important because, you know, it– Of course, 372 00:19:08,560 --> 00:19:11,020 Speaker 1: when I was growing up, college was a lot cheaper, 373 00:19:11,440 --> 00:19:14,830 Speaker 1: but it still was expensive. And you still have to 374 00:19:14,880 --> 00:19:18,109 Speaker 1: plan for these things. And if I'm a parent and 375 00:19:18,150 --> 00:19:22,030 Speaker 1: I need to plan for college, how do I get started, Brad? 376 00:19:22,410 --> 00:19:24,810 Speaker 4: Right. So I think the first thing is to really 377 00:19:24,890 --> 00:19:27,629 Speaker 4: just kind of jump in and realize that college planning 378 00:19:27,690 --> 00:19:31,150 Speaker 4: is a process. You start not really understanding much of anything, 379 00:19:31,530 --> 00:19:33,869 Speaker 4: and either you read a book or you listen to 380 00:19:33,910 --> 00:19:37,640 Speaker 4: my podcast or you– Whatever it is, you just start 381 00:19:37,660 --> 00:19:40,100 Speaker 4: wherever you are and start working at it. And as 382 00:19:40,140 --> 00:19:43,850 Speaker 4: you learn more, you kind of gain some experience. And again, 383 00:19:44,350 --> 00:19:46,790 Speaker 4: as an example, I give presentations at some of the 384 00:19:46,830 --> 00:19:49,369 Speaker 4: local high schools, and one of the high schools I've 385 00:19:49,390 --> 00:19:52,320 Speaker 4: been giving presentations at for the last 10 years or so. 386 00:19:53,200 --> 00:19:55,659 Speaker 4: And I'll have participants come at me and they'll say, 387 00:19:55,700 --> 00:19:57,960 Speaker 4: you know, I've got a senior and it's like, well, 388 00:19:58,300 --> 00:20:00,370 Speaker 4: you know, all this is great information, but I feel 389 00:20:00,400 --> 00:20:01,929 Speaker 4: like it was too late. You know, why weren't you 390 00:20:01,970 --> 00:20:03,910 Speaker 4: here last year or the year before? And it's like 391 00:20:04,390 --> 00:20:06,750 Speaker 4: I was. I was here the last 10 years. 392 00:20:07,350 --> 00:20:07,570 Speaker 5: Wow. 393 00:20:07,609 --> 00:20:10,150 Speaker 4: But a lot of parents don't pay attention. They don't, 394 00:20:10,430 --> 00:20:12,960 Speaker 4: you know, they're not thinking about college. They're still trying 395 00:20:12,980 --> 00:20:15,100 Speaker 4: to figure out how do we do high school, right? 396 00:20:15,119 --> 00:20:17,340 Speaker 4: High school is new. And, you know, so they're not 397 00:20:17,380 --> 00:20:19,800 Speaker 4: thinking about college yet. And because they're not thinking about it, 398 00:20:19,980 --> 00:20:23,850 Speaker 4: they don't notice the bulletins that talk about the presentations 399 00:20:23,910 --> 00:20:25,990 Speaker 4: and that kind of stuff. You know, as you start 400 00:20:26,010 --> 00:20:28,429 Speaker 4: thinking about it, you'll notice all that stuff. And then 401 00:20:28,450 --> 00:20:29,990 Speaker 4: you can start participating in it. 402 00:20:30,420 --> 00:20:33,610 Speaker 1: You know, it's really because life is a lot of drama. 403 00:20:33,650 --> 00:20:36,109 Speaker 1: You know, you worry about your children. You have social 404 00:20:36,150 --> 00:20:39,850 Speaker 1: media issues. You know, it's so many things that life, 405 00:20:39,869 --> 00:20:42,950 Speaker 1: you know, the economy, you're just coming out of COVID. 406 00:20:43,380 --> 00:20:46,420 Speaker 1: And so, you know, you're going to parent your child 407 00:20:46,440 --> 00:20:48,159 Speaker 1: at home or you're going to send your child to school. 408 00:20:48,560 --> 00:20:50,260 Speaker 1: So it's a lot of things that are going on 409 00:20:50,380 --> 00:20:52,220 Speaker 1: as a parent. And I just want to slow down 410 00:20:52,260 --> 00:20:56,580 Speaker 1: the moment on my show that the people here, You've 411 00:20:56,600 --> 00:20:59,320 Speaker 1: got to listen. That's all he's saying. These options out here, 412 00:20:59,340 --> 00:21:02,440 Speaker 1: they didn't just pop up last week. Like he said, 413 00:21:02,480 --> 00:21:04,760 Speaker 1: he's been in an environment where he's been there 10 414 00:21:04,760 --> 00:21:07,460 Speaker 1: years and people are walking up to him like he 415 00:21:07,500 --> 00:21:10,560 Speaker 1: just started yesterday because they would not listen. They were 416 00:21:10,580 --> 00:21:12,310 Speaker 1: not looking at the signs on the wall. They were 417 00:21:12,350 --> 00:21:16,270 Speaker 1: not planning beyond a month because a lot of people 418 00:21:16,730 --> 00:21:19,250 Speaker 1: kind of keep their clock on 30 days, Brad, or 419 00:21:19,250 --> 00:21:21,990 Speaker 1: 90 days. They don't look at a year or two 420 00:21:22,030 --> 00:21:24,790 Speaker 1: years down the line. And when you're dealing with your child, 421 00:21:25,109 --> 00:21:27,490 Speaker 1: you want to hear what your child's dreams are. And 422 00:21:27,520 --> 00:21:29,500 Speaker 1: when you hear what your child's dreams are, you need 423 00:21:29,540 --> 00:21:31,479 Speaker 1: to start looking at the options of whether you can, 424 00:21:31,960 --> 00:21:34,760 Speaker 1: how you're going to participate in making your child's dream 425 00:21:34,820 --> 00:21:36,460 Speaker 1: come true. That's what you're saying, correct? 426 00:21:36,930 --> 00:21:40,070 Speaker 4: Right. Absolutely. I think there's kind of a big picture 427 00:21:40,109 --> 00:21:43,040 Speaker 4: stuff of just understanding how it all works. And then 428 00:21:43,080 --> 00:21:45,680 Speaker 4: you get into the weeds of, well, if I do this, 429 00:21:46,240 --> 00:21:49,179 Speaker 4: that loan is better than this loan. Or if I 430 00:21:49,220 --> 00:21:51,139 Speaker 4: do this, I'll get a little more aid. Or if 431 00:21:51,200 --> 00:21:54,020 Speaker 4: my student applies to these scholarships, we have a shot 432 00:21:54,100 --> 00:21:58,060 Speaker 4: at changing the overall price by finding the right scholarships. 433 00:21:58,300 --> 00:22:01,280 Speaker 4: So there's lots of things you can do. Part of 434 00:22:01,340 --> 00:22:03,020 Speaker 4: it is figuring out, well, which ones are the best 435 00:22:03,080 --> 00:22:05,699 Speaker 4: things to do and which ones will have the most impact. 436 00:22:06,140 --> 00:22:08,580 Speaker 4: And again, it's a kind of a case by case basis. 437 00:22:08,640 --> 00:22:11,960 Speaker 4: If you've got a strong athlete, sports might be appropriate. 438 00:22:12,100 --> 00:22:14,359 Speaker 4: If you don't have a strong athlete, you have to 439 00:22:14,380 --> 00:22:16,940 Speaker 4: look somewhere else. If you have a strong academic, that 440 00:22:16,980 --> 00:22:17,700 Speaker 4: might be your thing. 441 00:22:17,940 --> 00:22:18,140 Speaker 5: Right. 442 00:22:18,920 --> 00:22:23,040 Speaker 1: Now, you said your website earlier, Brad, and getting phone 443 00:22:23,080 --> 00:22:25,080 Speaker 1: calls in. He said it too fast. He said it 444 00:22:25,109 --> 00:22:29,650 Speaker 1: too fast. Can you slow down and restate your website 445 00:22:29,970 --> 00:22:31,389 Speaker 1: as to how we can reach out to you? 446 00:22:32,250 --> 00:22:39,610 Speaker 4: Right. So the website is TamingTheHighCostOfCollege.com. So just like it sounds, TamingTheHighCostOfCollege.com. 447 00:22:40,190 --> 00:22:41,909 Speaker 1: And that's a podcast as well, correct? 448 00:22:42,609 --> 00:22:47,820 Speaker 4: There's also a podcast available wherever podcasts are sold. So 449 00:22:47,840 --> 00:22:49,700 Speaker 4: you can look that up as well. It's on Spotify, 450 00:22:49,740 --> 00:22:50,119 Speaker 4: et cetera. 451 00:22:51,380 --> 00:22:54,060 Speaker 1: And it's really, when we're talking about parents and recommending 452 00:22:54,100 --> 00:22:57,520 Speaker 1: for savings and paying for college, what are some of 453 00:22:57,560 --> 00:23:00,580 Speaker 1: the biggest surprises for many parents is that The price 454 00:23:00,619 --> 00:23:03,480 Speaker 1: of college isn't what they see on school websites, like 455 00:23:03,500 --> 00:23:08,080 Speaker 1: you said earlier about Stanford. Where can you find the 456 00:23:08,200 --> 00:23:12,630 Speaker 1: real cost of what a college education is for your child? 457 00:23:13,930 --> 00:23:18,010 Speaker 4: Right. So I do have a free resource. It's on 458 00:23:18,030 --> 00:23:20,330 Speaker 4: my website as one of the resources, and it has 459 00:23:20,410 --> 00:23:24,689 Speaker 4: the net price of colleges by state. And so the 460 00:23:24,730 --> 00:23:28,170 Speaker 4: net price would be the list price minus whatever age 461 00:23:28,190 --> 00:23:32,450 Speaker 4: group you typically receive. So we've got some numbers there, 462 00:23:32,470 --> 00:23:35,650 Speaker 4: you know, showing if your income is this, you know, 463 00:23:35,670 --> 00:23:38,190 Speaker 4: this is the average price. If your income's higher, this 464 00:23:38,250 --> 00:23:40,840 Speaker 4: is the average price. So it's all broken out and 465 00:23:41,210 --> 00:23:44,100 Speaker 4: it's a great place to start, but all this stuff 466 00:23:44,160 --> 00:23:47,199 Speaker 4: is averages. And that's one of the big cautions is 467 00:23:47,920 --> 00:23:50,179 Speaker 4: the average is this, the, you know, the average family 468 00:23:50,220 --> 00:23:53,630 Speaker 4: has 2.2 kids. Well, show me a 0.2 kid out there. It's, 469 00:23:54,170 --> 00:23:56,590 Speaker 4: you know, averages only go so far. What you really 470 00:23:56,630 --> 00:23:58,170 Speaker 4: need to do is understand how it's going to work 471 00:23:58,190 --> 00:24:01,969 Speaker 4: for you. So start with the averages, learn how it works. 472 00:24:02,890 --> 00:24:05,540 Speaker 4: And then from there, you can literally figure out what 473 00:24:05,580 --> 00:24:08,379 Speaker 4: the cost will be based on your situation, not based 474 00:24:08,480 --> 00:24:09,920 Speaker 4: on an average situation. 475 00:24:10,160 --> 00:24:12,800 Speaker 1: As we close out the interview, Brad, how can families 476 00:24:12,900 --> 00:24:16,080 Speaker 1: balance paying for college and saving for retirement? 477 00:24:16,700 --> 00:24:19,290 Speaker 4: Yeah, I think that is one of the biggest challenges. 478 00:24:19,880 --> 00:24:21,770 Speaker 4: And I think it's important that you just kind of 479 00:24:21,850 --> 00:24:25,610 Speaker 4: keep all your goals in mind when you're making those 480 00:24:25,650 --> 00:24:28,290 Speaker 4: college decisions. Because if you need to be saving money, 481 00:24:29,010 --> 00:24:31,390 Speaker 4: you know, let's say 500 or a thousand per month 482 00:24:31,890 --> 00:24:34,230 Speaker 4: in order to make retirement happen. And now you just 483 00:24:34,250 --> 00:24:37,810 Speaker 4: discovered that college is going to be another thousand a month. Well, 484 00:24:38,130 --> 00:24:40,030 Speaker 4: you can't take the thousand that was for retirement. You 485 00:24:40,050 --> 00:24:42,470 Speaker 4: got to take a thousand from somewhere else. And I 486 00:24:43,050 --> 00:24:44,670 Speaker 4: think for a lot of families in the spur of 487 00:24:44,690 --> 00:24:47,800 Speaker 4: the moment, they'll delay retirement or they'll do things or 488 00:24:47,820 --> 00:24:49,780 Speaker 4: that you won't even just think about, but just say, well, 489 00:24:49,820 --> 00:24:52,820 Speaker 4: we'll sign up. We'll figure it out later. And, you know, 490 00:24:52,859 --> 00:24:53,479 Speaker 4: that's kind of the cost. 491 00:24:53,520 --> 00:24:55,740 Speaker 1: And that's the mistake to figure out later part is 492 00:24:55,780 --> 00:24:58,830 Speaker 1: what you're trying to get us to stop doing. because 493 00:24:58,990 --> 00:25:02,109 Speaker 1: later will come to you quicker than you think. And 494 00:25:02,130 --> 00:25:04,240 Speaker 1: when it comes to you, you don't have answers for 495 00:25:04,260 --> 00:25:05,280 Speaker 1: the later, correct? 496 00:25:06,220 --> 00:25:08,619 Speaker 4: Exactly. Just like, you know, when our kids were young, 497 00:25:08,720 --> 00:25:10,440 Speaker 4: it seems just like last week. And all of a 498 00:25:10,480 --> 00:25:12,240 Speaker 4: sudden here we are in high school and it's going 499 00:25:12,260 --> 00:25:14,100 Speaker 4: to go just as fast as they are. You know, 500 00:25:14,140 --> 00:25:16,140 Speaker 4: high school is going to go very quickly and then 501 00:25:16,180 --> 00:25:18,290 Speaker 4: college is here and so forth and so on. And 502 00:25:18,330 --> 00:25:21,209 Speaker 4: I think that's where, again, making a reasonable plan. I'm 503 00:25:21,230 --> 00:25:23,250 Speaker 4: not saying you shouldn't spend a lot of money on college. 504 00:25:23,310 --> 00:25:25,730 Speaker 4: I'm not what I'm saying is if you're going to 505 00:25:25,750 --> 00:25:28,240 Speaker 4: spend a lot of money on college and understand the 506 00:25:28,320 --> 00:25:30,980 Speaker 4: impact on other areas. You know, I always give the example, 507 00:25:31,000 --> 00:25:32,700 Speaker 4: you know, if you choose to give up your lake 508 00:25:32,720 --> 00:25:35,220 Speaker 4: home so you can spend crazy amounts of money on college, 509 00:25:35,560 --> 00:25:38,080 Speaker 4: that's one decision. But if you're going to delay your 510 00:25:38,100 --> 00:25:42,000 Speaker 4: retirement until you're 75 because you spent too much on college, 511 00:25:42,180 --> 00:25:44,590 Speaker 4: that's a completely different decision. And I'm not saying they're 512 00:25:44,609 --> 00:25:47,910 Speaker 4: wrong decisions, but at least be aware that that's the consequences. 513 00:25:47,970 --> 00:25:50,689 Speaker 4: And I've seen that happen all too often of, you know, 514 00:25:50,710 --> 00:25:53,490 Speaker 4: parents having a lot of debt because they were willing 515 00:25:53,510 --> 00:25:56,010 Speaker 4: to help their students you know, at any price. So 516 00:25:56,030 --> 00:25:58,170 Speaker 4: the parents took on a ton of debt and now 517 00:25:58,210 --> 00:26:00,650 Speaker 4: they're trying to figure out how retirement works while they're 518 00:26:00,670 --> 00:26:02,590 Speaker 4: still trying to pay back student loans. And it just 519 00:26:02,630 --> 00:26:05,230 Speaker 4: doesn't work for some. Wow. So that's, you know, that's 520 00:26:05,270 --> 00:26:08,790 Speaker 4: the big caution of, again, for some families, loans are 521 00:26:08,810 --> 00:26:11,430 Speaker 4: required to make it happen. But then you also need 522 00:26:11,450 --> 00:26:13,119 Speaker 4: to have a, you know, kind of a heart to 523 00:26:13,160 --> 00:26:14,859 Speaker 4: heart with a student about, well, who's going to pay 524 00:26:14,900 --> 00:26:16,800 Speaker 4: back the loans and how is this all going to 525 00:26:16,840 --> 00:26:17,320 Speaker 4: come together? 526 00:26:17,580 --> 00:26:21,320 Speaker 1: Absolutely. Hey, Brad, it's really, thank you for coming on 527 00:26:21,340 --> 00:26:23,389 Speaker 1: the show. I definitely, we're in the middle of a 528 00:26:23,470 --> 00:26:26,510 Speaker 1: college season, fall and spring, so I definitely want to 529 00:26:26,910 --> 00:26:30,490 Speaker 1: continue this conversation because I think people need to hear, 530 00:26:30,840 --> 00:26:33,889 Speaker 1: like you said, a lot of people didn't hear this interview. 531 00:26:34,320 --> 00:26:37,619 Speaker 1: And so it's necessary that we keep selling the information, 532 00:26:37,760 --> 00:26:41,939 Speaker 1: telling the story of how education is affordable. You just 533 00:26:41,960 --> 00:26:44,280 Speaker 1: got to know the right path. As we close out, 534 00:26:44,460 --> 00:26:47,000 Speaker 1: give out your website slowly one more time, Brad. 535 00:26:47,500 --> 00:26:50,600 Speaker 4: Yes. So it's tamingthehighcostofcollege.com. 536 00:26:51,340 --> 00:26:53,080 Speaker 1: Thank you, Brad, and we'll talk soon, okay? 537 00:26:53,600 --> 00:26:53,760 Speaker 4: Yes. 538 00:26:57,200 --> 00:26:59,540 Speaker 5: Thank you for joining us for this edition of Money 539 00:26:59,580 --> 00:27:05,889 Speaker 5: Making Conversations Masterclass. Money Making Conversations Masterclass with Rashaun McDonald 540 00:27:06,010 --> 00:27:11,130 Speaker 5: is produced by 3815 Media Inc. More information about 3815 541 00:27:11,130 --> 00:27:16,949 Speaker 5: Media Inc. is available at 3815media. com. And always remember to 542 00:27:17,070 --> 00:27:18,090 Speaker 5: lead with your gifts.