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Speaker 1: Welcome to Money Making Conversations.

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Speaker 2: It's the show that she is the secrets of success

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Speaker 2: experience firsthand by marketing and brand and expert Rashan McDonald.

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Speaker 2: I will know he's giving me advice on many occasions.

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Speaker 2: And in case you didn't notice, I'm not broke. You

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Speaker 2: know he'll be interviewing celebrity CEOs, entrepreneurs and industry decision

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Speaker 2: make because it's what he likes to do, it's what

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Speaker 2: he likes to share. Now it's time to hear from

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Speaker 2: my man, Rashan McDonald. Money Making Conversations.

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Speaker 1: Here we go. Welcome, Welcome to Money Making Conversation Masterclass.

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Speaker 1: I am the host, Rashan McDonald. You know the interviews

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Speaker 1: and information this show provides off for everyone. Please listen,

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Speaker 1: Please take their advice. Please you know google information I

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Speaker 1: give you, do your research. The information I give you

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Speaker 1: is information that I believe will make your life a

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Speaker 1: lot better because it's time to stop reading other people's

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Speaker 1: success stories and start living your own. Also on the show,

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Speaker 1: I have Brad Baldridge. Over the past ten year, Brad

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Speaker 1: has directly helped hundreds of family plan and pay for college.

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Speaker 1: That's important. When the college season got to help these

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Speaker 1: kids make it to their educational goals and got to

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Speaker 1: have that money has to provided in depth college plans,

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Speaker 1: resulting and increased financial aid scholarships, identification of right schools

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Speaker 1: at the right price, and better loans. As I say

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Speaker 1: every week, you can only hear these interviews on Money

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Speaker 1: Making Conversations Masterclass. Let's get this show started with my

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Speaker 1: first guests. It is Brad Baldridge. He's one of the

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Speaker 1: nation's leading financial experts. He teaches families the best ways

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Speaker 1: to plan, save, and pay for college so they can

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Speaker 1: make their children's college dreams come true without wiping out

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Speaker 1: their finances or their retirement. Please, welcome to the Money

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Speaker 1: Making Conversation Master Class. Brad Baldrich. How you doing, Brad?

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Speaker 3: I'm doing great. How are you pretty good?

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Speaker 1: Brad? You know I always call my guests prior to

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Speaker 1: the show just to here if you're divorced and let

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Speaker 1: them know that. You know, this is a very upbeat

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Speaker 1: show about information that I want to share with my guests.

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Speaker 1: How long have you been doing this, Brett.

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Speaker 3: I've been doing this about twenty years now.

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Speaker 1: And we'll push you in this direction because you are

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Speaker 1: a certified financial planner.

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Speaker 3: Correct that's correct.

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Speaker 1: Yeah.

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Speaker 3: So college planning is kind of a subset of general

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Speaker 3: financial planning, which is what cfps do, and I just

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Speaker 3: got involved in it, and the more I got involved,

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Speaker 3: the more questions I heard, the more I realized that

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Speaker 3: this was an area that just isn't being covered by

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Speaker 3: for most families as far as their normal planning, and

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Speaker 3: there's a big need for it. So I've been giving

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Speaker 3: presentations at high schools and just have a had a

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Speaker 3: very good response. So I just again, it's kind of snowball.

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Speaker 3: The more I worked at it, the more I more

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Speaker 3: information I put out there, the more people came to

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Speaker 3: me and had more questions.

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Speaker 1: Well, you know, it's really interesting because you know, help

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Speaker 1: me out with the education of what scholarships are, What

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Speaker 1: is financial planning, what is financial aid? Because those are

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Speaker 1: different fields of education that you can the finances that

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Speaker 1: you can get to pay for an education. Correct, But

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Speaker 1: how do you as a financial planner for the for

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Speaker 1: the for college education, how do you work amongst these

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Speaker 1: different fields when a person or parent comes to you.

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Speaker 3: Right, Yeah, So it's kind of a specialized area because

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Speaker 3: you need to have a really good understanding of how

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Speaker 3: financial aid works. Both the need based aid, which is

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Speaker 3: the FATA and all that process, as well as scholarships

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Speaker 3: and merit scholarships and merit aid and that's would be

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Speaker 3: athletics and high academic achievers and that type of thing.

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Speaker 3: And then all that has to roll together with the families' finances.

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Speaker 3: And you know, for most families, college is going to

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Speaker 3: cost something. But depending on where you stand, it could

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Speaker 3: be five or ten or twenty thousand dollars or it

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Speaker 3: could be fifty or sixty or seventy thousand dollars for

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Speaker 3: each year. So you know, doing it well makes sense

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Speaker 3: for most families.

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Speaker 1: You know, sometimes every year you read about I got

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Speaker 1: one hundred scholarships, I got fifty scholarship. I've been enrolled

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Speaker 1: in over two hundred schools. And when you sit down

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Speaker 1: and you talk to do you talk to the schools

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Speaker 1: directly or do you do virtual counseling or how does

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Speaker 1: your system work?

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Speaker 3: Brad Right, So generally you can think of it as

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Speaker 3: I'm the coach that's working with parents, right, So I

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Speaker 3: help parents understand need based aid and merit aid and

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Speaker 3: talk them through what they can do to make things better,

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Speaker 3: whether they should save or invest or choose the right

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Speaker 3: loans or reposition assets help them figure out what schools

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Speaker 3: might be a good fit for their student. Again, oftentimes,

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Speaker 3: because college is so challenging, people are shocked to learn

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Speaker 3: that there's very similar schools with very different price tags,

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Speaker 3: just depending on how your family fits into the overall

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Speaker 3: mix for that particular school.

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Speaker 1: Let me ask you this because I got to ask

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Speaker 1: these questions because you know, do you bring in because

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Speaker 1: you know there are a lot of military options to

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Speaker 1: pay for school, do you bring that into your financial

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Speaker 1: planning as an option or you could stick with the

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Speaker 1: merit and the need base.

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Speaker 3: Yeah, military does come up where it's a good fit,

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Speaker 3: and again that's kind of a family decision. You know,

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Speaker 3: military is adoption athletics for you know, some athletes, But

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Speaker 3: the reality is for a lot of people, you know,

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Speaker 3: five or ten percent might be athletes, a few percent

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Speaker 3: might use the military, a few percent. And that's the challenge,

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Speaker 3: right There's all these different ideas and programs out there,

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Speaker 3: and only a couple of them are going to be

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Speaker 3: right for any particular family. And I think that's the

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Speaker 3: big caution where you know, families will say, well, my

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Speaker 3: brother in law did it, and this is what he did.

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Speaker 3: But unless your family and your student and your income

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Speaker 3: and all your statistics are just like your brother in law,

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Speaker 3: there's a good chance that what worked for him may

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Speaker 3: not work for you. And you're going to have to

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Speaker 3: come up with your own strategies that will work better

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Speaker 3: for you.

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Speaker 1: And that's really the key, because I was a need

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Speaker 1: base when I was in college. I you know, my family,

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Speaker 1: my father was a truck driver, and I hit that

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Speaker 1: hit that economic level where I was able to apply

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Speaker 1: for financial aid and that enabled me to actually go

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Speaker 1: through college and I didn't have to get a college loan.

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Speaker 1: Now because the big shout out now is that these

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Speaker 1: college loans and trying to get governor subsidies where they

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Speaker 1: don't have to pay these loans back. And I'm just

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Speaker 1: as I walk through this conversation with you, Brad and

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Speaker 1: Brad is one of the nation's leading college financial experts.

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Speaker 1: He teaches families the best ways to plans safe and

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Speaker 1: pay for college so they can make their children's college

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Speaker 1: plans come true. Now you hear the word loan, you

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Speaker 1: hear the word need base, you hear the word merit

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Speaker 1: walkers through is getting the loan a bad thing for

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Speaker 1: fund your education.

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Speaker 3: No, not even getting a loan in general is not bad.

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Speaker 3: It's not good either. It's just one tool in the toolbox,

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Speaker 3: and I think where people misuse the tool, that's when

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Speaker 3: things get bad. Right, If you only have a hammer

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Speaker 3: and you've got screws that you're trying to deal with,

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Speaker 3: it's just not a good fit. And it's kind of

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Speaker 3: the same thing when it comes to college. You know,

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Speaker 3: sometimes the loan is the only tool available, so that's

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Speaker 3: the one you use, and it gets people in trouble.

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Speaker 3: Other times loans are very appropriate. So it really depends

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Speaker 3: on you know, your particular situation and you know how

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Speaker 3: much earnings you may have to pay them back and

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Speaker 3: all that type of thing.

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Speaker 1: But like you said something really interesting you said, Rashan,

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Speaker 1: you know, you would think that the same school would

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Speaker 1: have the same financial commitment, and they don't. So if

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Speaker 1: you have a student out there and you and they

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Speaker 1: trying to go the route of a loan, knowing they

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Speaker 1: have to pay that loan back, do you play a

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Speaker 1: role in the decision making with the parents to say, hey, look,

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Speaker 1: this is what's going to happen. I would recommend this

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Speaker 1: school over here. Excellent graduate, excellent reputation within the business community.

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Speaker 1: How does your relationship work with the parents, because in

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Speaker 1: the end, you're trying to make sure that they the

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Speaker 1: child gets a proper education and the parents are not

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Speaker 1: so not like mortgaging the retirement, and there's an opportunity

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Speaker 1: for this kid to live a life that their parents

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Speaker 1: may not have led.

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Speaker 3: Right exactly, And I think it's if you you know,

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Speaker 3: look at what it looks like at the end, right,

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Speaker 3: you know, that's an important thing to realize that. You know,

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Speaker 3: as an example, at the very end of the process,

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Speaker 3: at the end of your senior year, you know, a

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Speaker 3: family might say, Okay, we applied to these five schools, right,

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Speaker 3: you know, this one we didn't get accepted at. This

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Speaker 3: is the local state school. It's going to cost us

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Speaker 3: about twenty five thousand. Here's a couple of private schools.

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Speaker 3: One's twenty seven than one's twenty nine thousand, and then

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Speaker 3: here's another private school that's you know, fifty seven thousand.

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Speaker 3: A lot of families would say, you know, fifty seven

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Speaker 3: versus twenty seven. You know, maybe we'll skip that expensive one.

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Speaker 3: But not always. Sometimes people say that, you know, the

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Speaker 3: most expensive one is the one we like, and we're

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Speaker 3: willing to pay it. There's no right or wrong here.

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Speaker 3: Just like you know, when we buy a car, not

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Speaker 3: everybody pays the same price. But if there's lower priced

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Speaker 3: options avail, you know, you certainly want to consider them.

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Speaker 3: And I think that's where many families make a mistake,

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Speaker 3: is when they apply, all their choices end up being

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Speaker 3: expensive choices, and they didn't even realize that there was

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Speaker 3: lower cost options available because they it's very opaque. You know,

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Speaker 3: Colleges have the price that they publish, but there's also

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Speaker 3: the price you pay, and that can be very different

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Speaker 3: if you get a lot of aid. You know, as

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Speaker 3: an example, Stanford is eighty some thousand dollars, but they've

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Speaker 3: had some press releases out there saying that for families

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Speaker 3: whose income is under one hundred thousand, you know, their

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Speaker 3: cost will essentially be zero. They'll pay all of tuition

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Speaker 3: and all of room and board, so the student can

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Speaker 3: go almost free. Now, if that's the case, you know,

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Speaker 3: it doesn't really matter that they list at eighty five thousand.

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Speaker 3: What you pay is what matters. And conversely, if your

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Speaker 3: income is really high at Stanford, they don't offer any

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Speaker 3: meridate at all. So if you don't show any need,

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Speaker 3: then you're going to pay full price almost no matter

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Speaker 3: what because of the way the system works. So for

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Speaker 3: some families, you know, Stanford could be free. For other

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Speaker 3: families too, could be eighty five thousand. And it's really

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Speaker 3: understanding where you fit into that, because I've had families

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Speaker 3: coming to me and say, it doesn't make sense the

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Speaker 3: school didn't offer any merit aids and it's like, okay,

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Speaker 3: well that school never offers MERITATE so it's not like

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Speaker 3: they're picking on you. They don't give it to anybody.

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Speaker 3: So look for schools where MERIDID is appropriate. If you

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Speaker 3: have a student that's you know that that's what you

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Speaker 3: need to do to make it work. Other families, it's like, well,

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Speaker 3: let's find schools that are very generous on the need

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Speaker 3: base side, because in our situation, need based aid is

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Speaker 3: what's going to help us. And then there's always the

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Speaker 3: lower cost, you know, state schools. And again when I

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Speaker 3: say low cost, the average state schools twenty seven thousand

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Speaker 3: per year, all in that, you know, again relative to

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Speaker 3: the fifty thousand and seventy five thousand dollars schools, it

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Speaker 3: looks like a good deal.

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Speaker 1: Right, I'm going to assume you that Brandon I was

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Speaker 1: a need based I was way ondo one hundred thousand

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Speaker 1: dollars my family. So you know that that's that's where

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Speaker 1: we get, you know, the thing about it when I'm

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Speaker 1: when I'm when I wanted to bring you in the show,

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Speaker 1: and I'm very happy because you're breaking down. There's a

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Speaker 1: place you can go, a person you can talk to

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Speaker 1: that can really you know, we through all these decisions

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Speaker 1: or these books and all this that's really what your

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Speaker 1: brain is all about, kind of like breaking through all

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Speaker 1: the confusion of bringing clarity to better options. Correct.

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Speaker 3: Absolutely, there's all kinds of programs, and every time the

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Speaker 3: government says, okay, we're going to build a new program

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Speaker 3: because we found a problem. We're going to help you know,

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Speaker 3: these people in this situation. Well, now there's one more

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Speaker 3: program that you have to figure out if you qualify

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Speaker 3: for or not. And because over the years they've added

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Speaker 3: need based aid and merit aid and the fastest common

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Speaker 3: changed and the different loans, and now there's a and

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Speaker 3: the states get involved. States also offer aid in various ways.

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Speaker 3: By the time you mix it all together, most families

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Speaker 3: are like, wow, this is really confusing. Do I look

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Speaker 3: at these programs or those programs and how does it

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Speaker 3: all come together? I mean, that's the bad news is

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Speaker 3: it's confusing and challenging. The good news is if you

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Speaker 3: look at a typical college campus, there's lots of students there,

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Speaker 3: so most families in the end eventually figure it out.

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Speaker 3: The real challenges do they figure it out as best

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Speaker 3: as they could when you know, are they paying the

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Speaker 3: lowest number they could? And I think for a lot

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Speaker 3: of families they're not because they made mistakes and they

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Speaker 3: ended up just taking loans to, you know, to cover

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Speaker 3: up the fact that they didn't plan well.

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Speaker 1: And that's where I too, and I have to catch

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Speaker 1: twenty two that we are talking about in this interview

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Speaker 1: is that you know, these when I brought a whole

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Speaker 1: matter of loans, you know where you know, President Biden

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Speaker 1: is trying to you know, just let loans not in

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Speaker 1: the general population and going why why should I pay

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Speaker 1: that off? Why should I? That's the decision they made.

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Speaker 1: They And that's what I'm saying is that you have

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Speaker 1: to say down what I consider you to be an

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Speaker 1: expert in the college financial planning world. How does one

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Speaker 1: to get in touch with you are or do you

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Speaker 1: have a website to be able to communicate with these needs?

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Speaker 1: And my interview is not over. I just want to

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Speaker 1: get this information out all right now.

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Speaker 3: Before the Yeah, So all my information is at our

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Speaker 3: website Taming the High Cost of College dot com. So

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Speaker 3: there's all kinds of free resources as well as I

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Speaker 3: phone numbers and anything else that you might need, so

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Speaker 3: you can reach out there for sure.

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Speaker 1: Cool. I'm talking to Brad. Brad Baldridge for twenty years,

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Speaker 1: he has shared his expertise and insights to his private

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Speaker 1: practice as a blogger. We talk about that blogger Taming

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Speaker 1: the High Cost of College podcast when we get back,

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Speaker 1: but also late stage college planning. He explained that to

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Speaker 1: me prior to the interview because I'd never heard of

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Speaker 1: that and when he spoke to me, when he explained

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Speaker 1: it to me, it made a lot of sense. We'll

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Speaker 1: be right back with more Money Making Conversations Masterclass with

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Speaker 1: Brad Baldridge. Over the past ten years, he's helped hundreds

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Speaker 1: of families plan and pay for college.

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Speaker 4: We'll be right back with more money Making Conversations Masterclass

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Speaker 4: with Rashawn McDonald. You are now tuned into the Money

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Speaker 4: Making Conversations minute of Inspiration with Rashawn McDonald's.

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Speaker 5: Grammary Award winning gospel single. Yolanda Adams always brings balance

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Speaker 5: into my life. Especially during our interview, well we discussed

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Speaker 5: it's not about the amount of money you make, but

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Speaker 5: about the amount of money you give.

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Speaker 6: You have always taught us to have a good cause

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Speaker 6: surrounding your brand. Don't just take be in the position

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Speaker 6: to give it. When the pandemic started, I talked to

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Speaker 6: all of my manufacturers. I talked to all of my distributors.

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Speaker 6: I'm like, listen, I need a portion of this money

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Speaker 6: to go to feed the hungry. I need a portion

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Speaker 6: of this money to go to cooking for kids. I

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Speaker 6: need a portion of this money to go to so

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Speaker 6: and zone. So when you buy any Ya product or

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Speaker 6: simply Yolanda product, with the purchase of these, you are

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Speaker 6: actually seeing people actually providing assistance to the homeless folks.

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Speaker 5: If you want to hear this full interview with Yolanda Adams,

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Speaker 5: visit Moneymakingconversation dot com.

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Speaker 1: HBCUs represent Black Excellence.

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Speaker 7: If you attend or are an alumnus of an HBCU,

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Speaker 7: we want to hear about your story. The MYHBCU story

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Speaker 7: Digital library will allow current HBCU students and alumni to

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Speaker 7: share their stories. More information is available at HBCU College

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00:15:31,320 --> 00:15:34,040
Speaker 7: Day dot com. You can upload a photo. The photo

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Speaker 7: can be recent or from when you attended your HBCU.

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Speaker 7: More information is available at HBCU College Day dot com.

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Speaker 8: Programming is made possible in part by support from thirty

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Speaker 8: eight to fifteen Media, led by Emmy and n DOUBLEACP

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Speaker 8: Image Award winning television producer for Shaun McDonald. Thirty eight

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Speaker 8: fifteen Media offers social media management, podcast production, designs, logos,

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Speaker 8: and developed websites. Additional services include brand management and career

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Speaker 8: development consulting services. More information is available at four seven

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Speaker 8: zero six eight eight three eight one five or via

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Speaker 8: email at info at thirty eight fifteen Media dot com.

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Speaker 1: Keep winning.

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Speaker 4: Now, let's return to Money Making Conversations Masterclass with Rashaun McDonald.

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Speaker 1: At the beginning of my interview, Brad, you know, I

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Speaker 1: was really just letting everybody know it's all about the money.

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Speaker 1: It's all about the dollars, you know. That's why I

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Speaker 1: wanted people to understand that you are a certified financial

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Speaker 1: planner and you've shifted gears and basically a certified financial

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Speaker 1: College Education planner. I guess I can add that as

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Speaker 1: a title, correct.

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Speaker 3: Yes, I mean that's what I do. There's no official

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Speaker 3: title for that, or no official I'm.

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Speaker 1: Gonna give it to you, Brad. I'm gonna give it

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Speaker 1: to you. If you don't mind, I'm gonna give it

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Speaker 1: to you.

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Speaker 3: I don't mind.

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Speaker 1: And with that being said, we were we were talking

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Speaker 1: about late college planning. What exactly is that?

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Speaker 6: Right?

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Speaker 3: So late stages where people really need to start focusing

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Speaker 3: in on the very specifics of college, you know, early stages,

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Speaker 3: you know, grade school, high school, or before high school,

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Speaker 3: grade school, kindergarten, even before school starts, or hey, we're pregnant,

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Speaker 3: maybe we should be saving for college, right, you know

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Speaker 3: that's and that's all well and good, But you're not

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Speaker 3: visiting colleges, you're not planning your testing strategies, you're not

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Speaker 3: doing a lot of the very minute work you know

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Speaker 3: early All that starts late stage, So late stages when

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Speaker 3: you start switching from Okay, whether I've saved a bunch

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Speaker 3: of money, whether I've saved zero at all. College is

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Speaker 3: coming and it's coming quickly. What do I need to

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Speaker 3: do to be ready? And I think for a lot

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Speaker 3: of families. The first thing is you need to start

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Speaker 3: earlier than what we used to do. When I went

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Speaker 3: to college, it wasn't unusual to wait till your senior

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Speaker 3: year before you even thought much about college. Now I

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Speaker 3: encourage families that really start thinking about it sophomore year,

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Speaker 3: maybe even freshman year of high school, so that you

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Speaker 3: have some time to plan and prepare. And again, it's

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Speaker 3: not necessarily the student that's doing it. Batterly, it's the parents,

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Speaker 3: because the parents have pieces to do, no matter what

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Speaker 3: school or whatever. So they need to understand how need

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Speaker 3: based aid is going to work, and how MARIDID works,

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Speaker 3: and if you've been saving and investing money, are you

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Speaker 3: doing enough, and how much you need, how a you're

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Speaker 3: going to be fair if you've got multiple kids, and

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Speaker 3: all these things that you can work on even if

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Speaker 3: your student's not quite ready to be visiting and doing

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Speaker 3: their part yet. And if you can spread that out

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Speaker 3: a little bit, it takes a lot of the pressure

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Speaker 3: off because one of the things I hear over and

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Speaker 3: over again is I'm so confused, I'm so overwhelmed, and

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Speaker 3: we have to get all this figured out in the

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Speaker 3: next six months, because you know, we're up against deadlines,

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Speaker 3: and for a lot of families, if you can start

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Speaker 3: earlier so that you can slow the process down, you

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Speaker 3: can enjoy it a little bit more. It's not such

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Speaker 3: a rush, and you can get a little more thorough

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Speaker 3: and understand, you know, what you're dealing with, and it

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Speaker 3: helps you plan and ultimately, I think, with a little

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Speaker 3: more time and effort, you come up with a plan

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Speaker 3: that ultimately saves you money.

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Speaker 1: And I think that's important because you know it. You know,

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Speaker 1: of course, you know, when I was growing up, college

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Speaker 1: was a lot cheaper, but it still was expensive and

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Speaker 1: you still have to plan for these things. And if

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Speaker 1: I'm a parent and I need to plan for college,

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Speaker 1: how do I get started?

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Speaker 3: Brand right? So I think the first thing is to

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Speaker 3: really just kind of jump in and realize that college

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Speaker 3: planning is a process. You start, you know, not really

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Speaker 3: understanding much of anything, and either you read a book

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Speaker 3: or you you know, listen to my podcast or you

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Speaker 3: whatever it is, you just start, you know, start wherever

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Speaker 3: you are and start working at it, and as you

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Speaker 3: learn more, you kind of gain some experience. But and again,

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Speaker 3: you know, as an example, I give presentations at some

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Speaker 3: of the local high schools and one of the high schools.

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Speaker 3: I've been giving presentations for the last ten years or so,

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Speaker 3: and I'll have participants come up me and they'll say,

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Speaker 3: you know, I've got a senior and it's like, well,

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Speaker 3: you know, all this is great information, but I feel

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Speaker 3: like it was too late. You know, why weren't you

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Speaker 3: here last year or the year before? And it's like,

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Speaker 3: I was, I was here the last ten years.

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Speaker 1: Wow.

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Speaker 3: But a lot of parents don't pay attention. They don't

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Speaker 3: you know, they're not thinking about college. They're still trying

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Speaker 3: to figure out how do we do high school?

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Speaker 6: Right?

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Speaker 3: High school is new and you know, so they're not

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Speaker 3: thinking about college yet. And because they're not thinking about it,

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Speaker 3: they don't notice the bulletins that talk about the presentations

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Speaker 3: and that kind of stuff. You know, if you start

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Speaker 3: thinking about it, you'll notice all that stuff and then

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Speaker 3: you can start participating in it.

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Speaker 1: You know, it's really because life is a lot of drama.

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Speaker 1: You know, you worry about your children, you have social

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Speaker 1: media issues. You know, it's so many things that life

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Speaker 1: is the economy. You're just coming out of COVID and

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Speaker 1: so you know it's parents, your child at home, where

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Speaker 1: you go see your child a school. So it's a

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Speaker 1: lot of things that are going on as a parent,

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Speaker 1: and I just wanted to slow down the moment on

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Speaker 1: my show that people here, you got to listen. That's

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Speaker 1: all he's saying. These options out here. They didn't just

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Speaker 1: hop up last week. He like you said, he's been

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Speaker 1: in an environment where he's been there ten years and

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Speaker 1: people were walking up to him like he just started

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Speaker 1: yesterday because they would not listen. They were not looking

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Speaker 1: at the signs on the wall. They were not planning

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Speaker 1: beyond a month, because a lot of people kind of

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Speaker 1: keep the clock on thirty days bread or ninety days.

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Speaker 1: They don't look at a year or two years down

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Speaker 1: the line. And when you're dealing with your child, you

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Speaker 1: want to hear what your child dreams are. And when

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Speaker 1: you hear what your child's dreams are, you need to

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Speaker 1: start looking at the options of whether you can of

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Speaker 1: how you are going to participate in making your child's

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00:21:34,520 --> 00:21:37,760
Speaker 1: dream come true. That's what you're saying, correct, right, Absolutely.

436
00:21:37,840 --> 00:21:39,520
Speaker 3: I think there's all you know, there's kind of a

437
00:21:39,520 --> 00:21:42,760
Speaker 3: big picture stuff of just understanding how it all works,

438
00:21:42,800 --> 00:21:45,000
Speaker 3: and then you get into the weeds of well, if

439
00:21:45,040 --> 00:21:47,520
Speaker 3: I do this, you know that loan is better than

440
00:21:47,520 --> 00:21:49,479
Speaker 3: this loan, or if I do if I do this,

441
00:21:49,560 --> 00:21:51,760
Speaker 3: I'll get a little more aid. Or if my student

442
00:21:51,800 --> 00:21:54,479
Speaker 3: applies to these scholarships, we have a shot at you know,

443
00:21:54,840 --> 00:21:58,359
Speaker 3: changing the overall price by finding the right scholarships. So

444
00:21:58,400 --> 00:22:01,240
Speaker 3: there's lots of things you can do. It's part of

445
00:22:01,280 --> 00:22:03,080
Speaker 3: it is figuring out well which ones are the best

446
00:22:03,080 --> 00:22:05,720
Speaker 3: things to do and which ones will have the most impact.

447
00:22:06,080 --> 00:22:08,600
Speaker 3: And again it's a kind of a case by case basis.

448
00:22:08,640 --> 00:22:11,960
Speaker 3: If you've got a strong athlete, sports might be appropriate.

449
00:22:12,080 --> 00:22:14,359
Speaker 3: If you don't have a strong athlete, you have to

450
00:22:14,359 --> 00:22:16,879
Speaker 3: look somewhere else. If you have a strong academic, that

451
00:22:17,000 --> 00:22:17,720
Speaker 3: might be your thing.

452
00:22:17,960 --> 00:22:22,440
Speaker 1: Right now, you you said your website earlier brand and

453
00:22:22,480 --> 00:22:24,600
Speaker 1: getting phone calls in so he said it too fast?

454
00:22:24,680 --> 00:22:27,879
Speaker 1: He said it too fast? Can you slow doubt and

455
00:22:28,240 --> 00:22:30,960
Speaker 1: read state your website as to how we can reach

456
00:22:31,000 --> 00:22:31,480
Speaker 1: out to you.

457
00:22:32,240 --> 00:22:34,920
Speaker 3: Right, So the website is taming the high cost of

458
00:22:35,040 --> 00:22:38,080
Speaker 3: college dot com, So just like it sounds, taming the

459
00:22:38,160 --> 00:22:39,800
Speaker 3: high cost of college dot com.

460
00:22:40,160 --> 00:22:42,000
Speaker 1: And that's a podcast as well. Correct.

461
00:22:42,600 --> 00:22:45,879
Speaker 3: There's also a podcast about available wherever podcasts are sold,

462
00:22:47,640 --> 00:22:49,640
Speaker 3: so you can look that up as well. It's on Spotify,

463
00:22:49,720 --> 00:22:50,120
Speaker 3: et cetera.

464
00:22:51,320 --> 00:22:54,119
Speaker 1: And it's really when we're talking about parents and recommending

465
00:22:54,119 --> 00:22:57,520
Speaker 1: for savings and paying for college, what are some of

466
00:22:57,520 --> 00:23:00,600
Speaker 1: the biggest surprises for many parents is that the price

467
00:23:00,640 --> 00:23:03,440
Speaker 1: of college isn't what they see on school websites. Like

468
00:23:03,520 --> 00:23:07,200
Speaker 1: you said earlier that about Stanford. Where can you find

469
00:23:07,920 --> 00:23:11,840
Speaker 1: the real cost of what a college education is for

470
00:23:11,960 --> 00:23:12,600
Speaker 1: your child?

471
00:23:13,920 --> 00:23:14,120
Speaker 4: Right?

472
00:23:14,240 --> 00:23:18,680
Speaker 3: So I do have a free resource. It's on my website,

473
00:23:18,760 --> 00:23:21,160
Speaker 3: is one of the resources, and it has the net

474
00:23:21,200 --> 00:23:24,840
Speaker 3: price of colleges by state and then so the net

475
00:23:24,920 --> 00:23:27,280
Speaker 3: price would be that, you know, the list price minus

476
00:23:27,359 --> 00:23:32,520
Speaker 3: whatever age you typically receive. So we've got some numbers there,

477
00:23:32,600 --> 00:23:35,600
Speaker 3: you know, showing if your income is this, you know,

478
00:23:35,680 --> 00:23:38,000
Speaker 3: this is the average price. If your income is higher,

479
00:23:38,040 --> 00:23:40,560
Speaker 3: this is the average price. So it's all broken out

480
00:23:40,680 --> 00:23:43,800
Speaker 3: and it's a great place to start. But all this

481
00:23:43,800 --> 00:23:47,080
Speaker 3: stuff is averages, and that's one of the big cautions

482
00:23:47,119 --> 00:23:49,840
Speaker 3: is the average is this the you know, the average

483
00:23:49,880 --> 00:23:52,000
Speaker 3: family has two point two kids, Well, show me a

484
00:23:52,000 --> 00:23:55,440
Speaker 3: point two kid out there. It's you know, averages only

485
00:23:55,480 --> 00:23:57,119
Speaker 3: go so far. What you really need to do is

486
00:23:57,160 --> 00:23:59,240
Speaker 3: understand how it's going to work for you. So start

487
00:23:59,240 --> 00:24:03,320
Speaker 3: with the averages, learn how it works, and then from

488
00:24:03,359 --> 00:24:06,200
Speaker 3: there you can literally figure out what the cost will

489
00:24:06,200 --> 00:24:09,880
Speaker 3: be based on your situation, not based on an average situation.

490
00:24:10,119 --> 00:24:12,840
Speaker 1: As we close out the interview, Brad, how can families

491
00:24:12,920 --> 00:24:16,080
Speaker 1: balance paying for college and saving for retirement?

492
00:24:16,640 --> 00:24:19,320
Speaker 3: Yeah, I think that is one of the biggest challenges,

493
00:24:19,800 --> 00:24:21,800
Speaker 3: and I think it's important that you just kind of

494
00:24:21,880 --> 00:24:25,600
Speaker 3: keep all your goals in mind when you're making those

495
00:24:25,640 --> 00:24:28,919
Speaker 3: college decisions, because if you need to be saving, you know,

496
00:24:29,000 --> 00:24:31,879
Speaker 3: let's say five hundred or one thousand per month in

497
00:24:32,000 --> 00:24:34,760
Speaker 3: order to make retirement happen. And now you just discovered

498
00:24:34,800 --> 00:24:37,840
Speaker 3: that college is going to be another thousand a month, Well,

499
00:24:38,080 --> 00:24:40,000
Speaker 3: you can't take a thousand that was for retirement. You

500
00:24:40,080 --> 00:24:43,000
Speaker 3: got to take a thousand from somewhere else. And I

501
00:24:43,000 --> 00:24:44,720
Speaker 3: think for a lot of families, in the spur of

502
00:24:44,720 --> 00:24:47,760
Speaker 3: the moment, they'll delay retirement, or they'll do things or

503
00:24:47,800 --> 00:24:49,760
Speaker 3: that you won't even just think about it to just say, well,

504
00:24:49,800 --> 00:24:52,720
Speaker 3: we'll sign up. We'll figure it out later, and you know,

505
00:24:52,800 --> 00:24:54,159
Speaker 3: that's kind of the cost, and that's the mistake.

506
00:24:54,200 --> 00:24:56,480
Speaker 1: To figure out later part is what you're trying to

507
00:24:56,520 --> 00:25:00,240
Speaker 1: get us to stop doing, because later we'll come to

508
00:25:00,320 --> 00:25:03,080
Speaker 1: you quicker than you think, and when it comes to you,

509
00:25:03,080 --> 00:25:04,920
Speaker 1: you don't have answers for the later.

510
00:25:04,920 --> 00:25:08,560
Speaker 3: Correct exactly, just like you know, when our kids were young,

511
00:25:08,680 --> 00:25:10,760
Speaker 3: it seems just like last week, and all of a sudden,

512
00:25:10,800 --> 00:25:12,320
Speaker 3: here we are in high school and it's going to

513
00:25:12,400 --> 00:25:14,560
Speaker 3: go just as fast as you know. High school is

514
00:25:14,600 --> 00:25:16,880
Speaker 3: going to go very quickly, and then college is here,

515
00:25:17,160 --> 00:25:19,000
Speaker 3: and so forth and so on. And I think that's

516
00:25:19,040 --> 00:25:21,639
Speaker 3: where again, making a reasonable plan. I'm not saying you

517
00:25:21,640 --> 00:25:23,600
Speaker 3: shouldn't spend a lot of money on college. I'm not.

518
00:25:23,880 --> 00:25:25,160
Speaker 1: What I'm saying is.

519
00:25:25,119 --> 00:25:27,160
Speaker 3: If you're going to spend a lot of money on college,

520
00:25:27,640 --> 00:25:30,439
Speaker 3: understand the impact on other areas. You know. I always

521
00:25:30,440 --> 00:25:32,160
Speaker 3: give the example, you know, if you choose to give

522
00:25:32,240 --> 00:25:34,359
Speaker 3: up your lake home so you can spend crazy amounts

523
00:25:34,359 --> 00:25:37,080
Speaker 3: of money on college, that's one decision, r. But if

524
00:25:37,080 --> 00:25:39,760
Speaker 3: you're going to delay your retirement till you're seventy five

525
00:25:39,960 --> 00:25:42,960
Speaker 3: because you've spent too much on college, that's a completely

526
00:25:43,000 --> 00:25:45,520
Speaker 3: different decision. And I'm not saying the wrong decisions, but

527
00:25:45,640 --> 00:25:48,199
Speaker 3: at least be aware that that's the consequences. And I've

528
00:25:48,280 --> 00:25:51,040
Speaker 3: seen that happen all too often of you know, parents

529
00:25:51,080 --> 00:25:53,600
Speaker 3: having a lot of debt because they were willing to

530
00:25:53,600 --> 00:25:56,119
Speaker 3: help their students, you know, at any price. So the

531
00:25:56,160 --> 00:25:58,320
Speaker 3: parents took on a ton of debt, and now they're

532
00:25:58,320 --> 00:26:00,880
Speaker 3: trying to figure out how retirement works while they're still

533
00:26:00,880 --> 00:26:02,879
Speaker 3: trying to pay back student loans, and it just doesn't

534
00:26:02,920 --> 00:26:05,359
Speaker 3: work for some Wow. So that's you know, that's the

535
00:26:05,359 --> 00:26:08,800
Speaker 3: big caution of well, for some families, loans that are

536
00:26:08,840 --> 00:26:11,480
Speaker 3: required to make it happen. But then you also need

537
00:26:11,480 --> 00:26:13,439
Speaker 3: to have a kind of a heart to heart with

538
00:26:13,480 --> 00:26:15,199
Speaker 3: a student about well, who's going to pay back the

539
00:26:15,280 --> 00:26:17,320
Speaker 3: loans and how is this all going to come together?

540
00:26:17,520 --> 00:26:21,320
Speaker 1: Absolutely, hey, Brad, it's really thank you for coming on

541
00:26:21,359 --> 00:26:23,920
Speaker 1: the show. I definitely win the middle of a college

542
00:26:23,960 --> 00:26:27,320
Speaker 1: season or falling spring, so I definitely want to continue

543
00:26:27,320 --> 00:26:30,960
Speaker 1: this conversation because I think people need to hear. Like

544
00:26:31,040 --> 00:26:33,280
Speaker 1: you said, they they've they've a lot of people didn't

545
00:26:33,280 --> 00:26:35,960
Speaker 1: hear this interview, and so it's necessary that we keep

546
00:26:36,280 --> 00:26:41,480
Speaker 1: selling the information, telling the story of how education is affordable.

547
00:26:41,680 --> 00:26:43,359
Speaker 1: You just got to know the right path. As we

548
00:26:43,440 --> 00:26:47,000
Speaker 1: close out, give give out your website slowly one more time.

549
00:26:46,800 --> 00:26:50,280
Speaker 3: Brad, Yes, so it's taming the high cost of college

550
00:26:50,480 --> 00:26:51,280
Speaker 3: dot com.

551
00:26:51,280 --> 00:26:52,800
Speaker 1: Thank you, Brad, and we'll talk soon.

552
00:26:52,840 --> 00:26:59,120
Speaker 4: Okay, Yes, thank you for joining us for this edition

553
00:26:59,160 --> 00:27:04,720
Speaker 4: of Money Making Conversations Masterclass. Money Making Conversations Masterclass with

554
00:27:04,880 --> 00:27:08,480
Speaker 4: Rushan MacDonald is produced by thirty eight to fifteen Media Inc.

555
00:27:08,760 --> 00:27:12,040
Speaker 4: More information about thirty eight to fifteen Media Inc. Is

556
00:27:12,080 --> 00:27:16,080
Speaker 4: available at thirty eight fifteen media dot com. And always

557
00:27:16,160 --> 00:27:18,520
Speaker 4: remember to lead with your gifts