1 00:00:00,080 --> 00:00:03,080 Speaker 1: Hey va, fam, we are all. We are featuring our 2 00:00:03,120 --> 00:00:07,200 Speaker 1: favorite money and career expert, Lynette Califani Cox. Y'all might 3 00:00:07,240 --> 00:00:09,600 Speaker 1: know her as the money Coach, but we know her 4 00:00:09,640 --> 00:00:14,560 Speaker 1: as our financial fairy god mama. So Lynette went from 5 00:00:14,600 --> 00:00:17,600 Speaker 1: having a career as a journalist to an entrepreneur who 6 00:00:17,640 --> 00:00:23,000 Speaker 1: commands what five figure speaking fees. She's authored maybe at 7 00:00:23,000 --> 00:00:26,160 Speaker 1: this point, more than a dozen books, as well as 8 00:00:26,160 --> 00:00:30,440 Speaker 1: crafting financial courses for consumers and businesses. Y'all can find 9 00:00:30,520 --> 00:00:34,200 Speaker 1: Lynette at Askthemoneycoach dot com. And on today's show, she's 10 00:00:34,240 --> 00:00:36,640 Speaker 1: going to share her expert advice on how to negotiate 11 00:00:36,680 --> 00:01:02,160 Speaker 1: on the job. Hope you guys enjoy. 12 00:00:54,840 --> 00:00:59,160 Speaker 2: Lynette Calfoni Cox. She was our very first interview and 13 00:00:59,200 --> 00:01:02,520 Speaker 2: she's bad. So we're super excited because let's kind of 14 00:01:02,520 --> 00:01:05,600 Speaker 2: talk about all things negotiating. We're also gonna squeeze some 15 00:01:06,000 --> 00:01:09,120 Speaker 2: college tips and info because Lynnette got her daughter a 16 00:01:09,840 --> 00:01:12,040 Speaker 2: help to her daughter get not only a free ride, 17 00:01:12,080 --> 00:01:14,480 Speaker 2: but tons of money for college. So if you want 18 00:01:14,480 --> 00:01:16,759 Speaker 2: to be like that, you know, get on board. Take 19 00:01:16,760 --> 00:01:19,800 Speaker 2: a list of Jamal. You're listening, all right, So Jamal 20 00:01:19,920 --> 00:01:22,160 Speaker 2: is who we call our We have a few handful 21 00:01:22,200 --> 00:01:23,800 Speaker 2: of mail listeners and that's what we saw them. 22 00:01:24,240 --> 00:01:28,880 Speaker 3: Yeah, they tune out for the girls stuff but back in. 23 00:01:29,720 --> 00:01:32,640 Speaker 3: But yeah, no, I think that this topic And thank 24 00:01:32,640 --> 00:01:34,720 Speaker 3: you Lynette for joining us again. You are a fave. 25 00:01:35,720 --> 00:01:37,280 Speaker 3: So this is a topic I'll never get tired of 26 00:01:37,319 --> 00:01:40,720 Speaker 3: talking about. And I always like to get your perspective, 27 00:01:40,800 --> 00:01:42,880 Speaker 3: like each person we talk to their perspective on this, 28 00:01:43,600 --> 00:01:45,720 Speaker 3: because we still get a lot of questions about, you know, 29 00:01:46,000 --> 00:01:48,760 Speaker 3: what are some strategies, How should I be asking for 30 00:01:48,800 --> 00:01:51,080 Speaker 3: more at work? What do I do if I feel 31 00:01:51,080 --> 00:01:53,480 Speaker 3: stuck at work and I don't feel like I'm getting 32 00:01:53,480 --> 00:01:56,280 Speaker 3: paid enough and the you know, opportunities for. 33 00:01:56,280 --> 00:01:58,160 Speaker 1: Growth just aren't there. 34 00:01:58,880 --> 00:02:01,040 Speaker 3: And I wonder if you maybe it could start off 35 00:02:01,040 --> 00:02:04,520 Speaker 3: by talking a little bit about sometimes early in your career, 36 00:02:04,640 --> 00:02:09,560 Speaker 3: even recently, when you feel like you either have missed 37 00:02:09,560 --> 00:02:13,160 Speaker 3: an opportunity to negotiate or took advantage of one, and 38 00:02:13,200 --> 00:02:14,120 Speaker 3: like what you learn from that. 39 00:02:15,680 --> 00:02:18,440 Speaker 2: Sure, well, over the course of my career, I've been 40 00:02:19,080 --> 00:02:23,880 Speaker 2: super lucky in the sense that I don't even know 41 00:02:24,600 --> 00:02:29,520 Speaker 2: how or like why I chose to like negotiate so 42 00:02:29,600 --> 00:02:33,520 Speaker 2: early in my career, because honestly, I don't ever remember 43 00:02:34,320 --> 00:02:38,800 Speaker 2: my mom telling me. I don't remember any female mentors 44 00:02:38,960 --> 00:02:43,880 Speaker 2: or older women telling me to negotiate. I have five sisters, 45 00:02:44,000 --> 00:02:46,840 Speaker 2: three of them are older than I am, but honestly, 46 00:02:46,919 --> 00:02:50,680 Speaker 2: I don't remember them telling me to negotiate early in 47 00:02:50,680 --> 00:02:51,200 Speaker 2: my career. 48 00:02:52,080 --> 00:02:54,720 Speaker 4: I just kind of took it upon myself to do it. 49 00:02:55,520 --> 00:02:59,800 Speaker 2: And I am so enormously grateful that I did, because 50 00:02:59,800 --> 00:03:04,440 Speaker 2: it really has been kind of one of those benchmark 51 00:03:05,840 --> 00:03:12,080 Speaker 2: areas in terms of my own financial life, not just 52 00:03:12,280 --> 00:03:15,919 Speaker 2: as an employee, but even now as an entrepreneur. And 53 00:03:16,000 --> 00:03:20,320 Speaker 2: so there have been times when I have not negotiated, 54 00:03:20,560 --> 00:03:24,239 Speaker 2: and it's usually when I get an offer that's like excellent, 55 00:03:24,520 --> 00:03:26,640 Speaker 2: sort of write out the box, and I'm like, I 56 00:03:26,880 --> 00:03:28,119 Speaker 2: don't be greedy girl. 57 00:03:28,040 --> 00:03:32,440 Speaker 3: You know, but how do you know when it's good enough? Someone? Yeah, 58 00:03:32,480 --> 00:03:35,120 Speaker 3: one of my younger cousins had asked me that, She's like, 59 00:03:35,360 --> 00:03:37,640 Speaker 3: I don't know. I'm really excited, but I don't know 60 00:03:37,680 --> 00:03:40,240 Speaker 3: if it should I just negotiate because everyone tells me to, 61 00:03:40,560 --> 00:03:42,800 Speaker 3: or how do I know if it's good enough? 62 00:03:43,400 --> 00:03:47,960 Speaker 2: See, that's a great question, and you really should know 63 00:03:48,120 --> 00:03:50,320 Speaker 2: quote unquote what's good enough for you. So I'll give 64 00:03:50,320 --> 00:03:52,000 Speaker 2: you a case in points and you asked about my 65 00:03:52,560 --> 00:03:55,960 Speaker 2: early professional career in my history. 66 00:03:56,000 --> 00:03:57,960 Speaker 4: Then the reason I. 67 00:03:57,880 --> 00:04:00,640 Speaker 2: Say you should know is you should know, like what 68 00:04:00,720 --> 00:04:03,440 Speaker 2: amount of money would make you happy, and what amount 69 00:04:03,440 --> 00:04:08,480 Speaker 2: of money is commensurate with the skills and the background 70 00:04:08,680 --> 00:04:09,960 Speaker 2: and the value. 71 00:04:09,600 --> 00:04:11,280 Speaker 4: That you're going to bring to an organization. 72 00:04:11,960 --> 00:04:15,240 Speaker 2: So, for example, when I got out of grad school 73 00:04:15,280 --> 00:04:19,800 Speaker 2: at USC in Los Angeles, it was nineteen ninety three, 74 00:04:20,480 --> 00:04:23,680 Speaker 2: and I had gotten married very young, and then. 75 00:04:23,600 --> 00:04:25,720 Speaker 4: I moved to Philadelphia. 76 00:04:26,200 --> 00:04:28,400 Speaker 2: My ex was in graduate school, and so I was 77 00:04:28,480 --> 00:04:31,160 Speaker 2: working not one, but two jobs. 78 00:04:31,440 --> 00:04:33,679 Speaker 4: So I worked at the Philadelphia. 79 00:04:33,040 --> 00:04:36,600 Speaker 2: Inquirer as a correspondent by day, and I worked at 80 00:04:36,600 --> 00:04:39,800 Speaker 2: Fox at ten o'clock news by night. And I was 81 00:04:40,200 --> 00:04:45,359 Speaker 2: a writer and an assistant producer at Fox. So for 82 00:04:45,480 --> 00:04:48,360 Speaker 2: both of my jobs, literally I was, you know, working 83 00:04:48,400 --> 00:04:51,679 Speaker 2: myself to the bone. I would be at the agey 84 00:04:51,920 --> 00:04:54,280 Speaker 2: as we called it for you know, from about nine 85 00:04:54,279 --> 00:04:57,760 Speaker 2: o'clock in the morning to about five thirty almost six, 86 00:04:58,040 --> 00:05:00,320 Speaker 2: and then I would race like a mad woman cross 87 00:05:00,360 --> 00:05:02,240 Speaker 2: the bridge and come back in because I worked in 88 00:05:02,279 --> 00:05:06,880 Speaker 2: South Jersey in the Cherry hillbureau for the Enquirer, and 89 00:05:06,920 --> 00:05:09,640 Speaker 2: then I would rush to come back over to downtown 90 00:05:10,080 --> 00:05:13,240 Speaker 2: Philly area, and then I would go to my job 91 00:05:13,279 --> 00:05:14,719 Speaker 2: at the ten o'clock News, and I would get there 92 00:05:14,720 --> 00:05:18,040 Speaker 2: about six thirty ish and be there until eleven till 93 00:05:18,080 --> 00:05:24,120 Speaker 2: the show ended. Long story short, when I changed and 94 00:05:24,240 --> 00:05:27,960 Speaker 2: left those two jobs to go work for Dow Jones. 95 00:05:28,960 --> 00:05:31,360 Speaker 2: Dow Jones, you know, the parent company at Wall Street Journal. 96 00:05:32,839 --> 00:05:36,640 Speaker 2: The job offer that I got from Dow Jones was 97 00:05:36,800 --> 00:05:40,440 Speaker 2: more than I was making for both of those previous 98 00:05:40,440 --> 00:05:44,080 Speaker 2: two jobs put together, but I still negotiated for more. 99 00:05:44,920 --> 00:05:47,400 Speaker 4: So I knew at the time that. 100 00:05:48,839 --> 00:05:51,520 Speaker 2: Not only was I going to have one heck of 101 00:05:51,520 --> 00:05:56,720 Speaker 2: a commute, because I was commuting on Amtrak from Philadelphia 102 00:05:56,800 --> 00:05:58,799 Speaker 2: from thirtieth Street Penn Station to New. 103 00:05:58,680 --> 00:06:00,320 Speaker 4: York Now to go to. 104 00:06:01,880 --> 00:06:04,760 Speaker 2: The World Financial Center, which is where the headquarters for 105 00:06:04,839 --> 00:06:06,839 Speaker 2: Dow Jones was. I knew that was going to be 106 00:06:06,880 --> 00:06:09,760 Speaker 2: two hours, you know, door to door commute each way. 107 00:06:10,000 --> 00:06:11,520 Speaker 2: I knew I was going to have like a four 108 00:06:11,560 --> 00:06:14,680 Speaker 2: hundred or something dollars round trip Amtrak ticket and everything. 109 00:06:15,279 --> 00:06:18,520 Speaker 2: But I also knew, and again I don't even know 110 00:06:18,640 --> 00:06:21,560 Speaker 2: how I knew this, but I knew that it was 111 00:06:21,600 --> 00:06:26,559 Speaker 2: incumbent upon me to show my prospective employer what great 112 00:06:26,560 --> 00:06:28,159 Speaker 2: things I was going to do for Dow Jones and 113 00:06:28,160 --> 00:06:30,160 Speaker 2: how I was going to deliver value for them, and 114 00:06:30,200 --> 00:06:33,320 Speaker 2: why I was worth X amount. And at the time 115 00:06:33,360 --> 00:06:36,120 Speaker 2: it might have been like, you know, forty eight thousand 116 00:06:36,200 --> 00:06:38,280 Speaker 2: or fifty thousand. I can't remember exactly what it was, 117 00:06:38,320 --> 00:06:40,479 Speaker 2: to be honest with you, but it was more for 118 00:06:40,560 --> 00:06:43,400 Speaker 2: sure that I was making at those two jobs combined. 119 00:06:43,440 --> 00:06:44,880 Speaker 2: I want to say it was in the high forties 120 00:06:44,960 --> 00:06:51,560 Speaker 2: or something like that. And another thing that dawned on 121 00:06:51,600 --> 00:06:55,320 Speaker 2: me was that it's not the employer's you know, responsibility 122 00:06:55,680 --> 00:06:58,839 Speaker 2: or even concern, frankly, to worry about the fact that 123 00:06:58,880 --> 00:07:02,240 Speaker 2: I had a four hour commute, you know, to and 124 00:07:02,320 --> 00:07:04,920 Speaker 2: from when you took two hours each way, or that 125 00:07:05,000 --> 00:07:07,159 Speaker 2: my Amtrak ticket was you know, four hundred and something dollars. 126 00:07:07,200 --> 00:07:11,040 Speaker 2: At the time, I negotiated from a position of strength, 127 00:07:11,480 --> 00:07:14,680 Speaker 2: not from a position of need or greed. And I 128 00:07:14,680 --> 00:07:16,720 Speaker 2: think that's one of the biggest mistakes that people make 129 00:07:16,760 --> 00:07:17,920 Speaker 2: when they say, well, I don't know if this is 130 00:07:17,960 --> 00:07:20,480 Speaker 2: a good amount, how much should I ask for, et cetera. 131 00:07:21,080 --> 00:07:23,400 Speaker 2: You have to think about the value that you're going 132 00:07:23,480 --> 00:07:26,080 Speaker 2: to give to a company and what is that worth, 133 00:07:26,120 --> 00:07:28,280 Speaker 2: and also what is the dollar amount that you'd be 134 00:07:28,320 --> 00:07:31,520 Speaker 2: happy with. So somebody can tell you, oh, you should 135 00:07:31,600 --> 00:07:35,000 Speaker 2: negotiate for more. But if you say, I'm looking for 136 00:07:35,040 --> 00:07:37,960 Speaker 2: a job and you know, to get this new position, Wow, 137 00:07:37,960 --> 00:07:39,640 Speaker 2: if they made me an offer of you know, seventy 138 00:07:39,640 --> 00:07:42,200 Speaker 2: five thousand dollars a year, woohoo, I'd be jumping through 139 00:07:42,200 --> 00:07:43,880 Speaker 2: the you know, jumping up and. 140 00:07:44,000 --> 00:07:44,760 Speaker 4: Down for joy. 141 00:07:45,040 --> 00:07:47,280 Speaker 2: And if they come through with, say an eighty thousand 142 00:07:47,280 --> 00:07:49,560 Speaker 2: dollars offer, and you're like, who, I'm over the moon. 143 00:07:50,880 --> 00:07:53,200 Speaker 4: Do you need to negotiate? No, you don't need to. 144 00:07:53,280 --> 00:07:56,840 Speaker 2: Obviously you'd be happy or satisfied. Perhaps you might want 145 00:07:56,840 --> 00:08:01,280 Speaker 2: the experience of negotiating and that can actually be helpful 146 00:08:01,280 --> 00:08:04,240 Speaker 2: and beneficial, and yeah, you might actually get more. But 147 00:08:04,960 --> 00:08:08,679 Speaker 2: it's not a situation where it's a it's a matter 148 00:08:08,720 --> 00:08:12,200 Speaker 2: that has to be forced, where you wouldn't be happy 149 00:08:12,240 --> 00:08:16,160 Speaker 2: and truly incentivized and motivated to do a very very 150 00:08:16,160 --> 00:08:16,720 Speaker 2: good job. 151 00:08:19,040 --> 00:08:20,320 Speaker 4: So go ahead. 152 00:08:20,320 --> 00:08:21,120 Speaker 2: I'm sorry it Mandy. 153 00:08:21,360 --> 00:08:24,160 Speaker 1: Nope, actually, Tiff, did you move locations? 154 00:08:25,080 --> 00:08:28,440 Speaker 3: No, I'm in the same space, okay, socially echoway, but yeah, 155 00:08:28,520 --> 00:08:28,920 Speaker 3: go ahead. 156 00:08:29,800 --> 00:08:32,440 Speaker 2: No. I was just gonna say, well, how do you 157 00:08:32,440 --> 00:08:34,240 Speaker 2: so my little sister just called me the other day. 158 00:08:34,320 --> 00:08:38,160 Speaker 2: She had a job interview, and it was strange in 159 00:08:38,240 --> 00:08:43,480 Speaker 2: that her employer is based in London, and so they 160 00:08:43,480 --> 00:08:46,800 Speaker 2: were asking, you know, they want basically heard I guess, 161 00:08:46,840 --> 00:08:49,679 Speaker 2: to pay her health insurance out of pocket, but they 162 00:08:49,760 --> 00:08:53,400 Speaker 2: wanted to include that into her income. So she was 163 00:08:53,440 --> 00:08:55,160 Speaker 2: asking me like, well, how do I know you know, 164 00:08:56,360 --> 00:09:00,280 Speaker 2: health insurance as well as her retirement package. So she 165 00:09:00,360 --> 00:09:04,160 Speaker 2: was asking about how do I negotiate that part of 166 00:09:04,200 --> 00:09:06,800 Speaker 2: my salary because you know, she never had to do 167 00:09:06,840 --> 00:09:10,280 Speaker 2: that before because usually it comes with the company figuring. 168 00:09:09,920 --> 00:09:10,800 Speaker 4: Out the dollar amount. 169 00:09:10,800 --> 00:09:12,560 Speaker 2: So what is something that somebody that she can I mean, 170 00:09:12,559 --> 00:09:14,720 Speaker 2: she's already since I told her to go to like 171 00:09:15,160 --> 00:09:17,800 Speaker 2: policy Genius to see how much insurance would cost that 172 00:09:17,880 --> 00:09:19,679 Speaker 2: she was going to be paying out of pocket. But like, 173 00:09:19,760 --> 00:09:22,640 Speaker 2: what are some tips that someone who has to figure out, Okay, 174 00:09:22,760 --> 00:09:26,400 Speaker 2: this company's not giving me health insurance or a retirement package, 175 00:09:26,760 --> 00:09:30,120 Speaker 2: how can you incorporate that into negotiating for how much 176 00:09:30,120 --> 00:09:33,880 Speaker 2: you want as far as your salary? So great question, 177 00:09:34,040 --> 00:09:37,880 Speaker 2: and it's definitely an atypical situation tip that your sister 178 00:09:37,960 --> 00:09:38,559 Speaker 2: is dealing with. 179 00:09:39,040 --> 00:09:40,600 Speaker 4: Usually it's the other way around. 180 00:09:40,760 --> 00:09:45,640 Speaker 2: Usually it's a company trying to perhaps give up a 181 00:09:45,840 --> 00:09:50,200 Speaker 2: lower cash portion of the compensation, and they're trying to say, 182 00:09:50,200 --> 00:09:52,880 Speaker 2: but look at all these other benefits and perks. You know, 183 00:09:52,920 --> 00:09:54,600 Speaker 2: we're going to take care of your health insurance, We're 184 00:09:54,600 --> 00:09:57,120 Speaker 2: going to give you retirement benefits, or profit sharing or 185 00:09:57,280 --> 00:10:01,520 Speaker 2: stock options or whatever. So what you advise her to 186 00:10:01,520 --> 00:10:05,800 Speaker 2: do is actually was smart counsel, which is you need 187 00:10:05,840 --> 00:10:08,360 Speaker 2: to understand exactly how much you would have to pay 188 00:10:08,679 --> 00:10:12,640 Speaker 2: independently on your own for those types of things in general, 189 00:10:12,720 --> 00:10:14,880 Speaker 2: though regardless of which way it goes, if you have 190 00:10:14,920 --> 00:10:17,600 Speaker 2: to pay it or if the employer is covering those 191 00:10:17,640 --> 00:10:20,960 Speaker 2: things for you. One of the things that I teach people, 192 00:10:20,960 --> 00:10:22,839 Speaker 2: and you guys know that, I have a course now 193 00:10:22,880 --> 00:10:26,240 Speaker 2: called The Art of Negotiating for Women on Money Coach University. 194 00:10:26,760 --> 00:10:31,360 Speaker 2: I talk about valuing other variables. And it's so important 195 00:10:31,400 --> 00:10:36,000 Speaker 2: to do this because for the most part, when you 196 00:10:36,080 --> 00:10:40,360 Speaker 2: think about your pay, it's not just about the cash 197 00:10:40,559 --> 00:10:42,800 Speaker 2: dollars that the employer is going to give to you, 198 00:10:42,720 --> 00:10:45,280 Speaker 2: you know, every two weeks or whatever. All of those 199 00:10:45,360 --> 00:10:48,920 Speaker 2: other variables, all of those other benefits, those are real 200 00:10:49,000 --> 00:10:52,200 Speaker 2: life dollars, because otherwise it would be out. 201 00:10:51,960 --> 00:10:53,560 Speaker 4: Of pocket costs for you. 202 00:10:54,200 --> 00:10:57,480 Speaker 2: So you need to say how much holiday pay am 203 00:10:57,520 --> 00:11:01,319 Speaker 2: I going to get? How much extra or anticipated vacation 204 00:11:01,480 --> 00:11:05,800 Speaker 2: pay will this employer be providing me? And how much 205 00:11:05,960 --> 00:11:08,880 Speaker 2: negotiating room is there for that. It's always negotiable. Everything 206 00:11:08,920 --> 00:11:11,200 Speaker 2: is negotiable. Will they be willing to pay off my 207 00:11:11,240 --> 00:11:14,200 Speaker 2: student loans, for example, all or a portion of the 208 00:11:14,200 --> 00:11:15,680 Speaker 2: student loans? 209 00:11:16,600 --> 00:11:20,600 Speaker 4: Will they provide me with flexible work schedules? You know, 210 00:11:20,880 --> 00:11:22,000 Speaker 4: what is that worth to me? 211 00:11:22,800 --> 00:11:25,280 Speaker 2: When I was leaving, when I was at the tail 212 00:11:25,360 --> 00:11:27,960 Speaker 2: end of my employment as a Wall Street Journal reporter 213 00:11:28,040 --> 00:11:31,319 Speaker 2: for CNBC, one of the things that I negotiated at 214 00:11:31,320 --> 00:11:34,720 Speaker 2: the end of my contract there, I had a very 215 00:11:34,800 --> 00:11:36,920 Speaker 2: nice six figure salary, but I was in the process 216 00:11:36,920 --> 00:11:40,079 Speaker 2: of writing my first book, and long story short, we 217 00:11:40,320 --> 00:11:42,360 Speaker 2: were at an impass, and I had an agent who 218 00:11:42,400 --> 00:11:48,200 Speaker 2: was negotiating for me, a very high profile TV and 219 00:11:48,400 --> 00:11:51,800 Speaker 2: book agent, a guy named Bob Barnett. But long story short, 220 00:11:51,840 --> 00:11:56,719 Speaker 2: we were at an impass, and at that point I 221 00:11:56,800 --> 00:12:05,200 Speaker 2: negotiated directly with a woman who was one of the. 222 00:12:03,760 --> 00:12:04,600 Speaker 4: Key people there. 223 00:12:05,160 --> 00:12:09,120 Speaker 2: And in the end it kind of all fell apart 224 00:12:09,160 --> 00:12:13,120 Speaker 2: and there was, you know, some frankly bad faith negotiations 225 00:12:13,520 --> 00:12:16,600 Speaker 2: that took place, not on the part of CNBC management 226 00:12:16,640 --> 00:12:18,880 Speaker 2: and not on you know, Wall Street journal Folks. You 227 00:12:18,880 --> 00:12:21,440 Speaker 2: know this person got fired and whole bunch of other stuff, 228 00:12:21,559 --> 00:12:24,560 Speaker 2: as did I, you know, me, and two hundred other people. 229 00:12:24,640 --> 00:12:28,320 Speaker 2: But I'm saying all that to say that what I 230 00:12:28,400 --> 00:12:32,440 Speaker 2: negotiated was when we got to an impasse and she 231 00:12:32,600 --> 00:12:35,160 Speaker 2: told me, this is as high as I can possibly go, 232 00:12:35,960 --> 00:12:39,280 Speaker 2: I said, okay, I'd be willing to accept that salary 233 00:12:39,679 --> 00:12:42,160 Speaker 2: if I get that salary and I'm able to work 234 00:12:42,200 --> 00:12:44,960 Speaker 2: four days a week instead of five days a week, 235 00:12:45,760 --> 00:12:48,760 Speaker 2: and having that flexible schedule was beneficial to me. It 236 00:12:48,800 --> 00:12:50,920 Speaker 2: basically meant I was working eighty percent of the time 237 00:12:51,200 --> 00:12:53,240 Speaker 2: instead of one hundred percent of the time, but I 238 00:12:53,280 --> 00:12:56,040 Speaker 2: still got the same level of pay, and I used 239 00:12:56,120 --> 00:12:59,600 Speaker 2: that extra Friday off each week to write my first book, 240 00:12:59,640 --> 00:13:03,959 Speaker 2: invest Success. So you have to be able to quantify, 241 00:13:04,280 --> 00:13:06,000 Speaker 2: and you can do it through a variety of means. 242 00:13:06,040 --> 00:13:09,160 Speaker 2: But you should know, for something like that flexible work schedule, 243 00:13:09,160 --> 00:13:11,160 Speaker 2: what would it be worth to you? Only you can 244 00:13:11,240 --> 00:13:12,640 Speaker 2: answer that question. You don't need to go on a 245 00:13:12,640 --> 00:13:16,880 Speaker 2: website or to you know, look up something on Google 246 00:13:17,000 --> 00:13:20,000 Speaker 2: or whatever. You know, what that is sort of worth 247 00:13:20,120 --> 00:13:22,959 Speaker 2: to you from a quality of life standpoint or from 248 00:13:23,000 --> 00:13:26,040 Speaker 2: an aspirational standpoint if it frees you up to do 249 00:13:26,120 --> 00:13:27,880 Speaker 2: something else, right. 250 00:13:27,840 --> 00:13:30,760 Speaker 3: I have a question, Lynnette, So this is and you 251 00:13:30,800 --> 00:13:34,480 Speaker 3: talked about asking for a semi part time schedule, a 252 00:13:34,559 --> 00:13:36,720 Speaker 3: day off a week to work on your book. Do 253 00:13:36,760 --> 00:13:40,160 Speaker 3: you feel like that is maybe treated differently than one So, 254 00:13:40,400 --> 00:13:42,400 Speaker 3: for example, let's say a new mother may not get 255 00:13:42,520 --> 00:13:46,480 Speaker 3: very much maternity leave at her office. Do you think 256 00:13:46,480 --> 00:13:50,440 Speaker 3: it's looked at differently if a worker a woman would 257 00:13:50,520 --> 00:13:52,839 Speaker 3: want to take off or ask for a part time 258 00:13:52,880 --> 00:13:56,800 Speaker 3: schedule to spend time with her a newborn or with 259 00:13:56,840 --> 00:14:02,120 Speaker 3: her child. And do you suggest that you know, new 260 00:14:02,200 --> 00:14:05,760 Speaker 3: moms ask for that, especially if they don't get a 261 00:14:05,880 --> 00:14:08,760 Speaker 3: very generous which many many women don't get a very 262 00:14:09,000 --> 00:14:11,640 Speaker 3: generous maternity leave schedule. 263 00:14:13,120 --> 00:14:17,720 Speaker 2: The reality is there there are gender biases in the workforce. 264 00:14:18,360 --> 00:14:23,280 Speaker 2: And yes, you know, I would be less than honest 265 00:14:23,520 --> 00:14:26,640 Speaker 2: if I said that I didn't think many employers frankly 266 00:14:27,720 --> 00:14:33,400 Speaker 2: dependent upon the industry, dependent upon the line of work 267 00:14:33,440 --> 00:14:35,520 Speaker 2: that the woman was doing. If I didn't say that, 268 00:14:35,600 --> 00:14:38,080 Speaker 2: many employers would look kind of a skance at that 269 00:14:38,560 --> 00:14:41,760 Speaker 2: or see that in potentially a negative light. You have 270 00:14:41,840 --> 00:14:45,200 Speaker 2: to think about it in a bigger context, however, because 271 00:14:45,560 --> 00:14:48,400 Speaker 2: not everybody, of course, you know, many of us are 272 00:14:48,440 --> 00:14:50,280 Speaker 2: going to have kids, and I've had three kids, and 273 00:14:51,560 --> 00:14:54,000 Speaker 2: many people will go through a phase where you're out 274 00:14:54,000 --> 00:14:57,280 Speaker 2: of the workforce for X amount of time. Again, I'll 275 00:14:57,280 --> 00:15:02,120 Speaker 2: tell you what I negotiated during my maternity leave and elsewhere. 276 00:15:02,160 --> 00:15:03,000 Speaker 4: It was great. 277 00:15:03,040 --> 00:15:06,120 Speaker 2: I got an office and built in my house twice, 278 00:15:06,240 --> 00:15:08,880 Speaker 2: not once, but twice when I had my two kids 279 00:15:08,880 --> 00:15:11,520 Speaker 2: when I was in corporate America, So it actually worked 280 00:15:11,520 --> 00:15:16,400 Speaker 2: out for me. But some employers will look at what 281 00:15:16,560 --> 00:15:20,119 Speaker 2: is the reason that you're asking for a flexible schedule. 282 00:15:20,480 --> 00:15:23,320 Speaker 2: For example, if you want to do a sabbatical, if 283 00:15:23,320 --> 00:15:27,480 Speaker 2: you want to take time off to travel or do research, 284 00:15:27,920 --> 00:15:30,840 Speaker 2: if you want to go do a graduate program or 285 00:15:30,960 --> 00:15:32,800 Speaker 2: take part time for school, if you want to write 286 00:15:32,800 --> 00:15:36,480 Speaker 2: a book, if you want to do something quote unquote professional, 287 00:15:36,920 --> 00:15:39,760 Speaker 2: or something that's along the line of career or perhaps 288 00:15:39,800 --> 00:15:43,040 Speaker 2: academic development. Chances are they're going to look at that 289 00:15:43,160 --> 00:15:47,160 Speaker 2: in a certain light, which is going to likely be 290 00:15:47,280 --> 00:15:51,160 Speaker 2: viewed differently than taking care of your personal needs, you know, 291 00:15:51,280 --> 00:15:53,920 Speaker 2: tending to your family, your kid, that kind of thing. Now, 292 00:15:53,960 --> 00:15:56,600 Speaker 2: you and I we all know that a woman or 293 00:15:56,640 --> 00:16:01,680 Speaker 2: a man who is not distracted at work, who feels focused, 294 00:16:01,720 --> 00:16:04,840 Speaker 2: and who has flex time, et cetera, is probably going 295 00:16:04,920 --> 00:16:07,960 Speaker 2: to be actually a better employee, right because they're going 296 00:16:08,000 --> 00:16:09,640 Speaker 2: to be less stressed about it, They're going to have 297 00:16:09,680 --> 00:16:12,680 Speaker 2: more work life balance, and they won't have the same 298 00:16:12,920 --> 00:16:15,960 Speaker 2: stress around those issues. But you know, think about a 299 00:16:15,960 --> 00:16:19,120 Speaker 2: woman who's you know, on the sort of on the 300 00:16:19,160 --> 00:16:22,359 Speaker 2: career track to become a partner in a law firm. 301 00:16:22,120 --> 00:16:22,560 Speaker 4: Et cetera. 302 00:16:22,880 --> 00:16:25,240 Speaker 2: Sure I can see her being you know, put on 303 00:16:25,320 --> 00:16:29,400 Speaker 2: quote unquote the Mammi track and not being viewed as 304 00:16:29,840 --> 00:16:33,120 Speaker 2: viable a candidate for promotion, et cetera. If she flat 305 00:16:33,160 --> 00:16:35,000 Speaker 2: out said, listen, I want to take time off because 306 00:16:35,000 --> 00:16:37,280 Speaker 2: I want to go, you know, with my kids. 307 00:16:37,560 --> 00:16:38,160 Speaker 4: I think a. 308 00:16:38,040 --> 00:16:43,720 Speaker 2: Better strategy is to come at an employer by explaining 309 00:16:43,880 --> 00:16:48,120 Speaker 2: how a flex schedule or a co working schedule with 310 00:16:48,200 --> 00:16:50,520 Speaker 2: you and another person who might be you know, the 311 00:16:50,560 --> 00:16:52,320 Speaker 2: two of you might each do twenty hours a week 312 00:16:52,400 --> 00:16:54,760 Speaker 2: or something to that effect, how that would benefit the 313 00:16:54,760 --> 00:16:55,920 Speaker 2: employer period. 314 00:16:56,080 --> 00:16:56,760 Speaker 4: End of story. 315 00:16:57,160 --> 00:17:01,600 Speaker 2: Again, my initial advice is that people go to employers 316 00:17:01,840 --> 00:17:05,000 Speaker 2: with the wrong approach or with the wrong messaging. So 317 00:17:05,680 --> 00:17:08,040 Speaker 2: that sounds like a personal need to me. You know, 318 00:17:08,280 --> 00:17:10,119 Speaker 2: I have a baby, and I want to spend extra 319 00:17:10,200 --> 00:17:12,720 Speaker 2: quote unquote time with my baby. I took this six 320 00:17:12,800 --> 00:17:16,320 Speaker 2: weeks maternity, three weeks, eight weeks, whatever it was you took. Oh, 321 00:17:16,359 --> 00:17:19,439 Speaker 2: but now I want to spend extra quote unquote. 322 00:17:18,960 --> 00:17:20,000 Speaker 4: Time with a baby. 323 00:17:20,480 --> 00:17:24,040 Speaker 2: That's not the right approach because again, that's arguing from 324 00:17:24,040 --> 00:17:27,800 Speaker 2: a standpoint of need, or sometimes people argue from a 325 00:17:27,840 --> 00:17:31,640 Speaker 2: point of greed even and not from a position of strength. 326 00:17:32,119 --> 00:17:33,880 Speaker 4: If you can show your employer, if. 327 00:17:33,760 --> 00:17:37,280 Speaker 2: You can demonstrate to them how you are going to 328 00:17:37,680 --> 00:17:41,800 Speaker 2: be just as productive during your twenty to twenty five hours, 329 00:17:42,320 --> 00:17:43,200 Speaker 2: or how. 330 00:17:42,960 --> 00:17:44,760 Speaker 4: You will be. 331 00:17:47,119 --> 00:17:50,360 Speaker 2: Still effective in your job, or how you will actually 332 00:17:50,400 --> 00:17:54,320 Speaker 2: impact their bottom line, whether that's revenues or profits, or 333 00:17:55,280 --> 00:17:59,840 Speaker 2: ability to engage with and retain clients, whether it's achieving 334 00:18:00,080 --> 00:18:05,760 Speaker 2: some cost savings or efficiencies, whether it's in the operation side, whatever, 335 00:18:06,400 --> 00:18:09,439 Speaker 2: and you can and should be able to demonstrate that. 336 00:18:09,680 --> 00:18:12,119 Speaker 2: So part of what I like to tell people about 337 00:18:12,200 --> 00:18:14,960 Speaker 2: is we've all heard this expression about oh, you know, 338 00:18:14,960 --> 00:18:17,520 Speaker 2: know your worth, you know and all of that. Well, 339 00:18:17,680 --> 00:18:20,160 Speaker 2: it's not important to just know your worth. It's important 340 00:18:20,160 --> 00:18:24,119 Speaker 2: to show your worth, to demonstrate to literally give them 341 00:18:24,160 --> 00:18:27,320 Speaker 2: a bottom line, give them some numbers, because that's what 342 00:18:27,359 --> 00:18:32,760 Speaker 2: employers understand. They understand, Oh, she will still have x 343 00:18:32,880 --> 00:18:36,960 Speaker 2: number of customers served. She will be just as effective 344 00:18:37,000 --> 00:18:40,640 Speaker 2: on the sales or distribution or the marketing side, or 345 00:18:41,080 --> 00:18:44,440 Speaker 2: you know, her efforts will help us to curb these 346 00:18:44,520 --> 00:18:47,119 Speaker 2: legal costs or you know that kind of thing. You 347 00:18:47,240 --> 00:18:49,399 Speaker 2: have to be able to document and show to an 348 00:18:49,440 --> 00:18:52,800 Speaker 2: employer how it is that you're still helping the bottom 349 00:18:52,840 --> 00:18:54,679 Speaker 2: line and indeed improving it. 350 00:18:55,480 --> 00:18:56,400 Speaker 4: That's great advice. 351 00:19:00,720 --> 00:19:02,719 Speaker 2: Well, okay, so I'm going to ask for the entrepreneur 352 00:19:02,840 --> 00:19:05,439 Speaker 2: side because you know, I know that you've answered some 353 00:19:05,480 --> 00:19:07,600 Speaker 2: great questions. 354 00:19:07,119 --> 00:19:07,960 Speaker 4: For when you have a job. 355 00:19:08,000 --> 00:19:11,720 Speaker 2: So say you're an entrepreneur, and I you know, I 356 00:19:11,760 --> 00:19:14,719 Speaker 2: know I've asked you this personally. You've guided me so well. 357 00:19:16,800 --> 00:19:21,240 Speaker 2: When you're negotiating, you know, like a speaking engagement or 358 00:19:21,240 --> 00:19:24,959 Speaker 2: a contract or, and you're not quite sure because you know, 359 00:19:25,160 --> 00:19:27,400 Speaker 2: a speaking engagement can run anywhere from you get five 360 00:19:27,480 --> 00:19:30,840 Speaker 2: hundred dollars, some people get fifty thousand dollars, and how 361 00:19:30,880 --> 00:19:34,200 Speaker 2: do you know you know what your cutoff is? 362 00:19:34,280 --> 00:19:34,359 Speaker 4: Like? 363 00:19:34,400 --> 00:19:36,320 Speaker 2: You know, well, I'm at a point now I'm not 364 00:19:36,359 --> 00:19:38,680 Speaker 2: going to take a less than this, but I probably 365 00:19:38,760 --> 00:19:41,560 Speaker 2: should not expect fifty thousand dollars? Like, how how do 366 00:19:41,640 --> 00:19:42,359 Speaker 2: you navigate? 367 00:19:42,440 --> 00:19:42,639 Speaker 4: You know? 368 00:19:42,800 --> 00:19:45,280 Speaker 2: So this is someone who's not brand new to speaking, 369 00:19:45,680 --> 00:19:48,600 Speaker 2: but they're also not a super season veteran. Most people 370 00:19:48,640 --> 00:19:51,000 Speaker 2: fall somewhere in the middle. How do you start to decide? 371 00:19:51,040 --> 00:19:53,760 Speaker 2: You know, like, you know, how much is how much 372 00:19:53,800 --> 00:19:56,919 Speaker 2: to expect and when? Because There's been times when people 373 00:19:56,960 --> 00:19:59,160 Speaker 2: have said yes so quickly and I'm like, oh man, 374 00:20:01,280 --> 00:20:04,320 Speaker 2: I not lay exactly, maybe you know thousands of dollars more, 375 00:20:04,320 --> 00:20:05,960 Speaker 2: And I'm like, how am I supposed to know that? 376 00:20:06,359 --> 00:20:06,600 Speaker 2: You know? 377 00:20:07,080 --> 00:20:10,400 Speaker 4: So how do you figure that out? So great question, Tiffany. 378 00:20:10,880 --> 00:20:13,880 Speaker 2: I think the way that I've navigated this challenge over 379 00:20:13,920 --> 00:20:16,240 Speaker 2: the course of my career and especially the last fifteen 380 00:20:16,320 --> 00:20:20,280 Speaker 2: years as an entrepreneur is I set my rates accordingly, 381 00:20:20,720 --> 00:20:24,120 Speaker 2: first and foremost based on the value that I bring 382 00:20:24,160 --> 00:20:26,600 Speaker 2: to an organization and what I would be happy to 383 00:20:26,640 --> 00:20:29,359 Speaker 2: be paid to get for a speaking engagement or for 384 00:20:29,520 --> 00:20:34,879 Speaker 2: other types of client work that I do. So for me, 385 00:20:35,960 --> 00:20:38,280 Speaker 2: the first question is one of. 386 00:20:39,560 --> 00:20:39,960 Speaker 4: Value. 387 00:20:40,480 --> 00:20:43,920 Speaker 2: The second thing is around benchmarking. So yes, I mean 388 00:20:43,960 --> 00:20:47,080 Speaker 2: you do want to have competitive pricing right, So that 389 00:20:47,119 --> 00:20:49,280 Speaker 2: means that you do have to kind of know the 390 00:20:49,320 --> 00:20:53,120 Speaker 2: going range. And as you said, somebody might be starting out, 391 00:20:53,160 --> 00:20:55,240 Speaker 2: they might be like, great, if I get five hundred 392 00:20:55,240 --> 00:20:57,160 Speaker 2: dollars one thousand dollars for a speaking. 393 00:20:56,880 --> 00:20:59,040 Speaker 4: Gig, I'm great, I'm good. I'm real happy with that. 394 00:21:00,119 --> 00:21:06,200 Speaker 2: My case, I think a third point of reference is instructive. 395 00:21:06,640 --> 00:21:10,679 Speaker 2: It's definitely helped me, and that's to talk about this stuff. 396 00:21:10,720 --> 00:21:12,680 Speaker 4: That's to be candid and honest. 397 00:21:13,040 --> 00:21:17,359 Speaker 2: So, for example, I pride myself on pricing integrity, and 398 00:21:17,400 --> 00:21:20,240 Speaker 2: that's what I call it in the sense that any 399 00:21:20,320 --> 00:21:22,240 Speaker 2: client who calls me up, they're going to get the 400 00:21:22,240 --> 00:21:27,439 Speaker 2: same price. It can be Walmart or Prudential or you know, 401 00:21:28,040 --> 00:21:31,639 Speaker 2: Capital One or anybody else I'm gonna tell Or it 402 00:21:31,680 --> 00:21:37,399 Speaker 2: can be Joe's Autobody down the street, or it can 403 00:21:37,480 --> 00:21:41,159 Speaker 2: be a local nonprofit or a national nonprofit or a 404 00:21:41,200 --> 00:21:43,120 Speaker 2: regional I'm going to tell them. 405 00:21:43,000 --> 00:21:44,280 Speaker 4: All the same price. 406 00:21:44,840 --> 00:21:48,359 Speaker 2: Now, do I have pricing flexibility, Yes, Will I be 407 00:21:48,440 --> 00:21:52,359 Speaker 2: willing to negotiate, absolutely, But in general, for me, I 408 00:21:52,440 --> 00:21:55,560 Speaker 2: set my price is according to the value where I 409 00:21:55,600 --> 00:21:58,800 Speaker 2: think I am in the competitive landscape, and the fact 410 00:21:58,800 --> 00:22:00,280 Speaker 2: that I do want to speak. I'm I want to 411 00:22:00,280 --> 00:22:02,520 Speaker 2: be active and out there speaking, and I like to 412 00:22:02,600 --> 00:22:06,800 Speaker 2: be out there active speaking and based on me sort 413 00:22:06,840 --> 00:22:10,240 Speaker 2: of knowing kind of you know, going rates. So I'm 414 00:22:10,400 --> 00:22:15,840 Speaker 2: very upfront and telling companies and even my peers like 415 00:22:16,320 --> 00:22:19,879 Speaker 2: you guys, here's my rate. This is not a hypothetical, 416 00:22:19,920 --> 00:22:23,480 Speaker 2: this is the truth. My rate is twelve five hundred 417 00:22:23,520 --> 00:22:27,840 Speaker 2: dollars for a corporate speaking engagement. And my clients know 418 00:22:27,960 --> 00:22:30,199 Speaker 2: that they have me. So if they want me to 419 00:22:30,240 --> 00:22:34,000 Speaker 2: do a keynote address or a workshop or seminar. 420 00:22:33,880 --> 00:22:35,359 Speaker 4: I don't parachute in and out. 421 00:22:35,920 --> 00:22:38,960 Speaker 2: I try to stay and be social and sign books 422 00:22:39,000 --> 00:22:41,080 Speaker 2: and do meet and greets and you know that kind 423 00:22:41,080 --> 00:22:46,360 Speaker 2: of thing. For nonprofits, I discount my pricing by fifty percent, 424 00:22:46,880 --> 00:22:52,080 Speaker 2: So my price to nonprofits is sixty two fifty. I 425 00:22:52,280 --> 00:22:56,840 Speaker 2: priced it that way knowing that many nonprofits frankly will. 426 00:22:56,640 --> 00:22:57,720 Speaker 4: Not have the budget. 427 00:22:58,240 --> 00:23:02,920 Speaker 2: However, they will have sponsorship, a corporate backer, or I 428 00:23:02,960 --> 00:23:05,240 Speaker 2: will have a corporate sponsor that's willing to come to 429 00:23:05,280 --> 00:23:09,160 Speaker 2: the table. And I also know that there's flexibility, which 430 00:23:09,200 --> 00:23:11,280 Speaker 2: is one of the great things as an entrepreneur. You 431 00:23:11,320 --> 00:23:13,920 Speaker 2: can package certain things so somebody might say, okay, but 432 00:23:13,960 --> 00:23:15,840 Speaker 2: if we bought books also, would you be willing to 433 00:23:16,080 --> 00:23:18,760 Speaker 2: come down a little on your speaking fees? Yes, absolutely, 434 00:23:18,800 --> 00:23:22,360 Speaker 2: I will. If it's a local engagement, will I accept 435 00:23:22,600 --> 00:23:24,760 Speaker 2: less as opposed to me going and flying, you know, 436 00:23:24,800 --> 00:23:27,480 Speaker 2: and taking two days away, Yes I will. So we 437 00:23:27,920 --> 00:23:31,480 Speaker 2: definitely indicate flexibility in our pricing. But I'll tell you, 438 00:23:31,560 --> 00:23:36,080 Speaker 2: I'll give you a case in point. Toyota for example. 439 00:23:36,240 --> 00:23:43,600 Speaker 2: So I've done some work with Toyota and they support 440 00:23:43,640 --> 00:23:46,840 Speaker 2: a number of nonprofit efforts. So I did some work. 441 00:23:46,640 --> 00:23:48,680 Speaker 4: With them about a month or a month or two 442 00:23:48,680 --> 00:23:50,480 Speaker 4: ago with a nonprofit. 443 00:23:51,240 --> 00:23:54,399 Speaker 2: I said, Toyota itself was the entity that came to 444 00:23:54,440 --> 00:23:57,240 Speaker 2: me and I and they said, oh, we're sponsoring this nonprofit. 445 00:23:57,240 --> 00:23:59,240 Speaker 2: And I said, I tell you what, I know you're 446 00:23:59,240 --> 00:24:02,920 Speaker 2: supporting this non I typically charged twelve five for corporate 447 00:24:02,960 --> 00:24:04,840 Speaker 2: speaking engagements. I know you're doing this for the nonprofit. 448 00:24:04,880 --> 00:24:07,159 Speaker 2: I'm going to charge you my nonprofit rate sixty two 449 00:24:07,160 --> 00:24:09,480 Speaker 2: to fifty. They said, no problem, they paid the sixty 450 00:24:09,520 --> 00:24:11,879 Speaker 2: two to fifty. Great client, and you know it was, 451 00:24:12,000 --> 00:24:14,520 Speaker 2: it was great. They came back to me recently and 452 00:24:14,560 --> 00:24:16,600 Speaker 2: they said, we have something else we want to do 453 00:24:16,640 --> 00:24:21,920 Speaker 2: in October, and here's the here's the event, and at 454 00:24:21,960 --> 00:24:25,439 Speaker 2: the event, it is something out of state. You know, 455 00:24:25,560 --> 00:24:28,679 Speaker 2: here's the event, and we want you to do two workshops, 456 00:24:29,200 --> 00:24:31,880 Speaker 2: and we want you to do this and that. Right, 457 00:24:32,000 --> 00:24:35,639 Speaker 2: So I said, not a problem. It is something that 458 00:24:35,640 --> 00:24:39,679 Speaker 2: they're sponsoring also for a national, a major nonprofit. I 459 00:24:39,760 --> 00:24:42,400 Speaker 2: quoted them my normal. I said, I can give you this. 460 00:24:42,640 --> 00:24:46,680 Speaker 2: I can. I can do the two workshops for this day. 461 00:24:46,960 --> 00:24:48,879 Speaker 2: I'll be out of state, and you cover the travel 462 00:24:48,920 --> 00:24:53,000 Speaker 2: and all that. And they also asked about books, because 463 00:24:53,000 --> 00:24:54,800 Speaker 2: of one of the presentations I'm doing is for adults 464 00:24:54,800 --> 00:24:58,200 Speaker 2: and another one is for children. So we gave them 465 00:24:58,359 --> 00:25:01,480 Speaker 2: just a straight quote, said here the rate is twelve 466 00:25:01,600 --> 00:25:04,440 Speaker 2: five and here for these books. 467 00:25:04,880 --> 00:25:05,760 Speaker 4: Here's another price. 468 00:25:05,800 --> 00:25:07,399 Speaker 2: And it was like, I don't know, twenty five hundred 469 00:25:07,400 --> 00:25:09,720 Speaker 2: dollars for books for here and another twenty five hundred 470 00:25:09,720 --> 00:25:11,440 Speaker 2: dollars or so for books for the for the kids 471 00:25:11,520 --> 00:25:16,199 Speaker 2: books and they just said yes. So now was I 472 00:25:16,400 --> 00:25:18,000 Speaker 2: did I say, oh, darn, I should have asked some more. 473 00:25:18,119 --> 00:25:18,199 Speaker 4: No. 474 00:25:18,320 --> 00:25:21,439 Speaker 2: I was extremely happy to, you know, to lock that 475 00:25:21,520 --> 00:25:24,760 Speaker 2: in and I'm very happy with that pricing. I'll do 476 00:25:24,840 --> 00:25:27,000 Speaker 2: that all day long, you know, I'll be on the 477 00:25:27,040 --> 00:25:30,600 Speaker 2: road once a week, you know, but so so for me. 478 00:25:32,040 --> 00:25:33,800 Speaker 4: I also know that. 479 00:25:36,440 --> 00:25:40,520 Speaker 2: Companies appreciate when you not only deliver value, but when 480 00:25:40,600 --> 00:25:43,680 Speaker 2: you are sensitive to their budget. But at the same 481 00:25:43,760 --> 00:25:47,760 Speaker 2: time you're giving them so much out you know that 482 00:25:47,840 --> 00:25:54,480 Speaker 2: they probably wouldn't get elsewhere. So for me as an entrepreneur, 483 00:25:54,880 --> 00:25:58,360 Speaker 2: almost all of my clients are long term clients. They 484 00:25:58,440 --> 00:26:00,720 Speaker 2: I mean, they come back again in a and again, 485 00:26:01,760 --> 00:26:06,520 Speaker 2: especially in this problem. This may surprise you, Tiff, especially 486 00:26:06,800 --> 00:26:11,399 Speaker 2: when I say no, wow, okay. So so part of 487 00:26:11,440 --> 00:26:15,240 Speaker 2: the issue for us as entrepreneurs we think that in 488 00:26:15,320 --> 00:26:17,280 Speaker 2: a no isn't for me? 489 00:26:17,440 --> 00:26:18,440 Speaker 4: A no might be. 490 00:26:20,440 --> 00:26:22,679 Speaker 2: It could be for a whole host of reasons. Sometimes 491 00:26:22,720 --> 00:26:24,959 Speaker 2: it could because there's a conflict of interest. I have 492 00:26:25,119 --> 00:26:28,160 Speaker 2: another client in the space or category. Sometimes it could 493 00:26:28,160 --> 00:26:30,600 Speaker 2: be it's not exactly the right fit. Sometimes I could 494 00:26:30,600 --> 00:26:33,800 Speaker 2: be a timing question. Sometimes I could be booked already traveling. 495 00:26:34,080 --> 00:26:37,200 Speaker 2: Obviously on occasion, we have a differensive opinion on money 496 00:26:37,600 --> 00:26:40,119 Speaker 2: and I'm saying, you know, this is the price that 497 00:26:40,200 --> 00:26:42,640 Speaker 2: I'm looking for, and they're saying, oh, here's where we are. 498 00:26:42,880 --> 00:26:44,440 Speaker 2: And if we can't have a meeting as of mine 499 00:26:44,520 --> 00:26:46,800 Speaker 2: or some sort of you know, in the middle, it's like, 500 00:26:47,000 --> 00:26:48,000 Speaker 2: no harm, no foul. 501 00:26:49,280 --> 00:26:51,440 Speaker 4: You know, we'll get together when the time is right. 502 00:26:52,040 --> 00:26:54,560 Speaker 2: And you know, honestly, Earl and I we have a 503 00:26:54,880 --> 00:26:57,679 Speaker 2: we have an internal a saying we say pay now 504 00:26:57,760 --> 00:27:02,160 Speaker 2: or pay later. Either way you're done, I mean, and honestly, 505 00:27:02,400 --> 00:27:06,320 Speaker 2: I almost every single client comes back, So. 506 00:27:06,600 --> 00:27:08,280 Speaker 4: I you know, you don't burn bridges. 507 00:27:08,320 --> 00:27:10,560 Speaker 2: You don't you know, pull a Diva routine and go 508 00:27:10,640 --> 00:27:14,280 Speaker 2: off or anything like that, obviously, but it's it's you know, 509 00:27:14,359 --> 00:27:16,760 Speaker 2: sometimes it's it's not the right timing or they don't 510 00:27:16,800 --> 00:27:19,000 Speaker 2: have it in the budget. And if and if you say, 511 00:27:19,119 --> 00:27:22,400 Speaker 2: I can't really see my way clear to perform these 512 00:27:22,440 --> 00:27:24,960 Speaker 2: services or to do that for ex budget, if it's 513 00:27:25,040 --> 00:27:28,000 Speaker 2: you know, beneath the number that's acceptable to you, then 514 00:27:28,040 --> 00:27:29,480 Speaker 2: I don't think you should do it because there's a 515 00:27:29,520 --> 00:27:30,840 Speaker 2: huge opportunity costs. 516 00:27:31,000 --> 00:27:32,960 Speaker 4: There's always opportunity costs. 517 00:27:33,160 --> 00:27:35,280 Speaker 2: That deal that you say yes to, you know, for 518 00:27:35,480 --> 00:27:38,480 Speaker 2: half your rate or whatever the whatever you know rate 519 00:27:38,520 --> 00:27:40,719 Speaker 2: that would have been satisfactory to you, that's when you're 520 00:27:40,720 --> 00:27:43,040 Speaker 2: gonna get another client calling for something. 521 00:27:42,800 --> 00:27:45,359 Speaker 4: That same time, and you're gonna be like, oh darn, 522 00:27:45,520 --> 00:27:46,360 Speaker 4: you know, and. 523 00:27:46,359 --> 00:27:48,880 Speaker 2: Obviously you never want to break an engagement if you 524 00:27:48,880 --> 00:27:50,880 Speaker 2: you know, kind of sign on the diet line there. 525 00:27:50,960 --> 00:27:51,960 Speaker 4: So I don't know. 526 00:27:52,000 --> 00:27:54,959 Speaker 2: I hope that helps somewhat though, to think about those 527 00:27:55,040 --> 00:28:00,760 Speaker 2: for who are entrepreneurs, who are are are looking at, 528 00:28:00,840 --> 00:28:04,160 Speaker 2: you know, ways to negotiate. Again, I always negotiate from 529 00:28:04,160 --> 00:28:07,080 Speaker 2: a position of strength and I and it's not a 530 00:28:07,280 --> 00:28:08,399 Speaker 2: take it or leave it style. 531 00:28:08,440 --> 00:28:09,199 Speaker 4: It's not that. 532 00:28:09,200 --> 00:28:10,960 Speaker 2: That's not what I mean by a position of strength. 533 00:28:11,520 --> 00:28:15,480 Speaker 2: I mean with a documented, proven track record. Okay, I 534 00:28:15,520 --> 00:28:19,280 Speaker 2: mean by showing my clients here, this is what you 535 00:28:19,280 --> 00:28:22,520 Speaker 2: can expect if you work with me. So you know, 536 00:28:22,760 --> 00:28:25,960 Speaker 2: we have everything from case studies literally that we show 537 00:28:26,040 --> 00:28:28,840 Speaker 2: and they're like, oh wow, you know so they're like, 538 00:28:29,240 --> 00:28:30,240 Speaker 2: you can do this with us. 539 00:28:30,400 --> 00:28:32,720 Speaker 4: Yes, So it's almost. 540 00:28:32,320 --> 00:28:35,440 Speaker 2: Like prepackaged for them to give them a heightened sense 541 00:28:35,480 --> 00:28:41,440 Speaker 2: of security and a knowledge around what to expect. Because 542 00:28:41,480 --> 00:28:45,480 Speaker 2: I really I like to manage expectations properly and then 543 00:28:45,520 --> 00:28:49,120 Speaker 2: I like to exceed those expectations. So that's whether I'm 544 00:28:49,120 --> 00:28:53,240 Speaker 2: doing a speaking engagement or spokesperson work, or I'm writing 545 00:28:53,280 --> 00:28:58,880 Speaker 2: content or doing some videos for somebody or whatever. Now, 546 00:28:59,000 --> 00:29:01,080 Speaker 2: thank you for that, because honestly, it provides a loall 547 00:29:01,120 --> 00:29:03,000 Speaker 2: you always provide me with a lot of clarity when 548 00:29:03,000 --> 00:29:05,760 Speaker 2: it comes to you know what to ask for and 549 00:29:06,000 --> 00:29:08,760 Speaker 2: you know what I deserve. It's hard sometimes because you 550 00:29:08,760 --> 00:29:11,040 Speaker 2: don't even know. Sometimes I don't even know what I deserve, 551 00:29:11,560 --> 00:29:14,840 Speaker 2: you know, And sometimes I feel like I overshoot, and 552 00:29:14,880 --> 00:29:16,240 Speaker 2: then sometimes I know I undershoot. 553 00:29:16,280 --> 00:29:17,440 Speaker 4: You're like, where do I land? 554 00:29:17,600 --> 00:29:20,040 Speaker 2: And it'll be crazy because you know, someone will come 555 00:29:20,080 --> 00:29:22,920 Speaker 2: to me one day and say, have got five hundred 556 00:29:22,960 --> 00:29:24,840 Speaker 2: dollars honorarium, and I'm like what, And then the next 557 00:29:24,920 --> 00:29:26,720 Speaker 2: day a client will say, I have ten thousand dollars 558 00:29:26,720 --> 00:29:26,960 Speaker 2: for you. 559 00:29:27,280 --> 00:29:28,120 Speaker 4: So it's just weird. 560 00:29:28,480 --> 00:29:31,680 Speaker 2: You're like, why am I still getting offers of five hundred? 561 00:29:32,240 --> 00:29:34,720 Speaker 2: Not that say ten thousand happens often, but when it does, 562 00:29:34,720 --> 00:29:36,880 Speaker 2: You're like, it's just where I should be now. So 563 00:29:36,920 --> 00:29:40,480 Speaker 2: it's definitely for entrepreneurs, it's definitely not an easy road. 564 00:29:40,920 --> 00:29:42,920 Speaker 2: Can I tell you one other thing, Tiffany, And I 565 00:29:44,200 --> 00:29:46,760 Speaker 2: kid you not. You know, I give everybody the same advice, 566 00:29:46,840 --> 00:29:48,520 Speaker 2: and you know, people take it for what it's worth, 567 00:29:48,600 --> 00:29:52,680 Speaker 2: or use it and don't use it, whichever I can 568 00:29:52,720 --> 00:29:56,600 Speaker 2: tell you beyond the shadow of a doubt, it's almost 569 00:29:56,640 --> 00:30:01,480 Speaker 2: like consider it like consider this my boyfriend rule. Okay, 570 00:30:01,600 --> 00:30:04,920 Speaker 2: how you allow yourself to be treated, it's exactly how 571 00:30:04,920 --> 00:30:09,400 Speaker 2: you'll get treated. So if you with corporate clients, if 572 00:30:09,440 --> 00:30:12,600 Speaker 2: you sort of say this is my price, this is 573 00:30:12,600 --> 00:30:16,160 Speaker 2: my expectation, and you kind of stand firm on your pricing, 574 00:30:16,480 --> 00:30:19,080 Speaker 2: not to say that you won't ever be flexible on 575 00:30:19,120 --> 00:30:21,760 Speaker 2: your pricing, but if you know for sure I'm not 576 00:30:21,840 --> 00:30:24,280 Speaker 2: just I'm just not doing a five hundred dollars speaking gigs. 577 00:30:24,440 --> 00:30:27,600 Speaker 2: And for me, I know I'm not I'm not gonna 578 00:30:27,600 --> 00:30:29,440 Speaker 2: do no five hundred dollars speaking gigs. I can say 579 00:30:29,520 --> 00:30:32,720 Speaker 2: that unequivocally it's gonna take a couple thousand dollars to 580 00:30:32,720 --> 00:30:33,400 Speaker 2: get me out the door. 581 00:30:33,520 --> 00:30:33,840 Speaker 4: Period. 582 00:30:34,400 --> 00:30:38,080 Speaker 2: However, I what but what I will do is I 583 00:30:38,160 --> 00:30:44,040 Speaker 2: will try to over deliver or be flexible for for 584 00:30:44,040 --> 00:30:47,960 Speaker 2: for some things, especially if I say, huh, I see 585 00:30:47,960 --> 00:30:54,920 Speaker 2: some great opportunity here, I see some uh potential upsells 586 00:30:55,040 --> 00:30:57,080 Speaker 2: or some some some you know, some other ways to 587 00:30:57,440 --> 00:31:00,120 Speaker 2: to kind of make this work. I had a a 588 00:31:00,280 --> 00:31:03,360 Speaker 2: nonprofit client for for discretion, for the for the client, 589 00:31:03,400 --> 00:31:06,400 Speaker 2: I'm not I won't reveal who the client is, but 590 00:31:06,480 --> 00:31:10,600 Speaker 2: for this purpose, but a nonprofit client recently, I went 591 00:31:10,640 --> 00:31:13,200 Speaker 2: to New York, which is you know, forty minute drive. 592 00:31:13,280 --> 00:31:16,120 Speaker 2: I just you know, left my house in New Jersey 593 00:31:16,120 --> 00:31:21,920 Speaker 2: to New York. It was it's a nonprofit I I 594 00:31:22,000 --> 00:31:26,480 Speaker 2: was paid four thousand dollars to do basically an employee 595 00:31:26,560 --> 00:31:34,200 Speaker 2: event and great organization and they've already said okay, when 596 00:31:34,240 --> 00:31:35,000 Speaker 2: can we have you back? 597 00:31:35,440 --> 00:31:36,760 Speaker 4: You know, And. 598 00:31:38,000 --> 00:31:42,640 Speaker 2: Because it's a national organization and they have interest in 599 00:31:42,920 --> 00:31:48,200 Speaker 2: other things digital financial education for their employees, I saw 600 00:31:48,200 --> 00:31:51,880 Speaker 2: a bigger opportunity there. So again, sometimes you get you know, 601 00:31:51,920 --> 00:31:53,960 Speaker 2: you might be a little more flexible to think about 602 00:31:54,560 --> 00:31:59,040 Speaker 2: you do want to think about long term, so that 603 00:31:59,040 --> 00:32:02,200 Speaker 2: that matters a lot too, I think. But for the 604 00:32:02,240 --> 00:32:05,080 Speaker 2: most part, if you just have sort of a rate sheet, 605 00:32:05,240 --> 00:32:07,760 Speaker 2: or if you have a set price and you say here, 606 00:32:07,840 --> 00:32:12,160 Speaker 2: here's the price, you know, what happens is the people 607 00:32:12,160 --> 00:32:16,720 Speaker 2: who can't, who can't play in your sphere, who aren't 608 00:32:16,760 --> 00:32:18,920 Speaker 2: ready and who don't have the budget, they go away 609 00:32:19,400 --> 00:32:22,320 Speaker 2: and believe it or not, word gets around, and that's 610 00:32:22,360 --> 00:32:23,200 Speaker 2: a good things. 611 00:32:23,800 --> 00:32:25,600 Speaker 4: You want word to get around. 612 00:32:26,480 --> 00:32:32,360 Speaker 2: So in the African American community, in the nonprofit space, 613 00:32:32,480 --> 00:32:37,560 Speaker 2: in the college market, in the government market, in different arenas, 614 00:32:37,600 --> 00:32:44,400 Speaker 2: and some women owned sort of spaces for a time. 615 00:32:44,760 --> 00:32:48,440 Speaker 2: You know, some people were like, oh, you know, don't 616 00:32:48,480 --> 00:32:50,240 Speaker 2: reach out to Lynette because you know she might be 617 00:32:50,360 --> 00:32:50,920 Speaker 2: ex price. 618 00:32:52,000 --> 00:32:53,400 Speaker 4: And it's not. 619 00:32:53,320 --> 00:32:55,920 Speaker 2: That I'm going to say no, like no, I'm you know, 620 00:32:56,920 --> 00:32:58,640 Speaker 2: oh you're beneath me. I can't come on and do 621 00:32:58,680 --> 00:32:59,160 Speaker 2: something with you. 622 00:32:59,240 --> 00:33:02,240 Speaker 4: Absolutely not. It's the opposite. 623 00:33:02,320 --> 00:33:06,200 Speaker 2: It's me saying, let's make this a bang up you know, 624 00:33:07,960 --> 00:33:12,560 Speaker 2: presentation and event for your constituents, your employees, your customers, 625 00:33:12,600 --> 00:33:16,640 Speaker 2: your prospects, whatever, right, and here are my ideas. This 626 00:33:16,720 --> 00:33:18,120 Speaker 2: is what I can bring to the table, and here's 627 00:33:18,120 --> 00:33:20,480 Speaker 2: the price for that. This is what this is going 628 00:33:20,520 --> 00:33:24,080 Speaker 2: to get you. Sometimes they are like, great, let's do it. 629 00:33:24,120 --> 00:33:24,320 Speaker 3: You know. 630 00:33:24,560 --> 00:33:27,640 Speaker 2: Sometimes they say, oh, this is what our budget can accommodate, 631 00:33:27,640 --> 00:33:29,680 Speaker 2: and we negotiate a little bit and it, you know, 632 00:33:29,760 --> 00:33:30,320 Speaker 2: works out. 633 00:33:30,640 --> 00:33:33,040 Speaker 4: Other times it's like Nope, we just don't have that 634 00:33:33,120 --> 00:33:33,520 Speaker 4: at all. 635 00:33:34,160 --> 00:33:37,720 Speaker 2: And if it's a platform or an organization that we think, huh, 636 00:33:37,720 --> 00:33:40,360 Speaker 2: we could have developed something here, I may go to 637 00:33:40,400 --> 00:33:44,200 Speaker 2: one of my corporate partners or to another third party 638 00:33:45,080 --> 00:33:47,080 Speaker 2: to try to make a three way deal happen. 639 00:33:47,880 --> 00:33:49,160 Speaker 4: And those are also. 640 00:33:50,760 --> 00:33:55,320 Speaker 2: Lucrative and creative opportunities, so it doesn't have to be 641 00:33:55,360 --> 00:33:57,520 Speaker 2: a know, a hard no. I always say that a 642 00:33:57,600 --> 00:34:00,720 Speaker 2: no is sort of just not yet, especially when you 643 00:34:00,880 --> 00:34:06,800 Speaker 2: when you're negotiating, but you know, kind of setting a 644 00:34:06,840 --> 00:34:09,920 Speaker 2: benchmark or like just an absolute minimum, Like really, I'm 645 00:34:09,920 --> 00:34:11,600 Speaker 2: not coming out the door for this, I'm just gonna 646 00:34:11,719 --> 00:34:14,560 Speaker 2: you know, and just knowing at least internally what that 647 00:34:14,680 --> 00:34:15,480 Speaker 2: number is for you. 648 00:34:15,840 --> 00:34:17,560 Speaker 4: It really is important. 649 00:34:17,280 --> 00:34:19,320 Speaker 2: Because you can just put all the other stuff. You 650 00:34:19,360 --> 00:34:22,520 Speaker 2: can just like let that stuff go away or redirected, 651 00:34:23,000 --> 00:34:27,400 Speaker 2: or or help educate your clients too, to say, you know, 652 00:34:28,120 --> 00:34:32,479 Speaker 2: here's where my pricing is X, because I feel like, 653 00:34:32,480 --> 00:34:35,840 Speaker 2: like I know in the industry for personal finance experts, 654 00:34:36,000 --> 00:34:38,759 Speaker 2: what I do, Like, I know that say a gene 655 00:34:38,800 --> 00:34:40,719 Speaker 2: Chatsky is going to charge more than me. I know 656 00:34:40,760 --> 00:34:43,040 Speaker 2: as Susie Orman definitely is going to charge more than me. 657 00:34:43,560 --> 00:34:45,880 Speaker 2: So but then I know that my pricing is going 658 00:34:45,960 --> 00:34:48,640 Speaker 2: to be more than many many, many other people who 659 00:34:48,680 --> 00:34:53,440 Speaker 2: aren't at you know, at their their level, right. But 660 00:34:54,200 --> 00:34:57,400 Speaker 2: for me, twelve five is perfectly comfortable. I'm just you know, 661 00:34:57,520 --> 00:35:01,680 Speaker 2: it's I don't feel that it's over or underpriced. I 662 00:35:01,719 --> 00:35:04,319 Speaker 2: feel that it's it's it's right about right for me. 663 00:35:04,840 --> 00:35:06,960 Speaker 3: I think that's such a great piece of advice for anyone, 664 00:35:07,000 --> 00:35:10,440 Speaker 3: whether you're an entrepreneur or negotiating a salary in the 665 00:35:10,480 --> 00:35:14,520 Speaker 3: corporate world, because I I have certainly felt like people 666 00:35:14,560 --> 00:35:16,839 Speaker 3: walk into a negotiation and have no idea what even 667 00:35:16,880 --> 00:35:19,120 Speaker 3: to ask for. They just feel like, I got to negotiate, 668 00:35:19,320 --> 00:35:21,000 Speaker 3: and I want a lot of money, but I don't 669 00:35:21,000 --> 00:35:23,400 Speaker 3: know what the number is. And if you have to, 670 00:35:23,440 --> 00:35:25,359 Speaker 3: I mean, it's as simple as like, what does it 671 00:35:25,360 --> 00:35:28,000 Speaker 3: cost you to live? And what will it cost you 672 00:35:28,080 --> 00:35:31,480 Speaker 3: to be you know, happy? And I think you should 673 00:35:31,520 --> 00:35:34,120 Speaker 3: have that number in mind when you go in. And 674 00:35:34,160 --> 00:35:36,080 Speaker 3: then either way, when you you know, you walk out, 675 00:35:36,120 --> 00:35:38,120 Speaker 3: you at least know that you went and educated and 676 00:35:38,120 --> 00:35:40,759 Speaker 3: you went in having a number and knowing what you want, 677 00:35:40,800 --> 00:35:43,279 Speaker 3: and you know when to be happy and when not 678 00:35:43,320 --> 00:35:44,400 Speaker 3: to be happy with an offer. 679 00:35:45,040 --> 00:35:48,600 Speaker 2: And honestly, when it comes to negotiating again, one of 680 00:35:48,600 --> 00:35:52,120 Speaker 2: my other principal lessons is bring your a game. You 681 00:35:52,360 --> 00:35:55,440 Speaker 2: absolutely cannot bring your a game. You can't be your best. 682 00:35:55,480 --> 00:35:58,520 Speaker 2: You aren't being your best if you don't have a 683 00:35:58,760 --> 00:36:03,480 Speaker 2: number in mind when you're going to an employer, because frankly, 684 00:36:03,640 --> 00:36:07,400 Speaker 2: it's telling me that you've been lazy, you've lacked discipline, 685 00:36:07,760 --> 00:36:11,080 Speaker 2: or you've lacked initiative because you haven't done the bear 686 00:36:11,200 --> 00:36:15,480 Speaker 2: basics in terms of research, there is absolutely no reason, 687 00:36:15,800 --> 00:36:19,200 Speaker 2: with all of the information and knowledge that's at our 688 00:36:19,200 --> 00:36:23,160 Speaker 2: fingertips today, for you to go into a negotiation and say, well, 689 00:36:23,200 --> 00:36:26,000 Speaker 2: I don't even know, like how much is this job paying, 690 00:36:26,120 --> 00:36:28,560 Speaker 2: or you know, what's the the person who's already on 691 00:36:28,640 --> 00:36:30,520 Speaker 2: the job, or the predecessor in this position, how much 692 00:36:30,600 --> 00:36:32,719 Speaker 2: did they get paid, or others in the industry what 693 00:36:32,800 --> 00:36:33,720 Speaker 2: do they get paid. 694 00:36:34,080 --> 00:36:37,200 Speaker 4: There's just way too many sources of information for you 695 00:36:37,280 --> 00:36:40,080 Speaker 4: to get that. You know that data. You can go 696 00:36:40,160 --> 00:36:42,440 Speaker 4: to glassdoor, you can go to salary dot. 697 00:36:42,280 --> 00:36:46,200 Speaker 2: Com obviously, indeed, you can use payscale, and you can 698 00:36:46,239 --> 00:36:50,960 Speaker 2: find out even the government, the Bureau of Labor Statistics, Okay, 699 00:36:51,040 --> 00:36:55,719 Speaker 2: you can find out based on all kinds of information 700 00:36:56,200 --> 00:36:59,759 Speaker 2: literally down to a specific company, what pay scales are 701 00:36:59,760 --> 00:37:04,600 Speaker 2: in a company, based on title and industry, based. 702 00:37:04,400 --> 00:37:05,720 Speaker 4: On years of experience. 703 00:37:07,280 --> 00:37:11,279 Speaker 2: You can always find out about a given range for 704 00:37:11,440 --> 00:37:14,759 Speaker 2: salary for a specific position. And you really should go 705 00:37:14,840 --> 00:37:17,360 Speaker 2: into the door of a negotiation, whether you're trying to 706 00:37:17,400 --> 00:37:20,279 Speaker 2: get hired or even get promoted on a job, you 707 00:37:20,320 --> 00:37:23,279 Speaker 2: should absolutely know that information. If you don't, it's telling 708 00:37:23,320 --> 00:37:25,200 Speaker 2: me you haven't brought your a game, you haven't done 709 00:37:25,280 --> 00:37:30,719 Speaker 2: enough homework yet. Even just talking to you know, HR managers, employees, 710 00:37:30,800 --> 00:37:33,800 Speaker 2: and other colleagues, even if not at that specific company, 711 00:37:33,920 --> 00:37:37,840 Speaker 2: but at other competitors who are in the same job 712 00:37:38,080 --> 00:37:40,360 Speaker 2: and getting a feel for salary. 713 00:37:40,800 --> 00:37:54,200 Speaker 4: You can and should do that. Okay. 714 00:37:54,200 --> 00:37:56,680 Speaker 3: So I do want to get into your story because 715 00:37:56,719 --> 00:37:59,160 Speaker 3: it's so extraordinary and I'm excited to hear that you 716 00:37:59,200 --> 00:38:01,479 Speaker 3: know even more about it than you did two years ago. 717 00:38:02,920 --> 00:38:04,759 Speaker 4: Okay, That's why I ask how much time do you have? 718 00:38:05,520 --> 00:38:08,000 Speaker 3: So tell me start off with your daughter and then 719 00:38:08,160 --> 00:38:10,120 Speaker 3: I know you have a son you just started college, 720 00:38:10,160 --> 00:38:12,960 Speaker 3: right or is going to be starting in college, and 721 00:38:13,040 --> 00:38:15,560 Speaker 3: talk about how you sent your daughter to school with 722 00:38:16,080 --> 00:38:19,919 Speaker 3: far more money than was necessary to cover the cost 723 00:38:19,960 --> 00:38:20,520 Speaker 3: of college. 724 00:38:21,040 --> 00:38:24,160 Speaker 2: Okay. So the reason I asked you how much time 725 00:38:24,160 --> 00:38:27,040 Speaker 2: do you have? Is I like to tell these stories 726 00:38:27,120 --> 00:38:31,080 Speaker 2: in their entirety, and I like to revisit them because frankly, 727 00:38:31,120 --> 00:38:34,680 Speaker 2: there's always good, bad, and ugly and excellent, you know, 728 00:38:35,000 --> 00:38:37,680 Speaker 2: in any sort of financial decision or any kind of 729 00:38:37,719 --> 00:38:40,719 Speaker 2: process like this, and paying for college obviously is a process. 730 00:38:41,239 --> 00:38:45,000 Speaker 2: So here's my family's story to date. So my daughter, 731 00:38:45,120 --> 00:38:48,560 Speaker 2: Aziza is nineteen years old. She just finished her second 732 00:38:48,680 --> 00:38:51,719 Speaker 2: year at the University of Texas at Austin. My son 733 00:38:51,840 --> 00:38:54,840 Speaker 2: is seventeen. He's going into his senior year of high school, 734 00:38:54,960 --> 00:38:56,680 Speaker 2: so he has one more year and then he'll be 735 00:38:56,719 --> 00:38:59,160 Speaker 2: going off to college. I have a third child, alexis 736 00:38:59,160 --> 00:39:03,200 Speaker 2: my eleven year year old. But Aziza, long story short, 737 00:39:03,400 --> 00:39:06,360 Speaker 2: was one of those just outstanding, over the top kids. 738 00:39:06,719 --> 00:39:10,400 Speaker 2: She was a national Merit scholar. She speaks French. She 739 00:39:10,440 --> 00:39:11,880 Speaker 2: was a president of the French Club. 740 00:39:11,680 --> 00:39:12,320 Speaker 4: In high school. 741 00:39:12,360 --> 00:39:16,120 Speaker 2: She's founded the Multicultural club. She had like a twenty 742 00:39:16,120 --> 00:39:19,920 Speaker 2: two thirty SAT score. She you know, she was an 743 00:39:19,960 --> 00:39:23,720 Speaker 2: a student. She did all these amazing things volunteer work, drama, girl, 744 00:39:24,080 --> 00:39:25,440 Speaker 2: theater club, blah blah blah. 745 00:39:25,440 --> 00:39:27,600 Speaker 4: So she was one of those off the charts kids. 746 00:39:28,800 --> 00:39:31,880 Speaker 4: She was sought after. She got accepted to a lot 747 00:39:31,920 --> 00:39:33,320 Speaker 4: of great schools. 748 00:39:33,400 --> 00:39:38,120 Speaker 2: And she won a boatload of merit based scholarships, not 749 00:39:38,200 --> 00:39:39,399 Speaker 2: need based scholarships. 750 00:39:39,680 --> 00:39:42,000 Speaker 4: There's two types of scholarships. 751 00:39:42,040 --> 00:39:44,520 Speaker 2: You can get need based based on your family's income 752 00:39:44,560 --> 00:39:47,719 Speaker 2: and assets, and merit base, which is based on the 753 00:39:47,760 --> 00:39:54,200 Speaker 2: student's accomplishments in some ways, typically academic, athletic, artistic, or 754 00:39:54,280 --> 00:39:58,879 Speaker 2: social engagement like volunteer work, community service, etc. Okay, so 755 00:39:59,160 --> 00:40:04,800 Speaker 2: my daughter had a lot of academic accomplishments and artistic accomplishments. 756 00:40:05,239 --> 00:40:09,120 Speaker 2: She won really in total, over seven hundred and fifty 757 00:40:09,600 --> 00:40:16,080 Speaker 2: thousand dollars worth of scholarships. WHOA, yeah, So now you 758 00:40:16,160 --> 00:40:21,200 Speaker 2: have to understand this was from the schools that the 759 00:40:21,320 --> 00:40:24,200 Speaker 2: vast majority of the aid that she was offered was 760 00:40:24,239 --> 00:40:27,440 Speaker 2: through the colleges and universities themselves. And so that's one 761 00:40:27,480 --> 00:40:29,600 Speaker 2: of the things that I teach people is if you're 762 00:40:29,640 --> 00:40:33,200 Speaker 2: looking to get scholarship money, the biggest dollars come not 763 00:40:33,440 --> 00:40:38,120 Speaker 2: from private sources, third party sources. You could, of course 764 00:40:38,160 --> 00:40:41,480 Speaker 2: win a Gate scholarship, a Coca Cola scholarship, et cetera. 765 00:40:42,920 --> 00:40:47,560 Speaker 2: Very competitive obviously for those scholarships, but the schools themselves, 766 00:40:47,600 --> 00:40:50,720 Speaker 2: colleges and universities themselves are the biggest source of money 767 00:40:50,719 --> 00:40:56,680 Speaker 2: directly to for merit based aid. Okay, so she got 768 00:40:56,760 --> 00:41:00,960 Speaker 2: for example, at NYU, she won the MLK Scholarship. You know, 769 00:41:01,000 --> 00:41:03,239 Speaker 2: they were giving her fifty thousand dollars a year. 770 00:41:03,600 --> 00:41:06,040 Speaker 4: At my alma mater at USC in Los Angeles. 771 00:41:06,080 --> 00:41:08,719 Speaker 2: She won a presidential scholarship, and that was going to 772 00:41:08,760 --> 00:41:12,400 Speaker 2: be like twenty seven thousand dollars a year. She got 773 00:41:12,400 --> 00:41:15,200 Speaker 2: accepted to Fordham, she won a national merit scholarship there 774 00:41:15,239 --> 00:41:17,120 Speaker 2: forty eight thousand dollars a year, blah blah, blah, on 775 00:41:17,160 --> 00:41:19,880 Speaker 2: and on. Ultimately she turned those down, of course, and 776 00:41:19,920 --> 00:41:22,600 Speaker 2: she went to UT Austin. She got accepted into their 777 00:41:22,600 --> 00:41:28,440 Speaker 2: Business Honors Program, and she won about forty thousand dollars 778 00:41:28,560 --> 00:41:32,920 Speaker 2: roughly worth of scholarship aid to pretty much cover most 779 00:41:32,960 --> 00:41:36,600 Speaker 2: of her college costs. We only had to cover like 780 00:41:36,640 --> 00:41:39,400 Speaker 2: maybe five thousand dollars you know some some you know, 781 00:41:39,440 --> 00:41:41,960 Speaker 2: the books, you know, the travel back and forth, the 782 00:41:42,560 --> 00:41:44,800 Speaker 2: you know some a little bit of the housing stuff 783 00:41:44,840 --> 00:41:48,720 Speaker 2: like that. But she won a lot of scholarship money 784 00:41:48,719 --> 00:41:51,919 Speaker 2: directly from the school itself, including a ten thousand dollars 785 00:41:51,920 --> 00:41:55,439 Speaker 2: a year scholarship from BHP the Business Honors Program. And 786 00:41:56,000 --> 00:41:58,920 Speaker 2: the best thing was an out of state tuition waiver 787 00:41:59,560 --> 00:42:03,920 Speaker 2: that she which was almost thirty thousand dollars. As a 788 00:42:03,960 --> 00:42:06,440 Speaker 2: result of winning that ten thousand dollars scholarship, the two 789 00:42:06,520 --> 00:42:13,200 Speaker 2: were tied together. Okay, now, let's fast forward. My child, 790 00:42:13,600 --> 00:42:18,600 Speaker 2: my a students, my my National merit winning child had 791 00:42:18,600 --> 00:42:20,600 Speaker 2: a horrible first semester. 792 00:42:22,080 --> 00:42:25,960 Speaker 4: Yeah, so you know, without you know. 793 00:42:27,680 --> 00:42:30,120 Speaker 2: Telling all of them on her business and she doesn't mind, 794 00:42:30,160 --> 00:42:37,279 Speaker 2: she really doesn't. So her scholarship was dependent upon her 795 00:42:37,360 --> 00:42:41,200 Speaker 2: maintaining a three point five GPA or better and she 796 00:42:41,280 --> 00:42:44,600 Speaker 2: didn't and she did not, So her first semester was horrible. 797 00:42:44,680 --> 00:42:47,160 Speaker 2: Or second semester she bounced back. I was like, what 798 00:42:47,200 --> 00:42:49,160 Speaker 2: has happened to you? You better get those grades up, you 799 00:42:49,200 --> 00:42:53,080 Speaker 2: know so, and she did. She recovered, and then her 800 00:42:53,120 --> 00:42:56,359 Speaker 2: second year, which was had just passed, she did well again, 801 00:42:56,440 --> 00:43:00,279 Speaker 2: did great, but bottom line, because she did not at 802 00:43:00,280 --> 00:43:02,440 Speaker 2: the end of her first year overall she did not 803 00:43:02,520 --> 00:43:06,760 Speaker 2: have a three point five GPA, she lost her scholarship. 804 00:43:07,320 --> 00:43:09,239 Speaker 4: Oh my goodness, hell yeah. 805 00:43:09,080 --> 00:43:12,320 Speaker 3: Forever or whatever. 806 00:43:14,000 --> 00:43:18,680 Speaker 1: Right, I'm like my probation or so she. 807 00:43:18,760 --> 00:43:22,040 Speaker 2: Was on probation her after her first semester. Then she 808 00:43:22,160 --> 00:43:24,399 Speaker 2: was off after one semester and she, like I said, 809 00:43:24,400 --> 00:43:26,440 Speaker 2: she bounced back. She was, she was fine, but but 810 00:43:26,520 --> 00:43:30,319 Speaker 2: that wasn't the issue. The issue was, Sorry, girl, we 811 00:43:30,400 --> 00:43:33,120 Speaker 2: said three point five or higher and you don't have overall, 812 00:43:33,200 --> 00:43:36,480 Speaker 2: she didn't have a three point five. So even if 813 00:43:36,480 --> 00:43:38,239 Speaker 2: she had not had a horrible if she had had 814 00:43:38,480 --> 00:43:40,520 Speaker 2: a three point four to nine, pretty much they would 815 00:43:40,520 --> 00:43:41,879 Speaker 2: have been like, sorry, you'd have to be three point 816 00:43:41,960 --> 00:43:47,840 Speaker 2: five or better, you know. So, so it's been a 817 00:43:47,920 --> 00:43:50,080 Speaker 2: learning experience. It taught us a couple of things. One 818 00:43:50,200 --> 00:43:52,759 Speaker 2: was about transition. I don't know if I shared this 819 00:43:52,800 --> 00:43:57,720 Speaker 2: with you before, and I'm sure I didn't. My daughter 820 00:43:57,760 --> 00:43:59,480 Speaker 2: and her senior year of high school. A couple of 821 00:43:59,480 --> 00:44:02,879 Speaker 2: months before graduation, she suffered sudden hearing loss in her 822 00:44:03,080 --> 00:44:07,360 Speaker 2: right ear that impacted her, you know a little bit. 823 00:44:07,400 --> 00:44:10,600 Speaker 2: Her first semester in college, she was sick for three weeks, 824 00:44:10,640 --> 00:44:12,239 Speaker 2: and you know, she didn't tell me, and I was like, 825 00:44:12,360 --> 00:44:14,520 Speaker 2: you didn't go to like the campus health. 826 00:44:14,719 --> 00:44:16,960 Speaker 4: She was like, I didn't know how to or what 827 00:44:17,080 --> 00:44:18,960 Speaker 4: to do, you know, on her own. 828 00:44:18,760 --> 00:44:22,000 Speaker 2: The first time. I think there was transition issues her 829 00:44:22,239 --> 00:44:27,520 Speaker 2: going from you know, east coast to the south basically Texas. 830 00:44:27,520 --> 00:44:31,680 Speaker 2: That transition being raised in a bubble admittedly, you know, 831 00:44:31,719 --> 00:44:35,760 Speaker 2: in the suburbs here mountainside, New Jersey population eight eight thousand, 832 00:44:35,840 --> 00:44:38,480 Speaker 2: and then going on a campus with fifty thousand students 833 00:44:38,480 --> 00:44:40,560 Speaker 2: alone on the campus, you know, so I think there 834 00:44:40,600 --> 00:44:42,520 Speaker 2: was a lot of transition and it was just a 835 00:44:42,520 --> 00:44:46,880 Speaker 2: little overwhelming for her. Everything. So but got back, you know, 836 00:44:46,960 --> 00:44:49,239 Speaker 2: right back up on the horse. I told her, don't 837 00:44:49,280 --> 00:44:51,080 Speaker 2: prove it to me, prove it to yourself. Go back 838 00:44:51,120 --> 00:44:52,839 Speaker 2: up there and show me what you can do, show 839 00:44:52,880 --> 00:44:54,200 Speaker 2: yourself even more importantly. 840 00:44:54,320 --> 00:44:54,879 Speaker 4: And she did. 841 00:44:55,280 --> 00:45:00,399 Speaker 2: And so so I'm fast forwarding to say, as her parents, 842 00:45:00,080 --> 00:45:02,520 Speaker 2: and we did something that I'm sure some parents would 843 00:45:02,520 --> 00:45:02,799 Speaker 2: be like. 844 00:45:02,719 --> 00:45:05,640 Speaker 4: What We actually doubled down on a ziza. 845 00:45:07,000 --> 00:45:10,160 Speaker 2: We put a game plan together and I said, if 846 00:45:10,200 --> 00:45:12,400 Speaker 2: you need any tutoring, you're going to be talking to 847 00:45:12,680 --> 00:45:15,480 Speaker 2: your academic advisor and your counselors. You're going to do this. 848 00:45:15,760 --> 00:45:17,560 Speaker 2: She did everything I asked her to do. Her grades 849 00:45:17,600 --> 00:45:21,040 Speaker 2: went back up. She got a's, a's and b's, and 850 00:45:21,120 --> 00:45:25,239 Speaker 2: she it was and there's no problems. However, because we 851 00:45:25,320 --> 00:45:29,240 Speaker 2: had a financial situation now that we had to say, okay, 852 00:45:29,239 --> 00:45:31,240 Speaker 2: what are we going to do here school? 853 00:45:31,320 --> 00:45:33,120 Speaker 4: There is about fifty. 854 00:45:32,840 --> 00:45:35,840 Speaker 2: Five thousand dollars a year, you know, all in tuition, fees, 855 00:45:36,239 --> 00:45:39,880 Speaker 2: room and board as an out of state student. So 856 00:45:41,239 --> 00:45:42,920 Speaker 2: cutting to the chase, this is what we did. We 857 00:45:43,040 --> 00:45:47,920 Speaker 2: bought her a condo. Now some people would be like, what. 858 00:45:47,120 --> 00:45:50,720 Speaker 3: What you're trying to follow? But I'm hanging out there, okay. 859 00:45:51,239 --> 00:45:58,560 Speaker 2: So the short explanation is that her having a condo 860 00:45:59,320 --> 00:46:03,240 Speaker 2: ownership of a condo for one year establishes. 861 00:46:02,719 --> 00:46:04,239 Speaker 4: Texas residency for her. 862 00:46:04,960 --> 00:46:08,640 Speaker 2: So instead of us having you know, thirty eight or 863 00:46:08,640 --> 00:46:13,920 Speaker 2: forty thousand dollars a year tuition bill, she gets now 864 00:46:14,040 --> 00:46:16,240 Speaker 2: she'll be getting in this, this, this, and her junior 865 00:46:16,320 --> 00:46:21,600 Speaker 2: year in state tuition of about eleven thousand dollars. And 866 00:46:21,760 --> 00:46:26,400 Speaker 2: the housing side is covered because we put down you know, 867 00:46:27,160 --> 00:46:29,759 Speaker 2: twenty one thousand or so twenty five thousand for to 868 00:46:29,800 --> 00:46:33,400 Speaker 2: buy the place for her. She has two roommates. The 869 00:46:33,480 --> 00:46:36,319 Speaker 2: roommates pay fourteen hundred dollars a month. The mortgage is 870 00:46:36,320 --> 00:46:41,399 Speaker 2: fourteen hundred dollars a month. So there's no net sort 871 00:46:41,400 --> 00:46:43,319 Speaker 2: of out of pocket costs for us with that, and 872 00:46:43,360 --> 00:46:47,160 Speaker 2: her housing is covered with that. So it actually, you know, 873 00:46:47,600 --> 00:46:53,279 Speaker 2: thank you Jesus, it worked out. But that's actually how 874 00:46:53,320 --> 00:46:56,040 Speaker 2: we dealt with it. And you know, now she's getting 875 00:46:56,080 --> 00:46:58,520 Speaker 2: back and she's applying for scholarships again, and you know, 876 00:46:58,560 --> 00:47:01,440 Speaker 2: part of the lesson is if you lose a scholarship, 877 00:47:01,640 --> 00:47:05,000 Speaker 2: you know, mercifully for her, she had parents who had 878 00:47:05,040 --> 00:47:10,200 Speaker 2: the financial wherewithal to backstop her because you know, I. 879 00:47:10,160 --> 00:47:11,360 Speaker 4: Can tell you. 880 00:47:11,080 --> 00:47:13,840 Speaker 2: Know, her father, my ex was like, oh, well, I 881 00:47:13,840 --> 00:47:18,520 Speaker 2: guess you got to come back home. And I was like, no, no. 882 00:47:17,800 --> 00:47:18,319 Speaker 4: No, wait. 883 00:47:18,440 --> 00:47:20,719 Speaker 3: So but she still had to pay for out of 884 00:47:20,719 --> 00:47:25,600 Speaker 3: state tuition right for that? So did you guys finance 885 00:47:25,640 --> 00:47:26,799 Speaker 3: that with student loans or. 886 00:47:27,560 --> 00:47:29,759 Speaker 4: We had to We had to just pay it. We 887 00:47:29,800 --> 00:47:30,560 Speaker 4: had to pay yeah. 888 00:47:30,560 --> 00:47:34,680 Speaker 3: So yeah, but something similar happened to my little brother, 889 00:47:35,239 --> 00:47:39,279 Speaker 3: My little brother, and UT is a state school, right, yep, 890 00:47:39,480 --> 00:47:41,800 Speaker 3: So their merit based aid comes out of state funding, 891 00:47:41,880 --> 00:47:44,040 Speaker 3: correct or is it like a private endowment. 892 00:47:45,440 --> 00:47:46,840 Speaker 4: No, it's a public school. 893 00:47:46,960 --> 00:47:51,000 Speaker 2: So there they do have some scholarships that they award 894 00:47:51,000 --> 00:47:54,120 Speaker 2: through private owners that give them, you know, give students 895 00:47:54,160 --> 00:47:58,360 Speaker 2: their scholarships, but the if you're a resident, that's coming 896 00:47:58,400 --> 00:48:03,520 Speaker 2: through the If you get state aid, that's through the 897 00:48:03,560 --> 00:48:04,680 Speaker 2: state of Texas. 898 00:48:04,960 --> 00:48:05,080 Speaker 4: Right. 899 00:48:05,120 --> 00:48:06,799 Speaker 3: One thing that happened to my brother as far as 900 00:48:06,840 --> 00:48:09,040 Speaker 3: losing his scholarship, he had a We went to the 901 00:48:09,120 --> 00:48:12,439 Speaker 3: University of Georgia state, big state school, and he had 902 00:48:12,440 --> 00:48:16,439 Speaker 3: a merit based aid. But they since the recession, once 903 00:48:16,719 --> 00:48:18,640 Speaker 3: college funding has sort of dried, up in a lot 904 00:48:18,640 --> 00:48:21,279 Speaker 3: of ways in state funded schools because states have been 905 00:48:21,560 --> 00:48:24,759 Speaker 3: you know, in some cases divesting, there's less money to 906 00:48:24,760 --> 00:48:27,040 Speaker 3: go around. So the same scholarship that I got for 907 00:48:27,160 --> 00:48:30,719 Speaker 3: maintaining a three point two I think GPA, he had 908 00:48:30,760 --> 00:48:33,040 Speaker 3: to maintain like a three seven or something and he 909 00:48:33,200 --> 00:48:33,680 Speaker 3: loved it. 910 00:48:34,320 --> 00:48:36,600 Speaker 2: And can I tell you something, you guys, I'm telling 911 00:48:36,640 --> 00:48:39,399 Speaker 2: you this is I hate to say it this way. 912 00:48:40,920 --> 00:48:44,720 Speaker 2: I won't call it a racket, but I will say 913 00:48:44,800 --> 00:48:50,440 Speaker 2: that colleges and universities across the country employ specialists and 914 00:48:50,480 --> 00:48:54,839 Speaker 2: professionals that are called enrollment managers or yield managers. They 915 00:48:54,920 --> 00:48:58,920 Speaker 2: actually know that a pretty high percentage of students are 916 00:48:58,960 --> 00:49:03,440 Speaker 2: simply not going to to maintain those grades, thus the 917 00:49:03,960 --> 00:49:08,880 Speaker 2: high performance bar. So it's preparing me with my son 918 00:49:09,400 --> 00:49:13,600 Speaker 2: because I know that based on our family's income and assets, 919 00:49:13,880 --> 00:49:17,279 Speaker 2: it's not likely that we will qualify for need based aid. 920 00:49:17,280 --> 00:49:18,920 Speaker 2: I will still apply, I will still go through the 921 00:49:18,920 --> 00:49:22,560 Speaker 2: faster process, just like I did with Azisa. But when 922 00:49:22,560 --> 00:49:26,000 Speaker 2: I think about scholarship opportunities and any potential free money 923 00:49:26,000 --> 00:49:28,400 Speaker 2: for college for him, For my son, I'm looking at 924 00:49:28,480 --> 00:49:32,120 Speaker 2: merit aid and institutions that do grant merit aid or 925 00:49:32,200 --> 00:49:36,239 Speaker 2: schools that have very very strong need based aid, and 926 00:49:36,320 --> 00:49:39,200 Speaker 2: those are mostly the ivy's top, you know, sort of 927 00:49:39,200 --> 00:49:42,960 Speaker 2: elite private schools and those with strong endowments. 928 00:49:43,200 --> 00:49:47,080 Speaker 4: But these schools know they absolutely, I believe me. 929 00:49:47,120 --> 00:49:49,640 Speaker 2: When I went through this experience with Aziza, I did 930 00:49:49,680 --> 00:49:53,200 Speaker 2: an exhaustive amount of research and I was like, oh, 931 00:49:53,360 --> 00:49:56,160 Speaker 2: this is not actually uncommon. Can I tell you something 932 00:49:56,640 --> 00:50:00,480 Speaker 2: that I want? One one factoid that says it, you know, 933 00:50:00,840 --> 00:50:05,000 Speaker 2: clearer than anything else that I came across. The average 934 00:50:05,400 --> 00:50:11,160 Speaker 2: high school student suffers a zero point five drop in 935 00:50:11,200 --> 00:50:14,759 Speaker 2: their GPA when they go from senior year of high 936 00:50:14,840 --> 00:50:19,440 Speaker 2: school twelfth grade, that is, to their freshman year in college. So, 937 00:50:19,560 --> 00:50:22,440 Speaker 2: in other words, the student who had a three point 938 00:50:22,480 --> 00:50:26,560 Speaker 2: eighty five let's say GPA on average, that student will 939 00:50:26,600 --> 00:50:30,000 Speaker 2: have a three point three five or zero point five 940 00:50:30,160 --> 00:50:34,200 Speaker 2: drop in their GPA. That's just nationwide the average. Okay, 941 00:50:34,840 --> 00:50:37,160 Speaker 2: so you might be like, oh, my student, my child 942 00:50:37,200 --> 00:50:39,319 Speaker 2: is so smart and brighton. They'll be great, they'll be fine, 943 00:50:39,360 --> 00:50:41,080 Speaker 2: yet they won't be able to maintain. I was like, 944 00:50:41,120 --> 00:50:43,480 Speaker 2: three point five. Oh is Jesus got this no problem? 945 00:50:43,840 --> 00:50:47,480 Speaker 2: You know? And so but obviously it's next level, it's 946 00:50:47,560 --> 00:50:51,360 Speaker 2: it's a higher tier of performance that's required of the students. 947 00:50:51,360 --> 00:50:54,279 Speaker 2: Not to mention, it's not even so much the academics 948 00:50:54,280 --> 00:50:56,520 Speaker 2: and the grades that are you know, oh, this is 949 00:50:56,560 --> 00:50:57,080 Speaker 2: so hard. 950 00:50:57,400 --> 00:50:58,840 Speaker 4: It's more about all. 951 00:50:58,719 --> 00:51:00,520 Speaker 2: Of the stuff that they have to deal with being 952 00:51:00,560 --> 00:51:04,000 Speaker 2: on their own for the first time, the transition for 953 00:51:04,120 --> 00:51:06,880 Speaker 2: many students. Financial definitely plays a role for a lot 954 00:51:06,920 --> 00:51:08,960 Speaker 2: of students if they're stressed or if they're worried about it. 955 00:51:09,120 --> 00:51:11,080 Speaker 2: My daughter, she wasn't stressed worried about money at all. 956 00:51:11,400 --> 00:51:13,920 Speaker 2: It wasn't that kind of thing. But everything else in 957 00:51:13,960 --> 00:51:16,480 Speaker 2: her life she had to give attention and focus to. 958 00:51:17,440 --> 00:51:22,479 Speaker 2: I think was, you know, sort of a factor for her. 959 00:51:22,920 --> 00:51:25,640 Speaker 2: But these schools absolutely know. So now I know with 960 00:51:25,760 --> 00:51:28,680 Speaker 2: my son, oh you can believe, I'm going to negotiate 961 00:51:28,719 --> 00:51:31,759 Speaker 2: the other way. When they say when they say, oh, 962 00:51:31,800 --> 00:51:34,160 Speaker 2: a three point five, he here's his scholarship, blah blah blah, 963 00:51:34,160 --> 00:51:35,880 Speaker 2: its depending on him having a three point five, I'm 964 00:51:35,960 --> 00:51:39,000 Speaker 2: being like, mmm, he'll come to your school, how about 965 00:51:39,000 --> 00:51:41,680 Speaker 2: a three point Oh how about a you know like that, 966 00:51:41,800 --> 00:51:45,399 Speaker 2: I'm serious. I'm absolutely going to negotiate. And I've talked 967 00:51:45,440 --> 00:51:48,680 Speaker 2: to parents since who have in fact negotiated and gotten 968 00:51:48,719 --> 00:51:52,000 Speaker 2: that bar down a little bit. Or I've even talked 969 00:51:52,000 --> 00:51:55,640 Speaker 2: to parents who said that they had a provision as 970 00:51:55,719 --> 00:51:59,960 Speaker 2: long as the student is making quote satisfactory academic progress. 971 00:52:01,360 --> 00:52:04,680 Speaker 4: So you can read that it means no GPA requirement. 972 00:52:04,400 --> 00:52:05,879 Speaker 2: As long as they got a two point or better 973 00:52:05,920 --> 00:52:09,160 Speaker 2: basically at the end of a given year, as long 974 00:52:09,200 --> 00:52:10,600 Speaker 2: as at the end of a year in case they 975 00:52:10,600 --> 00:52:13,719 Speaker 2: have a little blip one semester. So you know, I 976 00:52:13,760 --> 00:52:16,600 Speaker 2: think back to my college days. My freshman year, I 977 00:52:16,640 --> 00:52:18,759 Speaker 2: was fine. It wasn't then, but it was either the 978 00:52:18,880 --> 00:52:21,400 Speaker 2: end of my sophomore year, I did some cookiness and 979 00:52:21,480 --> 00:52:25,120 Speaker 2: you know, just running wild and I was like, oh, 980 00:52:25,239 --> 00:52:26,920 Speaker 2: let me get it together here before I get kicked. 981 00:52:26,760 --> 00:52:32,520 Speaker 4: Out of this school. That was yourn. 982 00:52:32,800 --> 00:52:36,200 Speaker 3: Yeah, that was the breakdowns in the parking deck. 983 00:52:37,480 --> 00:52:41,040 Speaker 2: After my career. When I was freshman year, my father 984 00:52:41,080 --> 00:52:43,040 Speaker 2: brought my behind right back home because I was not 985 00:52:43,160 --> 00:52:45,640 Speaker 2: used to because I was raised in a really strict household, 986 00:52:46,040 --> 00:52:48,640 Speaker 2: and so living on campus was like, what. 987 00:52:50,280 --> 00:52:51,640 Speaker 3: That's over a stimulation. 988 00:52:53,320 --> 00:52:55,000 Speaker 2: And you know the thing is I was not really wild. 989 00:52:55,080 --> 00:52:56,680 Speaker 2: It was just like I could say, up late because 990 00:52:56,680 --> 00:52:59,360 Speaker 2: my dad, especially my dad was attacked to be like, 991 00:52:59,360 --> 00:53:01,239 Speaker 2: where are you going put the name on the refrigerator. 992 00:53:01,239 --> 00:53:02,600 Speaker 2: I'm going to call the parent ahead of time. I'm 993 00:53:02,640 --> 00:53:04,680 Speaker 2: going to drop you off. I'll drive you to the movie. 994 00:53:04,840 --> 00:53:07,719 Speaker 2: So I was not used to any freedom. Yeah, it's 995 00:53:08,200 --> 00:53:10,600 Speaker 2: like you know, and so it just it was just 996 00:53:10,600 --> 00:53:12,480 Speaker 2: too much. And I had got I always got a 997 00:53:12,480 --> 00:53:14,440 Speaker 2: really good grades. And I think I got my first D. 998 00:53:14,719 --> 00:53:16,400 Speaker 2: And he could not believe I had gotten a D. 999 00:53:16,920 --> 00:53:20,719 Speaker 2: I know you're not about with life. He's like, yeah, no, 1000 00:53:21,160 --> 00:53:24,440 Speaker 2: Well this is funny. When my daughter was I can't 1001 00:53:24,480 --> 00:53:27,360 Speaker 2: remember if it was her sixteenth birthday. It's possible it 1002 00:53:27,360 --> 00:53:30,200 Speaker 2: could have been her fifteenth birthday. Now again, remind you, 1003 00:53:30,320 --> 00:53:33,560 Speaker 2: I live in a very tiny little town, eight thousand population. 1004 00:53:34,440 --> 00:53:39,200 Speaker 2: Suburbia is you know, basically about It's ninety seven percent white. 1005 00:53:39,840 --> 00:53:44,040 Speaker 2: It has, you know, some diversity, African American, Asian, you know, 1006 00:53:44,640 --> 00:53:51,280 Speaker 2: et cetera. And it's a small place that is also 1007 00:53:51,360 --> 00:53:52,160 Speaker 2: a safe place. 1008 00:53:53,520 --> 00:53:54,600 Speaker 4: So when my daughter. 1009 00:53:54,360 --> 00:53:57,520 Speaker 2: Turned I think it was when she was sixteen, I said, oh, 1010 00:53:57,520 --> 00:53:58,760 Speaker 2: what was you like for your birthday? 1011 00:53:58,760 --> 00:53:59,200 Speaker 4: Aziza? 1012 00:53:59,600 --> 00:54:01,359 Speaker 2: She said, I'm gonna give it some thought, and then 1013 00:54:01,360 --> 00:54:02,799 Speaker 2: she came back to me and she said, okay, mommy, 1014 00:54:02,840 --> 00:54:04,879 Speaker 2: I thought about it and I said, great, what would 1015 00:54:04,880 --> 00:54:09,759 Speaker 2: you like? She said, just a little freedom, And I 1016 00:54:09,840 --> 00:54:12,440 Speaker 2: said and I was like, well freedom, freedom to do 1017 00:54:12,480 --> 00:54:15,640 Speaker 2: what she said, just like to walk around the block 1018 00:54:15,680 --> 00:54:19,600 Speaker 2: by myself. And then I was like, oh my god, Lynette, 1019 00:54:19,719 --> 00:54:21,760 Speaker 2: you now, gri I used to be running the streets 1020 00:54:21,800 --> 00:54:22,439 Speaker 2: in La Okay. 1021 00:54:22,480 --> 00:54:24,080 Speaker 4: We used to run outside and come in when the 1022 00:54:24,160 --> 00:54:27,520 Speaker 4: lights came on. Okay. I mean, it's a whole different ballgame. 1023 00:54:27,600 --> 00:54:30,040 Speaker 2: Even though you know, my child is in a very 1024 00:54:30,040 --> 00:54:33,640 Speaker 2: safe environment here, the bubble that we're in is crazy. 1025 00:54:33,880 --> 00:54:36,560 Speaker 2: So I think that she had the same experience, Tiffany, 1026 00:54:36,560 --> 00:54:38,439 Speaker 2: that you did, which is like, oh my god, I'm free. 1027 00:54:38,480 --> 00:54:42,200 Speaker 2: Nobody tells me what to do, and nobody's on me 1028 00:54:42,680 --> 00:54:44,600 Speaker 2: making me go to bed at a certain time, double 1029 00:54:44,719 --> 00:54:45,600 Speaker 2: checking my homework. 1030 00:54:45,920 --> 00:54:50,239 Speaker 4: Do you know? It was just transition to young adulthood. 1031 00:54:59,120 --> 00:55:01,640 Speaker 3: Illnete, Thank you so much. Tell the people where they 1032 00:55:01,680 --> 00:55:03,520 Speaker 3: can find you and find your great work. 1033 00:55:04,120 --> 00:55:08,200 Speaker 2: Sure they can catch me on my free financial advice 1034 00:55:08,239 --> 00:55:10,880 Speaker 2: blog ask the Moneycoach dot com. 1035 00:55:11,040 --> 00:55:13,719 Speaker 4: Or they can take a course with me and. 1036 00:55:13,680 --> 00:55:19,520 Speaker 2: Get video training one on one lessons through my platform 1037 00:55:20,000 --> 00:55:25,719 Speaker 2: on Moneycoachuniversity dot com free and paid offerings there. 1038 00:55:26,560 --> 00:55:27,000 Speaker 1: Awesome. 1039 00:55:27,960 --> 00:55:29,520 Speaker 2: Thank you, Lynette, You're always the best. 1040 00:55:29,920 --> 00:55:30,880 Speaker 4: Thank you, guys. 1041 00:55:31,320 --> 00:55:34,520 Speaker 1: We always love listening to our financial fairy godmother, Miss 1042 00:55:34,640 --> 00:55:37,439 Speaker 1: Lynette Cawfani Cox. Thank y'all for coming on this trip 1043 00:55:37,480 --> 00:55:40,880 Speaker 1: down memory lane. Make sure to check out regular episodes 1044 00:55:40,920 --> 00:55:43,400 Speaker 1: of Brown Ambition every Monday, Wednesday, and Friday.