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Speaker 1: We have a really exciting guest tonight, we do. I'm

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Speaker 1: about to buzz her in. She just pinged me. So

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Speaker 1: we were bringing miss Lynette Califhni fuck Cox back, Califhani Cox.

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Speaker 2: He had her. She was like one of our was

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Speaker 2: she gust I really think she was.

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Speaker 1: That's amazing. So Lynette's back on the show. You guys,

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Speaker 1: if you don't know Lynette California Cox, where have you been?

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Speaker 1: She's like one of the sweetest, nicest human beings on

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Speaker 1: the planet. But she's also a money expert in her

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Speaker 1: own right. She was a long time Oh go ahead, I.

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Speaker 3: Was gonna say.

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Speaker 4: She's like like all the stuff that me Mandy Patrits,

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Speaker 4: Tanya Marshall, like all of these money girls that you

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Speaker 4: love so dearly. She is the fairy god mother to

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Speaker 4: all of us, Like she set the stage for all

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Speaker 4: that we're doing and continues to help us, like as

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Speaker 4: we work through this journey of like being financial educator.

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Speaker 3: So Lynette is the truth.

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Speaker 1: Absolutely And if you don't know, her website is ask

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Speaker 1: themoneycoach dot com. Lynette is a multi hyphen it, but

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Speaker 1: she has all sorts of books. She's sort of an

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Speaker 1: expert in saving up for college and has great tips

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Speaker 1: for parents trying to manage the cost of college and

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Speaker 1: all that comes with it and retirement. And every Monday

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Speaker 1: she does a live Facebook chat, so you should go

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Speaker 1: follow her on Facebook Lynette Califani Cox. Check out her

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Speaker 1: Monday money talks.

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Speaker 2: Did I mess that up? I think that's what she

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Speaker 2: calls them?

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Speaker 1: How clear it up when we get on the phone.

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Speaker 1: But we're so excited. So today I asked Lynette to

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Speaker 1: come on. I think last time we talked about I

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Speaker 1: forget what we talked about. But this time I wanted

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Speaker 1: her to come on and talk about a subject near

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Speaker 1: dared I think both of our hearts, which is negotiating

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Speaker 1: and like how to ask for more at the office

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Speaker 1: and or wherever you are in your career. This is

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Speaker 1: a question that we get lots and lots and lots

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Speaker 1: from you guys, So stick around. Lynette Califonia Cox is

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Speaker 1: coming up.

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Speaker 4: Lynette Calphoni Cox. She was our very first interview and

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Speaker 4: she's back. So we're super excited because Lette's going to

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Speaker 4: talk about all things negotiating. We're also gonna squeeze some

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Speaker 4: college tips and info because Lynette got her daughter a

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Speaker 4: help to her daughter get not only a free ride,

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Speaker 4: but tons of money for college. So if you want

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Speaker 4: to be like that, you know, get on board. Take

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Speaker 4: a listen, Jamal, you're listening, all right. So Jamal is

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Speaker 4: who we call our We have a few handful of

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Speaker 4: male listeners and that's what we call them.

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Speaker 2: Too out for the girl stuff but back in.

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Speaker 1: But yeah, but no, I think that this topic think

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Speaker 1: And thank you Lynette for joining us again. You are

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Speaker 1: a fave. So this is a topic I'll never get

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Speaker 1: tired of talking about. And I always like to get

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Speaker 1: your perspective, like each person we talk to their perspective

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Speaker 1: on this, because we still get a lot of questions about,

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Speaker 1: you know, what are some strategies, how should I be.

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Speaker 2: Asking for more at work?

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Speaker 1: What do I do if I feel stuck at work

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Speaker 1: and I don't feel like I'm getting paid enough and

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Speaker 1: the you know, opportunities for growth just aren't there. And

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Speaker 1: I wonder if you maybe you could start off by

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Speaker 1: talking a little bit about sometimes early in your career

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Speaker 1: even recently, when you feel like you either have have missed.

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Speaker 2: An opportunity to negotiate or took.

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Speaker 1: Advantage of one, and like what you learn from that?

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Speaker 5: Sure, well, over the course of my career, I've been

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Speaker 5: super lucky in the sense that I don't even know

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Speaker 5: how or like why I chose to negotiate so early

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Speaker 5: in my career, because honestly, I don't ever remember my

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Speaker 5: mom telling me. I don't remember any female mentors or

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Speaker 5: older women telling me to negotiate. I have five sisters,

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Speaker 5: three of them are older than I am, but honestly,

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Speaker 5: I don't remember them telling me to negotiate early in

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Speaker 5: my career. I just kind of took it upon myself

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Speaker 5: to do it, and I am so enormously grateful that

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Speaker 5: I did, because it really has been kind of one

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Speaker 5: of those benchmark areas in terms of my own financial life,

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Speaker 5: not just as an employee, but even now as an entrepreneur.

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Speaker 5: And so there have been times when I have not negotiated,

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Speaker 5: and it's usually when I get an offer that's excellent,

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Speaker 5: sort of write out the box, and I'm like, I

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Speaker 5: don't be great girl, you know, but.

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Speaker 2: How do you know when it's good enough?

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Speaker 1: Someone? Yeah, one of my younger cousins had ask me

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Speaker 1: that She's like, I don't know, I'm really excited, but

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Speaker 1: I don't know if it should I just negotiate because

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Speaker 1: everyone tells me to or how do I know if

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Speaker 1: if it's good enough.

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Speaker 5: See, that's a great question, and you you really should know,

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Speaker 5: quote unquote what's good enough for you.

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Speaker 3: So I'll give you a case in points.

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Speaker 5: Since you asked about my early professional career, my history,

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Speaker 5: then the reason I say you should know is you

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Speaker 5: should know, like what amount of money would make you happy,

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Speaker 5: and what amount of money is commensurate with the skills

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Speaker 5: and the background and the value that you're going to

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Speaker 5: bring to an organization. So, for example, when I got

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Speaker 5: out of grad school at USC in Los Angeles, it

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Speaker 5: was nineteen ninety three and I had gotten married very young,

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Speaker 5: and then.

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Speaker 3: I moved to Philadelphia.

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Speaker 5: My ex was in graduate school and so I was

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Speaker 5: working not one, but two jobs. So I worked at

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Speaker 5: the Philadelphia Inquirer as a correspondent by day, and I

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Speaker 5: worked at Fox the ten o'clock news by night. And

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Speaker 5: I was a writer and an assistant producer at Fox.

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Speaker 5: So for both of my jobs, literally I was, you know, working.

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Speaker 3: Myself to the bone.

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Speaker 5: I would be at the eighty as we called it

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Speaker 5: for you know, from about nine o'clock in the morning

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Speaker 5: to about five thirty almost six, and then I would

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Speaker 5: race like a mad woman across the bridge and come

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Speaker 5: back in because I worked in South Jersey in the

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Speaker 5: Cherry Hill Bureau for The Inquirer. And then I would

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Speaker 5: rush to come back over to downtown Philly area, and

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Speaker 5: then I would go to my job at the ten

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Speaker 5: o'clock News, and I would get there about six thirty

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Speaker 5: ish and be there until eleven till the show ended.

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Speaker 5: Long story short, when I changed and left those two

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Speaker 5: jobs to go work for Dowdy Jones. Dow Jones, you know,

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Speaker 5: the parent company at Wall Street Journal. The job offer

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Speaker 5: that I got from Dow Jones was more than I

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Speaker 5: was making for both of those previous two jobs put together,

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Speaker 5: but I still negotiated for more.

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Speaker 3: So I knew at the time that.

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Speaker 5: Not only was I going to have one heck of

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Speaker 5: a commute, because I was commuting on Amtrak from Philadelphia

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Speaker 5: from thirtieth Street Penn Station to New York Now to

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Speaker 5: go to the World Financial Center, which is where the

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Speaker 5: headquarters for Dow Jones was. I knew that that was

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Speaker 5: going to be two hours, you know, door to door

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Speaker 5: commute each way. I knew I was going to have

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Speaker 5: like a four hundred or something dollars round trip Amtrak

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Speaker 5: ticket and everything.

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Speaker 3: But I also knew.

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Speaker 5: And again I don't even know how I knew this,

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Speaker 5: but I knew that it was incumbent upon me to

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Speaker 5: show my prospective employer what great things I was going

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Speaker 5: to do for Dow Jones and I was going to deliver.

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Speaker 3: Value for them, and why I was worth X amount.

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Speaker 5: And at the time it might have been like, you know,

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Speaker 5: forty eight thousand or fifty thousand. I can't remember exactly

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Speaker 5: what it was, to be honest with you, but it

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Speaker 5: was more for sure that I was making at those

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Speaker 5: two jobs combined. I want to say it was in

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Speaker 5: the high forties or something like that. And another thing

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Speaker 5: that dawned on me was that it's not the employer's

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Speaker 5: you know, responsibility or even concern, frankly, to worry about

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Speaker 5: the fact that I had a four hour commute, you know,

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Speaker 5: to and from when you took two hours each way,

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Speaker 5: or that my Amtrak ticket was you know, four hundred

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Speaker 5: and something dollars. At the time, I negotiated from a

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Speaker 5: position of strength, not from a position of need or greed.

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Speaker 5: And I think that's one of the biggest mistakes that

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Speaker 5: people make when they say, well, I don't know if

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Speaker 5: this is a good amount, how much should I ask for?

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Speaker 3: Et cetera.

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Speaker 5: You have to think about the value that you're going

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Speaker 5: to give to a company and what is that worth,

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Speaker 5: and also what is the amount that you'd be happy with.

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Speaker 5: So somebody can tell you, oh, you should negotiate for more.

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Speaker 5: But if you say, I'm looking for a job and

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Speaker 5: you know, to get this new position, wow, they made

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Speaker 5: me an offer of you know, seventy five thousand dollars

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Speaker 5: a year, woohoo, I'd be jumping through the you know,

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Speaker 5: jumping up and down for joy. And if they come

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Speaker 5: through with to say, an eighty thousand dollars offer, and

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Speaker 5: you're like, who, I'm over the moon.

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Speaker 3: Do you need to negotiate? No, you don't need to.

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Speaker 5: Obviously you'd be happy or satisfied. Perhaps you might want

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Speaker 5: the experience of negotiating and that can actually be helpful

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Speaker 5: and beneficial, and yeah, you might actually get more. But

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Speaker 5: it's not a situation where it's a it's a matter

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Speaker 5: that has to be forced where you wouldn't be happy

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Speaker 5: and truly incentivized and motivated to do a very very

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Speaker 5: good job.

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Speaker 3: So go ahead, I'm frying, Mandy.

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Speaker 1: Nope, actually, Tiff, did you move locations?

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Speaker 3: No, I'm in the same space.

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Speaker 2: Okay, yeah, go ahead.

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Speaker 3: No.

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Speaker 4: I was just gonna say, well, how do you tell

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Speaker 4: my little sister just called me the other day. She

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Speaker 4: had a job interview and it was strange in that

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Speaker 4: her employer is based in London and so they were asking,

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Speaker 4: you know, they want basically heard I guess, to pay

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Speaker 4: her health insurance out of pocket, but they wanted to

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Speaker 4: include that into her income. So she was asking me like, well,

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Speaker 4: how do I know you know, health insurance as well

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Speaker 4: as her retirement package. So she was asking about how

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Speaker 4: do I negotiate that part of my salary because you know,

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Speaker 4: she's never had to do that before because usually it

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Speaker 4: comes with the company figuring out the dollar amount. So

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Speaker 4: what is something that somebody that she could I mean,

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Speaker 4: she's already since I told her to go to like

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Speaker 4: Polity Genius to see how much insurance would cost that

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Speaker 4: she was gonna be paying out of pocket, But like,

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Speaker 4: what are some tips that someone who has to figure out, Okay,

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Speaker 4: this company's not giving me health insurance or a retirement package,

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Speaker 4: how can you incorporate that into negotiating for how much

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Speaker 4: you want as far as your salary. So great question,

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Speaker 4: and it's definitely an atypical situation tip that your sister

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Speaker 4: is dealing with.

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Speaker 3: Usually it's the other way around.

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Speaker 5: Usually it's a company trying to perhaps give a lower

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Speaker 5: cash portion of the compensation, and they're trying to say,

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Speaker 5: but look at all these other benefits and perks. You know,

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Speaker 5: we're going to take care of your health insurance, We're

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Speaker 5: going to give you retirement benefits, or profit sharing or

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Speaker 5: stock options or whatever. So what you advise her to

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Speaker 5: do is actually was smart counsel, which is you need

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Speaker 5: to understand exactly how much you would have to pay

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Speaker 5: independently on your own for those types of things in general,

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Speaker 5: though regardless of which way it goes, if you have

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Speaker 5: to pay it or if the employer is covering those

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Speaker 5: things for you. One of the things that I teach people,

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Speaker 5: and you guys know that have a course now called

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Speaker 5: the Art of Negotiating for Women on Money Coach University.

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Speaker 5: I talk about out valuing other variables. And it's so

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Speaker 5: important to do this because for the most part, when

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Speaker 5: you think about your pay, it's not just about the

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Speaker 5: cash dollars that the employer is going to give to you,

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Speaker 5: you know, every two weeks or whatever. All of those

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Speaker 5: other variables, all of those other benefits, those are real

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Speaker 5: life dollars, because otherwise it would be out of pocket

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Speaker 5: costs for you. So you need to say, how much

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Speaker 5: holiday pay am I going to get? How much extra

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Speaker 5: or anticipated vacation pay will this employer be providing me?

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Speaker 5: And how much negotiating room.

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Speaker 3: Is there for that. It's always negotiable. Everything is negotiable.

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Speaker 3: Will they be.

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Speaker 5: Willing to pay off my student loans, for example, all

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Speaker 5: or a portion of.

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Speaker 3: The student loans? Will they provide me with flexible work schedules?

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Speaker 3: You know, what is that worth to me?

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Speaker 5: When I was leaving, when I was at the tail

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Speaker 5: end of my employment as a Wall Street Journal reporter

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Speaker 5: for CNBC, one of the things that I negotiated at

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Speaker 5: the end of my contract there. I had a very

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Speaker 5: nice six figure salary, but I was in the process

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Speaker 5: of writing my first book, and long story short, we

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Speaker 5: were at an impasse, and I had an agent who

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Speaker 5: was negotiating for me, a very high profile TV and

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Speaker 5: book agent, a guy named Bob Barnett. But long story short,

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Speaker 5: we were at an impass and at that point I

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Speaker 5: negotiated directly with a woman who was one of the

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Speaker 5: key people there, and in the end it kind of

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Speaker 5: all fell apart, and there was, you know, some frankly

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Speaker 5: bad faith negotiations that took place, not on the part

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Speaker 5: of CNBC management and not on you know, Wall Street

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Speaker 5: journal folks.

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Speaker 3: You know this person got fired and whole bunch of

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Speaker 3: other stuff.

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Speaker 5: As did I, you know, me and two hundred other people.

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Speaker 5: But I'm saying all that to say that what I

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Speaker 5: negotiated was when we got to an impasse and she

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Speaker 5: told me, this is as high as I can possibly go,

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Speaker 5: I said, okay, I'd be willing to accept that salary

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Speaker 5: if I get that salary and I'm able to work

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Speaker 5: four days a week instead of five days a week,

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Speaker 5: and having that flexible schedule was beneficial to me. It

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Speaker 5: basically meant I was working eighty percent of the time

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Speaker 5: instead of one hundred percent of the time, but I

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Speaker 5: still got the same level of pay, and I use

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Speaker 5: that extra Friday off each week to write my first book,

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Speaker 5: Investing Success. So you have to be able to quantify,

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Speaker 5: and you can do it through a variety of means,

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Speaker 5: but you should know, for something like that flexible work schedule,

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Speaker 5: what would it be worth to you? Only you can

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Speaker 5: answer that question. You don't need to go on a

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Speaker 5: website or to look up something on Google or whatever.

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Speaker 5: You know what that is sort of worth to you

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Speaker 5: from a quality of life standpoint or from an aspirational

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Speaker 5: standpoint if it frees you up to do something else, right.

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Speaker 1: I have a question, Lynette. So this is and you

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Speaker 1: talked about asking for a semi part time schedule, a

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Speaker 1: day off a week to work on your book. Do

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Speaker 1: you feel like that is maybe treated differently than one So,

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Speaker 1: for example, let's say a new mother may not get

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Speaker 1: very much maternity leave.

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Speaker 2: At her office.

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Speaker 1: Do you think it's looked at differently if a worker

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Speaker 1: a woman would want to take off or ask for

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Speaker 1: a part time schedule to spend time with her newborn

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Speaker 1: or with her child. And do you suggest that you know,

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Speaker 1: new moms ask for that, especially if they don't get

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Speaker 1: a very generous which many many women don't get a

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Speaker 1: very generous maternity leave schedule.

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Speaker 5: The reality is there are gender biases in the workforce.

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Speaker 5: And yes, you know, I would be less than honest

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Speaker 5: if I said that I didn't think many employers frankly

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Speaker 5: dependent upon the industry, dependent upon the.

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Speaker 3: Line of work that the woman was doing.

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Speaker 5: If I didn't say that, many employers would look kind

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Speaker 5: of a skance at that or see that in potentially

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Speaker 5: a negative light. You have to think about it in

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Speaker 5: a bigger context, however, because not everybody.

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Speaker 3: Of course, you.

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Speaker 5: Know, many of us are going to have kids, and

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Speaker 5: I've had three kids, and many people will go through

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Speaker 5: a phase where you're out of the workforce for X

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Speaker 5: amount of time. Again, I'll tell you what I negotiated

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Speaker 5: during my maternity leaving elsewhere.

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Speaker 3: It was great.

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Speaker 5: I got an office and built in my house twice,

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Speaker 5: not once, but twice when I had my two kids

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Speaker 5: when I was in corporate America.

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Speaker 3: So it actually worked out for me.

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Speaker 5: But some employers will look at what is the reason

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Speaker 5: that you're asking for a flexible schedule, For example, if

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Speaker 5: you want to do a sabbatical, if you want to

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Speaker 5: take time off to travel or do research, if you

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Speaker 5: want to go do a graduate program or take part

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Speaker 5: time for school, if you want to write a book,

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Speaker 5: if you want to do something quote unquote professional, or

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Speaker 5: something that's along the line of career or perhaps academic development,

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Speaker 5: chances are they're going to look at that in a

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Speaker 5: certain light, which is going to likely be viewed differently

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Speaker 5: than taking care of your personal needs, you know, tending

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Speaker 5: to your family, your kid, that kind of thing. Now,

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Speaker 5: you and I, we all know that a woman or

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Speaker 5: a man who is not distracted at work, who feels focused,

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Speaker 5: and who has flex time, et cetera, is probably going

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Speaker 5: to be actually a better employee, right because they're going

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Speaker 5: to be stressed about it. They're going to have more

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Speaker 5: work life balance, and they won't have the same stress

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Speaker 5: around those issues. But you know, think about a woman

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Speaker 5: who's you know, on the sort of on the career

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Speaker 5: track to become a partner in a law firm, et cetera.

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Speaker 3: Sure I can see her being you.

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Speaker 5: Know, put on quote unquote the Mammi track and not

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Speaker 5: being viewed as viable a candidate for promotion, et cetera.

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Speaker 5: If she flat out said, listen, I want to take

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Speaker 5: time off because I want to go, you know, with

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Speaker 5: my kids. I think a better strategy is to come

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Speaker 5: at an employer by explaining how a flex schedule or

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Speaker 5: a co working schedule with you and another person who

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Speaker 5: might be you know, the two of you might each

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Speaker 5: do twenty hours a week or something to that effect,

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Speaker 5: how that would benefit the employer period, end of story.

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Speaker 3: Again, my initial.

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Speaker 5: Advice is that people go to employers with the wrong

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Speaker 5: approach or with the wrong messaging. So that sounds like

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Speaker 5: a personal need to me. You know, I have a

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Speaker 5: baby and I want to spend extra quote unquote.

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Speaker 3: Time with my baby.

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Speaker 5: I took this six weeks maternity, three weeks, eight weeks,

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Speaker 5: whatever it was you took, Oh, but now I want

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Speaker 5: to spend extra quote unquote time with a baby. That's

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Speaker 5: not the right approach, because again that's arguing from a

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Speaker 5: standpoint of need or sometimes people are give them a

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Speaker 5: point of greed even and not from a position of strength.

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Speaker 5: If you can show your employer, if you can demonstrate

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Speaker 5: to them how you are going to be just as

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Speaker 5: productive during your twenty to twenty five.

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Speaker 3: Hours, or how you will be.

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Speaker 5: Still effective in your job, or how you will actually

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Speaker 5: impact their bottom line, whether that's revenues or profits, or

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Speaker 5: ability to engage with and retain clients, whether it's achieving

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Speaker 5: some cost savings or efficiencies, whether it's in the operation side, whatever,

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Speaker 5: And you can and should be able to demonstrate that.

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Speaker 5: So part of what I like to tell people about

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Speaker 5: is we've all heard this expression about oh, you know,

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Speaker 5: know your worth, you know and all of that. Well,

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Speaker 5: it's not important to just know your worth. It's important

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Speaker 5: to show your worth, to demonstrate, to literally give them

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Speaker 5: a bottom line, give them some numbers, because that's what

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Speaker 5: employers understand. They understand, Oh, she will still have x

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Speaker 5: number of customers served. She will be just as effective

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Speaker 5: on the sales or distribution or the marketing side, or

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Speaker 5: you know, her efforts will help us to curb these

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Speaker 5: legal costs, or you know that kind of thing. You

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Speaker 5: have to be able to document and show to an

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Speaker 5: employer how it is that you're still helping the bottom

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Speaker 5: line and indeed improving it.

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Speaker 3: That's great advice.

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Speaker 2: Any question.

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Speaker 4: Yeah, I was like great, I didn't want to do

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Speaker 4: the double dust. You know you're like, wait, wait, wait, wait, wait, Well, okay,

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Speaker 4: so I'm going to ask for the entrepreneur side, because

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Speaker 4: you know, I know that you've answered some great questions for.

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Speaker 3: When you have a job. So say you're an entrepreneur,

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Speaker 3: and I you know, I know I've asked you this personally.

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Speaker 3: You've guided me so well.

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Speaker 4: When you're negotiating, you know, like a speaking engagement or

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Speaker 4: a contract or, and you're not quite sure because you know,

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Speaker 4: a speaking engagement can run anywhere from you get five

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Speaker 4: hundred dollars, some people get fifty thousand dollars, And how.

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Speaker 3: Do you know you know what your cutoff is?

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Speaker 4: Like, you know, well, I'm at a point now I'm

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Speaker 4: not going to take less than this, but I probably

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Speaker 4: should not expect fifty thousand dollars.

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Speaker 3: Like, how how do you navigate?

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Speaker 4: You know, so this is someone who's not brand new

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Speaker 4: to speaking, but they're also not a super seasoned veteran.

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Speaker 4: Most people fall somewhere in the middle. How do you

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Speaker 4: start to decide, you know, like, you know, how much

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Speaker 4: is how much to expect?

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Speaker 3: And when?

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Speaker 4: Because There's been times when people have said yes so

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Speaker 4: quickly and I'm like, oh man, you know, and I

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Speaker 4: not laid exactly maybe you know, thousands of dollars more,

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Speaker 4: And I'm like, how am I supposed to know that?

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Speaker 3: You know?

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Speaker 5: So how do you figure that out? So great question, Tiffany.

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Speaker 5: I think the way that I've navigated this challenge over

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Speaker 5: the course of my career and especially the last fifteen

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Speaker 5: years as an entrepreneur, is I set my rates accordingly,

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Speaker 5: first and foremost based on the value that I bring

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Speaker 5: to an organization and what I would be happy to

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Speaker 5: be paid to get for a speaking engagement or for

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Speaker 5: other types of client work that I do.

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Speaker 3: So for me, the first question is one of value.

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Speaker 5: The second thing is around benchmarking. So yes, I mean

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Speaker 5: you do want to have competitive pricing, right, So that

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Speaker 5: means that you do have to kind of know the

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Speaker 5: going range. And as you said, somebody might be starting out,

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Speaker 5: they might be like, great, if I get five hundred

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Speaker 5: dollars one thousand dollars for a speaking gig, I'm.

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Speaker 3: Great, I'm good. I'm real happy with that.

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Speaker 5: In my case, I think a third point of reference

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Speaker 5: is instructive. It's definitely helped me, and that's to talk

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Speaker 5: about this stuff. That's to be candid and honest. So,

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Speaker 5: for example, I pride myself on pricing integrity, and that's

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Speaker 5: what I call it, in the sense that any client

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Speaker 5: who calls me up, they're gonna get the same price.

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Speaker 5: It can be Walmart or Prudential or you know, Capital

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Speaker 5: One or anybody else I'm gonna tell.

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Speaker 3: Or it can be.

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Speaker 5: Joe's autobody down the street, or it can be a

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Speaker 5: local nonprofit or a national nonprofit or a regional I'm

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Speaker 5: gonna tell them all.

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Speaker 3: The same price.

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Speaker 5: Now, do I have pricing flexibility, Yes, Will I be

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Speaker 5: willing to negotiate, absolutely, But in general, for me, I

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Speaker 5: set my prices according to the value where I think

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Speaker 5: I am in the competitive landscape, and the fact that I.

440
00:23:39,040 --> 00:23:39,840
Speaker 3: Do want to speak.

441
00:23:39,840 --> 00:23:41,600
Speaker 5: I want to be active and out there speaking, and

442
00:23:41,640 --> 00:23:45,199
Speaker 5: I like to be out there active speaking and based

443
00:23:45,240 --> 00:23:49,440
Speaker 5: on me sort of knowing kind of you know, going rates.

444
00:23:49,720 --> 00:23:55,119
Speaker 5: So I'm very upfront and telling companies and even my

445
00:23:55,240 --> 00:23:59,040
Speaker 5: peers like you guys, here's my rate. This is not

446
00:23:59,080 --> 00:24:02,440
Speaker 5: a hypothetical, this is the truth. My rate is twelve

447
00:24:02,880 --> 00:24:05,720
Speaker 5: five hundred dollars for a corporate speaking engagement.

448
00:24:06,400 --> 00:24:09,040
Speaker 3: And my clients know that they have me.

449
00:24:09,280 --> 00:24:11,160
Speaker 5: So if they want me to do a keynote address

450
00:24:11,320 --> 00:24:15,320
Speaker 5: or a workshop or seminar, I don't parachute in and out.

451
00:24:15,880 --> 00:24:18,919
Speaker 5: I try to stay and be social and sign books

452
00:24:18,960 --> 00:24:21,000
Speaker 5: and do meet and greets and you know that kind

453
00:24:21,040 --> 00:24:26,320
Speaker 5: of thing. For nonprofits, I discount my pricing by fifty percent.

454
00:24:26,840 --> 00:24:32,040
Speaker 5: So my price to nonprofits is sixty two fifty. I

455
00:24:32,240 --> 00:24:36,800
Speaker 5: priced it that way knowing that many nonprofits frankly will.

456
00:24:36,600 --> 00:24:37,680
Speaker 3: Not have the budget.

457
00:24:38,200 --> 00:24:42,880
Speaker 5: However, they will have sponsorship, a corporate backer, or I

458
00:24:42,920 --> 00:24:45,199
Speaker 5: will have a corporate sponsor that's willing to come to

459
00:24:45,280 --> 00:24:49,120
Speaker 5: the table. And I also know that there's flexibility, which

460
00:24:49,160 --> 00:24:51,240
Speaker 5: is one of the great things as an entrepreneur. You

461
00:24:51,280 --> 00:24:53,879
Speaker 5: can package certain things. So somebody might say, okay, but

462
00:24:53,920 --> 00:24:55,800
Speaker 5: if we bought books also, would you be willing to

463
00:24:56,040 --> 00:24:57,600
Speaker 5: come down a little on your speaking fees?

464
00:24:57,840 --> 00:24:59,160
Speaker 3: Yes, absolutely, I will.

465
00:24:59,480 --> 00:25:03,159
Speaker 5: If it's a local engagement, will I accept less as

466
00:25:03,200 --> 00:25:05,120
Speaker 5: opposed to me going and flying, you know, and taking

467
00:25:05,119 --> 00:25:06,840
Speaker 5: two days away, Yes I will.

468
00:25:06,880 --> 00:25:10,360
Speaker 3: So we definitely indicate flexibility in our pricing.

469
00:25:10,880 --> 00:25:13,600
Speaker 5: But I'll tell you I'll give you a case in point.

470
00:25:14,560 --> 00:25:19,720
Speaker 5: Toyota for example. So I've done some work with Toyota

471
00:25:20,200 --> 00:25:25,960
Speaker 5: and they support a number of nonprofit efforts. So I

472
00:25:26,040 --> 00:25:28,640
Speaker 5: did some work with them about a month or two

473
00:25:28,640 --> 00:25:33,520
Speaker 5: ago with a nonprofit. I said, Toyota itself was the

474
00:25:33,640 --> 00:25:35,919
Speaker 5: entity that came to me I and they said, oh,

475
00:25:35,920 --> 00:25:38,040
Speaker 5: we're sponsoring this nonprofit. And I said, I tell you what,

476
00:25:38,800 --> 00:25:41,639
Speaker 5: I know you're supporting this nonprofit. I typically charged twelve

477
00:25:41,760 --> 00:25:44,199
Speaker 5: five for corporate speaking engagements. I know you're doing this

478
00:25:44,240 --> 00:25:46,160
Speaker 5: for the nonprofit. I'm going to charge you my nonprofit

479
00:25:46,240 --> 00:25:48,800
Speaker 5: rate sixty two to fifty. They said, no problem. They

480
00:25:48,800 --> 00:25:51,520
Speaker 5: paid the sixty two to fifty. Great client, and you

481
00:25:51,520 --> 00:25:54,359
Speaker 5: know it was great. They came back to me recently

482
00:25:54,400 --> 00:25:56,440
Speaker 5: and they said, we have something else we want to

483
00:25:56,480 --> 00:26:01,440
Speaker 5: do in October, and here's the here's the event. And

484
00:26:01,720 --> 00:26:05,399
Speaker 5: at the event, it is something out of state. You know,

485
00:26:05,520 --> 00:26:08,639
Speaker 5: here's the event, and we want you to do two workshops,

486
00:26:09,160 --> 00:26:11,840
Speaker 5: and we want you to do this and that. Right,

487
00:26:11,960 --> 00:26:15,600
Speaker 5: So I said, not a problem. It is something that

488
00:26:15,600 --> 00:26:18,760
Speaker 5: they're sponsoring also for a national a major nonprofit.

489
00:26:19,560 --> 00:26:22,000
Speaker 3: I quoted them my normal. I said, I can give

490
00:26:22,040 --> 00:26:25,160
Speaker 3: you this. I can I can do.

491
00:26:25,160 --> 00:26:27,800
Speaker 5: The two workshops for this day. I'll be out of state,

492
00:26:27,840 --> 00:26:30,880
Speaker 5: and you cover the travel and all that. And they

493
00:26:30,880 --> 00:26:34,000
Speaker 5: also asked about books, because one of the presentations I'm

494
00:26:34,000 --> 00:26:36,080
Speaker 5: doing is for adults and another one is for children.

495
00:26:36,600 --> 00:26:39,800
Speaker 3: So we gave them just straight quote.

496
00:26:39,840 --> 00:26:42,600
Speaker 5: We said, here the rate is twelve five and here

497
00:26:43,200 --> 00:26:46,239
Speaker 5: for these books. Here's another price. And it was like,

498
00:26:46,320 --> 00:26:48,360
Speaker 5: I don't know, twenty five hundred dollars for books for here,

499
00:26:48,359 --> 00:26:50,560
Speaker 5: and another twenty five hundred dollars or so for books

500
00:26:50,560 --> 00:26:52,120
Speaker 5: for the for the kids books.

501
00:26:52,200 --> 00:26:56,479
Speaker 3: And they just said yes. So now was I did?

502
00:26:56,520 --> 00:26:57,960
Speaker 3: I say? Oh, darn, I should have asked some more.

503
00:26:58,080 --> 00:27:01,240
Speaker 5: No, I was extremely happy to you know, to lock

504
00:27:01,320 --> 00:27:04,600
Speaker 5: that in, and I'm very happy with that pricing. I'll

505
00:27:04,640 --> 00:27:06,879
Speaker 5: do that all day long. You know, I'll be on

506
00:27:06,880 --> 00:27:10,080
Speaker 5: the road once a week, you know. But so so

507
00:27:10,280 --> 00:27:18,359
Speaker 5: for me, I also know that companies appreciate when you

508
00:27:18,600 --> 00:27:21,919
Speaker 5: not only deliver value, but when you are sensitive to

509
00:27:21,960 --> 00:27:25,359
Speaker 5: their budget. But at the same time you're giving them

510
00:27:25,680 --> 00:27:27,960
Speaker 5: so much out you know that.

511
00:27:27,800 --> 00:27:29,679
Speaker 3: They probably wouldn't get elsewhere.

512
00:27:30,280 --> 00:27:35,679
Speaker 5: So for for me as an entrepreneur, almost all of

513
00:27:35,720 --> 00:27:38,840
Speaker 5: my clients are long term clients. They I mean, they

514
00:27:38,840 --> 00:27:43,359
Speaker 5: come back again and again and again, especially and this problem.

515
00:27:43,359 --> 00:27:49,680
Speaker 5: This may surprise you, Tiff, especially when I say no, wow, okay.

516
00:27:49,960 --> 00:27:53,920
Speaker 5: So so part of the issue for for us as entrepreneurs,

517
00:27:54,080 --> 00:27:57,240
Speaker 5: we think that in a no isn't for me.

518
00:27:57,400 --> 00:27:58,240
Speaker 3: A no might be.

519
00:28:00,400 --> 00:28:02,639
Speaker 5: It could be for a whole host of reasons. Sometimes

520
00:28:02,680 --> 00:28:04,919
Speaker 5: it could because there's a conflict of interest. I have

521
00:28:05,080 --> 00:28:08,120
Speaker 5: another client in the space or category. Sometimes it could

522
00:28:08,119 --> 00:28:10,560
Speaker 5: be it's not exactly the right fit. Sometimes I could

523
00:28:10,560 --> 00:28:13,160
Speaker 5: be a timing question. Sometimes I could be booked already

524
00:28:13,280 --> 00:28:17,159
Speaker 5: traveling obviously on occasion. We have a differensive opinion on money,

525
00:28:17,560 --> 00:28:20,080
Speaker 5: and I'm saying, you know, this is the price that

526
00:28:20,160 --> 00:28:22,640
Speaker 5: I'm looking for, and they're saying, oh, here's where we are.

527
00:28:22,880 --> 00:28:23,680
Speaker 3: And if we can't have.

528
00:28:23,600 --> 00:28:25,560
Speaker 5: A meeting of mine or some sort of you know,

529
00:28:25,640 --> 00:28:29,439
Speaker 5: in the middle, it's like, no harm, no foul. You know,

530
00:28:29,560 --> 00:28:33,440
Speaker 5: we'll get together when the time is right. And you know, honestly,

531
00:28:33,520 --> 00:28:35,760
Speaker 5: Earl and I we have a we have an internal

532
00:28:36,119 --> 00:28:39,480
Speaker 5: a saying we say pay now or pay later. Either

533
00:28:39,480 --> 00:28:42,640
Speaker 5: way you're gonna pay it, I mean, and honestly, I

534
00:28:42,680 --> 00:28:47,000
Speaker 5: almost every single client comes back, so I you.

535
00:28:46,960 --> 00:28:48,240
Speaker 3: Know, you don't burn bridges.

536
00:28:48,280 --> 00:28:50,520
Speaker 5: You don't you know, pull a Diva routine and go

537
00:28:50,600 --> 00:28:54,280
Speaker 5: off or anything like that, obviously, but it's it's you know,

538
00:28:54,320 --> 00:28:56,720
Speaker 5: sometimes it's it's not the right timing or they don't

539
00:28:56,760 --> 00:28:58,520
Speaker 5: have it in the budget. And if and if you

540
00:28:58,640 --> 00:29:02,000
Speaker 5: say I can't really see my way clear to perform

541
00:29:02,120 --> 00:29:04,719
Speaker 5: these services or to do that for ex budget, if

542
00:29:04,720 --> 00:29:07,560
Speaker 5: it's you know, beneath the number that's acceptable to you,

543
00:29:07,800 --> 00:29:09,360
Speaker 5: then I don't think you should do it. Because there's

544
00:29:09,400 --> 00:29:13,520
Speaker 5: a huge opportunity, costs, there's always opportunity costs that deal

545
00:29:13,560 --> 00:29:15,840
Speaker 5: that you say yes to, you know, for half your

546
00:29:15,920 --> 00:29:18,880
Speaker 5: rate or whatever the whatever you know rate that would

547
00:29:18,880 --> 00:29:21,040
Speaker 5: have been satisfactory to you. That's when you're gonna get

548
00:29:21,040 --> 00:29:24,360
Speaker 5: another client calling for something that same time, and you're

549
00:29:24,360 --> 00:29:26,840
Speaker 5: gonna be like, oh darn, you know, and obviously you

550
00:29:26,880 --> 00:29:29,040
Speaker 5: never want to break an engagement if you you know,

551
00:29:29,360 --> 00:29:31,640
Speaker 5: kind of sign on the diet line there. So, I

552
00:29:31,680 --> 00:29:33,600
Speaker 5: don't know, I hope that helps somewhat though, to think

553
00:29:33,600 --> 00:29:40,200
Speaker 5: about those for who are entrepreneurs, who are are are

554
00:29:40,240 --> 00:29:43,479
Speaker 5: looking at, you know, ways to negotiate. Again, I always

555
00:29:43,520 --> 00:29:46,560
Speaker 5: negotiate from a position of strength, and I I and

556
00:29:46,600 --> 00:29:48,560
Speaker 5: it's not a take it or leave its style. It's

557
00:29:48,600 --> 00:29:50,400
Speaker 5: not that that's not what I mean by a position

558
00:29:50,440 --> 00:29:54,520
Speaker 5: of strength. I mean with a documented, proven track record.

559
00:29:54,560 --> 00:29:56,720
Speaker 3: Okay, I mean by showing.

560
00:29:56,400 --> 00:29:59,840
Speaker 5: My clients here, this is what you can expect if

561
00:29:59,880 --> 00:30:03,280
Speaker 5: you work with me. So you know, we we have

562
00:30:03,400 --> 00:30:06,520
Speaker 5: everything from case studies literally that we show and they're like,

563
00:30:06,640 --> 00:30:09,600
Speaker 5: oh wow, you know, so they're like you can do

564
00:30:09,680 --> 00:30:13,440
Speaker 5: this with us, yes, So it's almost like prepackaged for

565
00:30:13,520 --> 00:30:18,600
Speaker 5: them to give them a heightened sense of security and

566
00:30:18,960 --> 00:30:22,040
Speaker 5: a knowledge around what to expect because I really I

567
00:30:22,160 --> 00:30:25,840
Speaker 5: like to manage expectations properly, and then I like to

568
00:30:25,880 --> 00:30:29,640
Speaker 5: exceed those expectations. So that's whether I'm doing a speaking

569
00:30:29,640 --> 00:30:34,000
Speaker 5: engagement or spokesperson work, or I'm writing content or doing

570
00:30:34,000 --> 00:30:35,479
Speaker 5: some videos for somebody or whatever.

571
00:30:38,720 --> 00:30:40,920
Speaker 4: Now thank you for that, because honestly, it provides a lot.

572
00:30:41,080 --> 00:30:42,960
Speaker 4: You always provide me with a lot of clarity when

573
00:30:42,960 --> 00:30:45,680
Speaker 4: it comes to You know what to ask for and

574
00:30:45,960 --> 00:30:47,640
Speaker 4: you know what I deserve.

575
00:30:47,680 --> 00:30:49,240
Speaker 3: It's hard sometimes because you don't even know.

576
00:30:49,320 --> 00:30:51,760
Speaker 4: Sometimes I don't even know what I deserve, you know,

577
00:30:52,000 --> 00:30:55,360
Speaker 4: And sometimes I feel like I overshoot, and then sometimes

578
00:30:55,400 --> 00:30:56,240
Speaker 4: I know I undershoot.

579
00:30:56,240 --> 00:30:57,400
Speaker 3: You're like where do I land?

580
00:30:57,560 --> 00:31:00,000
Speaker 4: And it'll be crazy because you know, someone will come

581
00:31:00,080 --> 00:31:02,920
Speaker 4: to me one day and they have got five hundred

582
00:31:02,920 --> 00:31:04,840
Speaker 4: dollars honorarium, and I'm like what, And then the next

583
00:31:04,880 --> 00:31:06,680
Speaker 4: day a client will say, I have ten thousand dollars

584
00:31:06,680 --> 00:31:06,920
Speaker 4: for you.

585
00:31:07,240 --> 00:31:07,640
Speaker 3: So it's this.

586
00:31:07,760 --> 00:31:10,880
Speaker 4: Weird You're like, why am I still getting offers of

587
00:31:10,960 --> 00:31:12,280
Speaker 4: five hundred and not?

588
00:31:12,360 --> 00:31:12,440
Speaker 3: That?

589
00:31:12,520 --> 00:31:15,000
Speaker 4: Say ten thousand happens often, but when it does, You're like,

590
00:31:15,400 --> 00:31:17,600
Speaker 4: it's this where I should be now. So it's definitely

591
00:31:17,840 --> 00:31:20,440
Speaker 4: for entrepreneurs it's definitely not an easy road.

592
00:31:20,880 --> 00:31:22,880
Speaker 5: Can I tell you one other thing, Tiffany, And I

593
00:31:24,160 --> 00:31:26,719
Speaker 5: kid you not. You know, I give everybody the same advice,

594
00:31:26,800 --> 00:31:28,480
Speaker 5: and you know, people take it for what it's worth,

595
00:31:28,560 --> 00:31:32,640
Speaker 5: or use it and don't use it. Whichever I can

596
00:31:32,680 --> 00:31:36,560
Speaker 5: tell you beyond the shadow of a doubt. It's almost

597
00:31:36,600 --> 00:31:40,400
Speaker 5: like consider it, like consider this my boyfriend rule. Okay, okay,

598
00:31:41,560 --> 00:31:44,880
Speaker 5: how you allow yourself to be treated, it's exactly how

599
00:31:44,880 --> 00:31:45,600
Speaker 5: you'll get treated.

600
00:31:45,880 --> 00:31:46,160
Speaker 3: Okay.

601
00:31:46,440 --> 00:31:50,440
Speaker 5: So if you with corporate clients, if you sort of

602
00:31:50,680 --> 00:31:53,600
Speaker 5: say this is my price, this is my expectation, and

603
00:31:53,840 --> 00:31:56,720
Speaker 5: you kind of stand firm on your pricing, not to

604
00:31:56,720 --> 00:31:59,640
Speaker 5: say that you won't ever be flexible on your pricing,

605
00:32:00,000 --> 00:32:02,240
Speaker 5: but if you know for sure I'm not just I'm

606
00:32:02,320 --> 00:32:04,600
Speaker 5: just not doing no five hundred dollars speaking gigs. And

607
00:32:04,640 --> 00:32:07,600
Speaker 5: for me, I know I'm not I'm not gonna do

608
00:32:07,680 --> 00:32:09,560
Speaker 5: no five hundred dollars speaking gigs. I can say that

609
00:32:09,680 --> 00:32:12,840
Speaker 5: unequivocally it's gonna take a couple thousand dollars to get

610
00:32:12,840 --> 00:32:13,360
Speaker 5: me out the door.

611
00:32:13,480 --> 00:32:13,800
Speaker 3: Period.

612
00:32:14,360 --> 00:32:18,040
Speaker 5: However, I what but what I will do is I

613
00:32:18,120 --> 00:32:24,000
Speaker 5: will try to over deliver or be flexible for for

614
00:32:24,000 --> 00:32:27,920
Speaker 5: for some things, especially if I say, huh, I see

615
00:32:27,920 --> 00:32:34,880
Speaker 5: some great opportunity here. I see some uh potential upsells

616
00:32:35,000 --> 00:32:37,400
Speaker 5: or some some some you know, some other ways to

617
00:32:37,400 --> 00:32:40,840
Speaker 5: to kind of make this work. I had a nonprofit

618
00:32:40,880 --> 00:32:43,479
Speaker 5: client for for discretion, for the for the client I'm

619
00:32:43,520 --> 00:32:46,640
Speaker 5: not I won't reveal who the client is, but for

620
00:32:46,640 --> 00:32:50,560
Speaker 5: for this purpose, but a nonprofit client. Recently, I went

621
00:32:50,600 --> 00:32:53,160
Speaker 5: to New York, which is you know, forty minute drive.

622
00:32:53,240 --> 00:32:56,080
Speaker 5: I just you know, left my house in New Jersey

623
00:32:56,080 --> 00:33:01,880
Speaker 5: to New York. It was it's a nonprofit I I

624
00:33:01,960 --> 00:33:06,440
Speaker 5: was paid four thousand dollars to do basically an employee

625
00:33:06,520 --> 00:33:14,200
Speaker 5: event and great organization and they've already said okay, when

626
00:33:14,200 --> 00:33:18,600
Speaker 5: can we have you back, you know, And because it's

627
00:33:19,200 --> 00:33:23,720
Speaker 5: a national organization and they have interest in other things

628
00:33:24,120 --> 00:33:28,640
Speaker 5: digital financial education for their employees, I saw a bigger

629
00:33:28,720 --> 00:33:31,920
Speaker 5: opportunity there. So again, sometimes you get you know, you

630
00:33:32,000 --> 00:33:34,240
Speaker 5: might be a little more flexible to think about you

631
00:33:34,680 --> 00:33:39,160
Speaker 5: do want to think about long term, so that that

632
00:33:39,240 --> 00:33:42,680
Speaker 5: matters a lot too, I think. But for the most part,

633
00:33:42,720 --> 00:33:45,240
Speaker 5: if you just have sort of a rate sheet, or

634
00:33:45,240 --> 00:33:47,720
Speaker 5: if you have a set price and you say here,

635
00:33:47,800 --> 00:33:52,120
Speaker 5: here's the price, you know what happens is the people

636
00:33:52,120 --> 00:33:56,680
Speaker 5: who can't, who can't play in your sphere, who aren't

637
00:33:56,720 --> 00:33:58,880
Speaker 5: ready and who don't have the budget, they go away

638
00:33:59,360 --> 00:34:02,280
Speaker 5: and believe it or not, word gets around, and that's

639
00:34:02,320 --> 00:34:02,880
Speaker 5: a good thing.

640
00:34:03,000 --> 00:34:05,440
Speaker 3: That's you want word to get around.

641
00:34:06,440 --> 00:34:12,320
Speaker 5: So in the African American community, in the nonprofit space,

642
00:34:12,440 --> 00:34:17,520
Speaker 5: in the college market, in the government market, in different arenas,

643
00:34:17,560 --> 00:34:19,560
Speaker 5: and some women owned.

644
00:34:20,760 --> 00:34:24,360
Speaker 3: Sort of spaces for a time.

645
00:34:24,719 --> 00:34:28,399
Speaker 5: You know, some people were like, oh, you know, don't

646
00:34:28,440 --> 00:34:30,239
Speaker 5: reach out to Lynette because you know she might be

647
00:34:30,320 --> 00:34:34,320
Speaker 5: ex price. And it's not that I'm going to say no,

648
00:34:34,920 --> 00:34:37,759
Speaker 5: Like no, I'm you know, oh you're beneath me.

649
00:34:37,800 --> 00:34:39,880
Speaker 3: I can't come on and do something with you. Absolutely not.

650
00:34:41,320 --> 00:34:42,200
Speaker 3: It's the opposite.

651
00:34:42,280 --> 00:34:46,160
Speaker 5: It's me saying, let's make this a bang up you know,

652
00:34:47,920 --> 00:34:52,520
Speaker 5: presentation and event for your constituents, your employees, your customers,

653
00:34:52,560 --> 00:34:56,480
Speaker 5: your prospects, whatever, right, and here are my idea is

654
00:34:56,560 --> 00:34:57,799
Speaker 5: this is what I can bring to the table, and

655
00:34:57,840 --> 00:34:59,000
Speaker 5: here's the price for that.

656
00:34:59,400 --> 00:35:02,640
Speaker 3: This is what this is going to get you. Sometimes

657
00:35:02,680 --> 00:35:04,279
Speaker 3: they are like, great, let's do it. You know.

658
00:35:04,520 --> 00:35:07,600
Speaker 5: Sometimes they say, oh, this is what our budget can accommodate,

659
00:35:07,640 --> 00:35:09,600
Speaker 5: and we negotiate a little bit and it you know,

660
00:35:09,719 --> 00:35:12,680
Speaker 5: works out. Other times it's like Nope, we just don't

661
00:35:12,680 --> 00:35:15,640
Speaker 5: have that at all. And if it's if it's a

662
00:35:15,680 --> 00:35:17,960
Speaker 5: platform or an organization that we think, huh, we could

663
00:35:17,960 --> 00:35:20,640
Speaker 5: have developed something here. I may go to one of

664
00:35:20,680 --> 00:35:25,359
Speaker 5: my corporate partners or to another third party to try

665
00:35:25,400 --> 00:35:27,040
Speaker 5: to make a three way deal happen.

666
00:35:27,840 --> 00:35:29,120
Speaker 3: And those are also.

667
00:35:30,719 --> 00:35:35,279
Speaker 5: Lucrative and creative opportunities. So it doesn't have to be

668
00:35:35,320 --> 00:35:37,480
Speaker 5: a know, a hard no. I always say that a

669
00:35:37,560 --> 00:35:41,000
Speaker 5: no is sort of just not yet, especially when when

670
00:35:41,000 --> 00:35:47,320
Speaker 5: you're negotiating, but you know, kind of setting a benchmark

671
00:35:47,400 --> 00:35:49,960
Speaker 5: or like just an absolute minimum, like really, I'm not

672
00:35:50,000 --> 00:35:51,880
Speaker 5: coming out the door for this, I'm just gonna you know,

673
00:35:52,320 --> 00:35:55,080
Speaker 5: and just knowing at least internally what that number is

674
00:35:55,120 --> 00:35:58,000
Speaker 5: for you, it really is important because you can just

675
00:35:58,080 --> 00:36:00,319
Speaker 5: put all the other stuff. You can just like let

676
00:36:00,320 --> 00:36:05,319
Speaker 5: that stuff go away or redirected or help educate your

677
00:36:05,320 --> 00:36:09,160
Speaker 5: clients too, to say, you know, here's where my pricing

678
00:36:09,320 --> 00:36:13,239
Speaker 5: is X, because I feel like, like I know in

679
00:36:13,280 --> 00:36:17,040
Speaker 5: the industry for personal finance experts, what I do, like

680
00:36:17,200 --> 00:36:19,440
Speaker 5: I know that say, a Gene Schatsky is going to

681
00:36:19,520 --> 00:36:21,840
Speaker 5: charge more than me. I know, as Susie Orman definitely

682
00:36:21,920 --> 00:36:24,440
Speaker 5: is going to charge more than me. So but then

683
00:36:24,480 --> 00:36:26,439
Speaker 5: I know that my pricing is going to be more

684
00:36:26,480 --> 00:36:29,719
Speaker 5: than many many, many other people who aren't at you know,

685
00:36:29,960 --> 00:36:35,560
Speaker 5: at their level, right. But for me, twelve five is

686
00:36:35,560 --> 00:36:39,200
Speaker 5: perfectly comfortable. I'm just you know, it's I don't feel

687
00:36:39,200 --> 00:36:41,600
Speaker 5: that it's overpriced or underpriced.

688
00:36:41,640 --> 00:36:44,279
Speaker 3: I feel that it's it's right about right for me.

689
00:36:44,800 --> 00:36:46,440
Speaker 1: I think that is such a great piece of advice

690
00:36:46,480 --> 00:36:50,200
Speaker 1: for anyone, whether you're an entrepreneur or negotiating a salary

691
00:36:50,200 --> 00:36:53,880
Speaker 1: in the corporate world, because I have certainly felt like

692
00:36:54,160 --> 00:36:56,480
Speaker 1: people walk into a negotiation and have no idea what

693
00:36:56,560 --> 00:36:58,480
Speaker 1: even to ask for. They just feel like, I got

694
00:36:58,520 --> 00:37:00,759
Speaker 1: to negotiate and I want a lot of but I

695
00:37:00,760 --> 00:37:03,360
Speaker 1: don't know what the number is. And if you have to,

696
00:37:03,400 --> 00:37:05,319
Speaker 1: I mean, it's as simple as like what does it

697
00:37:05,320 --> 00:37:08,000
Speaker 1: cost you to live? And what will it cost you

698
00:37:08,040 --> 00:37:11,440
Speaker 1: to be you know, happy? And I think you should

699
00:37:11,480 --> 00:37:14,080
Speaker 1: have that number in mind when you go in, and

700
00:37:14,120 --> 00:37:16,040
Speaker 1: then either way, when you you know, you walk out,

701
00:37:16,080 --> 00:37:18,080
Speaker 1: you at least know that you went and educated and

702
00:37:18,120 --> 00:37:20,719
Speaker 1: you went in having a number and knowing what you want,

703
00:37:20,800 --> 00:37:23,239
Speaker 1: and you know when to be happy and when not

704
00:37:23,280 --> 00:37:23,800
Speaker 1: to be happy.

705
00:37:23,840 --> 00:37:28,160
Speaker 5: With an offer, and honestly, when it comes to negotiating again,

706
00:37:28,280 --> 00:37:31,240
Speaker 5: one of my other principal lessons is bring your a game.

707
00:37:31,960 --> 00:37:34,759
Speaker 5: You absolutely cannot bring your a game. You can't be

708
00:37:34,920 --> 00:37:37,560
Speaker 5: your best. You aren't being your best if you don't

709
00:37:37,600 --> 00:37:41,520
Speaker 5: have a number in mind when you're going to an employer,

710
00:37:42,320 --> 00:37:46,359
Speaker 5: because frankly, it's telling me that you've been lazy, you've

711
00:37:46,440 --> 00:37:50,640
Speaker 5: lacked discipline, or you've lacked initiative because you haven't done

712
00:37:50,680 --> 00:37:53,240
Speaker 5: the bear basics in terms of research.

713
00:37:53,360 --> 00:37:55,920
Speaker 3: There is absolutely no reason, with.

714
00:37:56,080 --> 00:38:00,160
Speaker 5: All of the information and knowledge that's at our fingertips today,

715
00:38:00,440 --> 00:38:03,120
Speaker 5: for you to go into a negotiation and say, well,

716
00:38:03,160 --> 00:38:05,960
Speaker 5: I don't even know like how much is this job paying,

717
00:38:06,080 --> 00:38:08,879
Speaker 5: or you know, what's the person who's already in the job,

718
00:38:08,960 --> 00:38:10,759
Speaker 5: or the predecessor in this position, how much did they

719
00:38:10,800 --> 00:38:13,080
Speaker 5: get paid? Or others in the industry, what do they

720
00:38:13,160 --> 00:38:16,600
Speaker 5: get paid. There's just way too many sources of information

721
00:38:16,920 --> 00:38:18,279
Speaker 5: for you to get that.

722
00:38:18,680 --> 00:38:19,600
Speaker 3: You know that data.

723
00:38:19,680 --> 00:38:21,960
Speaker 5: You can go to glassdoor, you can go to salary

724
00:38:22,000 --> 00:38:25,920
Speaker 5: dot com obviously, indeed, you can use payscale and you

725
00:38:25,960 --> 00:38:30,920
Speaker 5: can find out even the government, the Bureau of Labor Statistics. Okay,

726
00:38:31,000 --> 00:38:35,680
Speaker 5: you can find out based on all kinds of information

727
00:38:36,160 --> 00:38:39,799
Speaker 5: literally down to a specific company, what pay scales are

728
00:38:39,800 --> 00:38:44,440
Speaker 5: in a company, based on title and industry, based on

729
00:38:44,520 --> 00:38:50,120
Speaker 5: years of experience, you can always find out about a

730
00:38:50,160 --> 00:38:53,640
Speaker 5: given range for salary for a specific position.

731
00:38:53,760 --> 00:38:56,640
Speaker 3: And you really should go into the door of a negotiation.

732
00:38:56,719 --> 00:38:59,280
Speaker 5: Whether you're trying to get hired or even get promoted

733
00:38:59,320 --> 00:39:01,879
Speaker 5: on a job, you should absolutely.

734
00:39:01,320 --> 00:39:02,000
Speaker 3: Know that information.

735
00:39:02,080 --> 00:39:04,120
Speaker 5: If you don't, it's telling me you haven't brought your

736
00:39:04,120 --> 00:39:07,560
Speaker 5: a game, you haven't done enough homework yet. Even just

737
00:39:07,600 --> 00:39:11,799
Speaker 5: talking to you know, HR managers, employees, and other colleagues,

738
00:39:12,080 --> 00:39:14,479
Speaker 5: even if not at that specific company, but at other

739
00:39:15,160 --> 00:39:18,799
Speaker 5: competitors who are in the same job and getting a

740
00:39:18,840 --> 00:39:22,239
Speaker 5: feel for salary, you can and should do that.

741
00:39:31,680 --> 00:39:34,520
Speaker 1: Okay, guys, So as you know you can anytime you

742
00:39:34,560 --> 00:39:37,560
Speaker 1: want ask us all of your money and career questions.

743
00:39:37,600 --> 00:39:40,239
Speaker 1: And thank you to those who've been emailing us. If

744
00:39:40,239 --> 00:39:41,719
Speaker 1: you want to share a question with us or you

745
00:39:41,719 --> 00:39:45,279
Speaker 1: have a question, head to Browdambis podcast dot com and

746
00:39:45,320 --> 00:39:48,520
Speaker 1: click on the ask us Anything tab, or you can

747
00:39:48,560 --> 00:39:51,200
Speaker 1: go directly to the source and email us at Brandambission

748
00:39:51,239 --> 00:39:55,360
Speaker 1: Podcast at gmail dot com. So today we have a

749
00:39:55,440 --> 00:39:58,000
Speaker 1: question specifically for our illustrious guests.

750
00:39:58,200 --> 00:39:58,399
Speaker 3: Ms.

751
00:39:58,440 --> 00:39:59,640
Speaker 1: Lynette Lenette, youre still there.

752
00:40:00,120 --> 00:40:01,719
Speaker 3: I am, indeed you're ready, okay.

753
00:40:01,760 --> 00:40:04,759
Speaker 1: Because this one is exactly right up your alley. So,

754
00:40:04,800 --> 00:40:09,040
Speaker 1: as we know, it's a graduation season is still underway.

755
00:40:09,080 --> 00:40:11,200
Speaker 1: I feel like in a lot of the country people

756
00:40:11,239 --> 00:40:14,120
Speaker 1: are graduating and going to college, and a lot of

757
00:40:14,160 --> 00:40:16,160
Speaker 1: parents are like, oh my god.

758
00:40:16,000 --> 00:40:17,040
Speaker 2: What do I do?

759
00:40:17,960 --> 00:40:21,920
Speaker 1: College costs have never been higher. There's not much you

760
00:40:21,960 --> 00:40:26,239
Speaker 1: can do, you know, honestly, if let me start this over,

761
00:40:26,239 --> 00:40:27,960
Speaker 1: because this question I forgot is about a mom of

762
00:40:28,000 --> 00:40:28,600
Speaker 1: a one year old.

763
00:40:31,760 --> 00:40:32,240
Speaker 3: That's okay.

764
00:40:32,400 --> 00:40:34,200
Speaker 2: I was like about to say, there's.

765
00:40:34,200 --> 00:40:36,840
Speaker 3: Well, there's not much you could do if your teen

766
00:40:37,000 --> 00:40:37,920
Speaker 3: is like seventeen.

767
00:40:38,320 --> 00:40:40,240
Speaker 1: But I was thinking, I'm sure Leannae has some tips

768
00:40:40,239 --> 00:40:44,799
Speaker 1: for them. I know, I'm not trying to undercut your

769
00:40:44,840 --> 00:40:48,440
Speaker 1: abilities here. Let me start over. So, as you know,

770
00:40:48,520 --> 00:40:51,520
Speaker 1: it is college graduation season, and there's a lot of

771
00:40:51,560 --> 00:40:54,440
Speaker 1: new parents out there who have young kids and are

772
00:40:54,480 --> 00:40:57,240
Speaker 1: worried and stressed out looking at the cost of college

773
00:40:57,280 --> 00:41:00,880
Speaker 1: going higher and higher every year. And so today's question

774
00:41:01,000 --> 00:41:03,399
Speaker 1: is right up, Miss lynettees Ali. You have how many

775
00:41:03,400 --> 00:41:06,240
Speaker 1: books on higher education costs?

776
00:41:07,280 --> 00:41:07,720
Speaker 3: Three?

777
00:41:07,920 --> 00:41:08,160
Speaker 2: Three?

778
00:41:08,800 --> 00:41:09,720
Speaker 3: Actually four?

779
00:41:09,960 --> 00:41:12,880
Speaker 5: Sort of because another one was like a spinofful little

780
00:41:13,000 --> 00:41:16,840
Speaker 5: thin book, but college secrets, college Secrets for teens and

781
00:41:16,960 --> 00:41:19,160
Speaker 5: zero Debt for college grads. And then I have a

782
00:41:19,360 --> 00:41:22,880
Speaker 5: spin off called free pre College Programs.

783
00:41:23,000 --> 00:41:26,239
Speaker 1: So, and by the way, your daughter, you you have

784
00:41:26,280 --> 00:41:29,720
Speaker 1: two kids now in college, and your first your daughter

785
00:41:29,800 --> 00:41:32,120
Speaker 1: went to school with how much like two hundred thousand

786
00:41:32,239 --> 00:41:34,759
Speaker 1: or plus in scholarships or was it even more than that?

787
00:41:35,680 --> 00:41:37,040
Speaker 3: So how much time do we have?

788
00:41:38,000 --> 00:41:41,600
Speaker 1: Okay, a lot, a lot of money, you guys a

789
00:41:41,680 --> 00:41:44,040
Speaker 1: chance what she's talking about. So let's get to this.

790
00:41:44,200 --> 00:41:46,480
Speaker 1: Let's get to this question. Actually I can share my

791
00:41:46,520 --> 00:41:50,000
Speaker 1: interview I did with Lynette at Yahoo. Oh good, was

792
00:41:50,040 --> 00:41:50,920
Speaker 1: it one or two years ago?

793
00:41:50,960 --> 00:41:51,600
Speaker 2: I can't remember.

794
00:41:52,280 --> 00:41:55,520
Speaker 5: I really want to tell your audience though, about that

795
00:41:55,600 --> 00:41:58,239
Speaker 5: whole thing. And just so let me answer your question,

796
00:41:58,280 --> 00:41:59,759
Speaker 5: and then if we have time, you let me know

797
00:42:00,000 --> 00:42:02,120
Speaker 5: and then I'll share some because I actually have learned

798
00:42:02,280 --> 00:42:04,680
Speaker 5: more since in the two years that my daughter's been

799
00:42:04,719 --> 00:42:05,040
Speaker 5: in college.

800
00:42:05,080 --> 00:42:06,400
Speaker 3: So go ahead ask your question.

801
00:42:06,880 --> 00:42:08,719
Speaker 1: Awesome, this shouldn't take too long. But this is a

802
00:42:08,800 --> 00:42:10,960
Speaker 1: question I feel like we'll strike a cour with a

803
00:42:11,000 --> 00:42:13,280
Speaker 1: lot of young parents out there. It's from listener Megan.

804
00:42:13,719 --> 00:42:15,600
Speaker 1: She says, I'm a single mom of a one year

805
00:42:15,640 --> 00:42:17,800
Speaker 1: old and I'm trying to get financially literate so I

806
00:42:17,840 --> 00:42:20,920
Speaker 1: can provide for her and prepare for retirement. One of

807
00:42:20,960 --> 00:42:24,759
Speaker 1: my greatest concerns is saving for her college education. Can

808
00:42:24,800 --> 00:42:28,120
Speaker 1: you discuss ways to start early in saving for college.

809
00:42:28,640 --> 00:42:32,759
Speaker 1: I've heard of five two nine college planning investments, and

810
00:42:32,800 --> 00:42:35,399
Speaker 1: I'm not sure whether it's worth it. I haven't met

811
00:42:35,400 --> 00:42:37,400
Speaker 1: anyone who's done it or is doing it and has

812
00:42:37,440 --> 00:42:40,319
Speaker 1: found it worth it. I'd greatly appreciate any insight you

813
00:42:40,400 --> 00:42:41,680
Speaker 1: can shed on this topic.

814
00:42:43,160 --> 00:42:46,560
Speaker 5: Okay, so first of all, hello, she's met me now,

815
00:42:47,480 --> 00:42:51,680
Speaker 5: because I've done it five twenty nine plans for all

816
00:42:51,800 --> 00:42:55,440
Speaker 5: three of my kids and they work.

817
00:42:55,719 --> 00:42:58,520
Speaker 3: They're a fabulous way to save for college.

818
00:42:59,000 --> 00:43:01,400
Speaker 5: And the gist of it is that a five to

819
00:43:01,480 --> 00:43:05,920
Speaker 5: twenty nine plan is a state sponsored college savings plan.

820
00:43:06,520 --> 00:43:09,600
Speaker 5: It is something that is portable, meaning your kid can

821
00:43:09,719 --> 00:43:14,399
Speaker 5: use it across you know, any accredited UH school, any

822
00:43:14,480 --> 00:43:20,560
Speaker 5: higher education institution in the country. It's transferable. So let's say,

823
00:43:20,719 --> 00:43:23,799
Speaker 5: you know, this listener only has a one year old

824
00:43:23,880 --> 00:43:26,600
Speaker 5: right now, but let's say her one year old grows

825
00:43:26,640 --> 00:43:28,080
Speaker 5: up and says, ah ma, I change my mind, I

826
00:43:28,120 --> 00:43:30,839
Speaker 5: don't want to go to college then, but she had

827
00:43:30,880 --> 00:43:34,520
Speaker 5: another baby down the road. If she had funds in

828
00:43:34,600 --> 00:43:38,920
Speaker 5: the first child's name for the benefit of that child,

829
00:43:39,440 --> 00:43:42,200
Speaker 5: then the money could be transferred to the other child.

830
00:43:42,640 --> 00:43:45,799
Speaker 5: The parent herself could even use the funds in a

831
00:43:45,800 --> 00:43:47,560
Speaker 5: five to twenty nine plan and go back to school

832
00:43:47,600 --> 00:43:52,960
Speaker 5: and use it for higher education expenses. And it's actually

833
00:43:53,920 --> 00:43:57,040
Speaker 5: advantageous in the financial aid process.

834
00:43:57,840 --> 00:44:00,040
Speaker 3: So because a five twenty.

835
00:44:00,080 --> 00:44:04,880
Speaker 5: Nine plan is for the benefit of the student, the

836
00:44:05,000 --> 00:44:09,200
Speaker 5: money is still retained from a financial aid standpoint, in

837
00:44:09,280 --> 00:44:13,000
Speaker 5: the donor's name. In other words, it's considered an asset

838
00:44:13,520 --> 00:44:17,440
Speaker 5: of the parent. It's not considered a child's asset. So

839
00:44:18,200 --> 00:44:22,400
Speaker 5: that's actually helpful when it comes time to getting financial

840
00:44:22,440 --> 00:44:27,239
Speaker 5: aid and free money for college because schools and the

841
00:44:27,280 --> 00:44:30,000
Speaker 5: way the whole FAFSA system works, the facts of being

842
00:44:30,040 --> 00:44:33,520
Speaker 5: the free application for federal student aid. Once you fill

843
00:44:33,560 --> 00:44:37,879
Speaker 5: that out, they determine what's your EFC or your expected

844
00:44:38,120 --> 00:44:43,880
Speaker 5: family contribution, and in a nutshell, any assets in the

845
00:44:43,920 --> 00:44:49,160
Speaker 5: student's name, the student is expected to contribute roughly twenty

846
00:44:49,239 --> 00:44:52,719
Speaker 5: percent of that of those assets. So let's say there

847
00:44:52,840 --> 00:44:55,640
Speaker 5: was just to use a round number one thousand dollars

848
00:44:55,880 --> 00:45:00,440
Speaker 5: in a five to twenty nine plan that's considered that's

849
00:45:00,440 --> 00:45:04,480
Speaker 5: in the parent's name, and only five percent of that

850
00:45:05,160 --> 00:45:09,759
Speaker 5: is expected to be contributed overall when they're looking at

851
00:45:09,800 --> 00:45:13,920
Speaker 5: the parents' assets and their totality. So if the student had,

852
00:45:13,960 --> 00:45:16,040
Speaker 5: say one thousand dollars and here's or her name just

853
00:45:16,040 --> 00:45:18,560
Speaker 5: in a checking account or in a savings account, two

854
00:45:18,719 --> 00:45:23,120
Speaker 5: hundred dollars out of that would be deemed necessary to

855
00:45:23,160 --> 00:45:26,799
Speaker 5: be turned over as part of the expected family contribution. So,

856
00:45:27,880 --> 00:45:31,279
Speaker 5: long story short, five twenty nine plans are great. They

857
00:45:31,400 --> 00:45:35,920
Speaker 5: work very well, especially if you have a young child

858
00:45:36,000 --> 00:45:39,000
Speaker 5: and you're gearing up to start saving. You can save

859
00:45:39,080 --> 00:45:41,560
Speaker 5: a little bit at a time, and it really can

860
00:45:41,880 --> 00:45:47,719
Speaker 5: grow over time. There's a website that's very helpful as well.

861
00:45:47,800 --> 00:45:52,720
Speaker 5: It's called Saving for College dot com. Saving for College

862
00:45:52,719 --> 00:45:54,680
Speaker 5: dot Com. It's run by a guy named Joe Hurley,

863
00:45:55,120 --> 00:45:59,440
Speaker 5: one of the premiere five twenty nine experts in the country.

864
00:46:00,000 --> 00:46:01,480
Speaker 5: It'll teach you everything you want to know about five

865
00:46:01,520 --> 00:46:03,480
Speaker 5: twenty nine plans, and you can get them in any

866
00:46:03,520 --> 00:46:06,000
Speaker 5: state and some of them. Some states even offer tax

867
00:46:06,080 --> 00:46:08,799
Speaker 5: advantages for opening a five to twenty nine plan.

868
00:46:09,239 --> 00:46:11,200
Speaker 1: So when you had your three plans for your kids

869
00:46:11,239 --> 00:46:13,239
Speaker 1: did you have did they each have their own or

870
00:46:13,280 --> 00:46:15,239
Speaker 1: did you just open one and then you sort of

871
00:46:15,280 --> 00:46:16,480
Speaker 1: like let the waterfall over.

872
00:46:17,480 --> 00:46:19,520
Speaker 2: After each kid went to school.

873
00:46:19,280 --> 00:46:22,239
Speaker 5: They each have their own five twenty nine plan, And

874
00:46:22,320 --> 00:46:25,960
Speaker 5: you do have to designate who the plan, who's the

875
00:46:25,960 --> 00:46:29,359
Speaker 5: beneficiary in effect, who who the account is.

876
00:46:29,280 --> 00:46:30,319
Speaker 3: For the benefit of.

877
00:46:32,080 --> 00:46:35,520
Speaker 5: For in my case, for example, my kids had a

878
00:46:35,560 --> 00:46:39,359
Speaker 5: New York plan, and it's not the case. I've never

879
00:46:39,560 --> 00:46:41,719
Speaker 5: lived in New York. I'm not a resident of New

880
00:46:41,840 --> 00:46:44,399
Speaker 5: York at the time. We just picked the New York

881
00:46:44,400 --> 00:46:47,239
Speaker 5: plan based on a host of factors that we saw

882
00:46:47,360 --> 00:46:52,520
Speaker 5: at the time. But you don't have to live in

883
00:46:52,560 --> 00:46:55,839
Speaker 5: a specific state like you can get the Utah plan

884
00:46:55,920 --> 00:47:00,279
Speaker 5: or the Minnesota plan or the Florida plan. Each state

885
00:47:00,400 --> 00:47:04,400
Speaker 5: plan is managed by a fund manager, typically a company

886
00:47:05,160 --> 00:47:07,920
Speaker 5: that sort of oversees the assets and the investment process

887
00:47:07,920 --> 00:47:11,319
Speaker 5: and directs how the moneies that are put into a

888
00:47:11,360 --> 00:47:14,680
Speaker 5: five twenty nine plan how they're directed. But you do

889
00:47:14,760 --> 00:47:18,120
Speaker 5: have choice and flexibility about that about which plan you

890
00:47:18,160 --> 00:47:20,680
Speaker 5: can go with. And that's why I reference that site

891
00:47:20,960 --> 00:47:23,520
Speaker 5: Saving for College because they actually show you they give

892
00:47:23,520 --> 00:47:26,600
Speaker 5: you performance rankings for different states and whatnot.

893
00:47:28,000 --> 00:47:30,520
Speaker 1: Okay, So I do want to get into your story

894
00:47:30,520 --> 00:47:33,120
Speaker 1: because it's so extraordinary and I'm excited to hear that

895
00:47:33,160 --> 00:47:34,920
Speaker 1: you know even more about it than you did two

896
00:47:35,040 --> 00:47:35,600
Speaker 1: years ago.

897
00:47:37,040 --> 00:47:38,840
Speaker 3: Okay, that's why I ask how much time do you have?

898
00:47:39,640 --> 00:47:40,200
Speaker 2: So tell me.

899
00:47:40,400 --> 00:47:42,600
Speaker 1: Start off with your daughter, and then I know you

900
00:47:42,640 --> 00:47:45,520
Speaker 1: have a son you just started college, right or is

901
00:47:45,640 --> 00:47:48,239
Speaker 1: going to be starting college, and talk about how you

902
00:47:48,280 --> 00:47:51,080
Speaker 1: sent your daughter to school with far more money than

903
00:47:51,200 --> 00:47:54,640
Speaker 1: was necessary to cover the cost of college.

904
00:47:55,120 --> 00:47:55,880
Speaker 3: Okay.

905
00:47:55,640 --> 00:47:58,320
Speaker 5: So the reason I asked you how much time do

906
00:47:58,360 --> 00:48:01,279
Speaker 5: you have? Is I like to tell these stories in

907
00:48:01,320 --> 00:48:05,160
Speaker 5: their entirety, and I like to revisit them because frankly,

908
00:48:05,200 --> 00:48:08,759
Speaker 5: there's always good, bad, and ugly and excellent, you know,

909
00:48:09,080 --> 00:48:11,759
Speaker 5: in any sort of financial decision or any kind of

910
00:48:11,840 --> 00:48:14,800
Speaker 5: process like this, and paying for college obviously is a process.

911
00:48:15,360 --> 00:48:19,120
Speaker 5: So here's my family's story to date. So, my daughter,

912
00:48:19,200 --> 00:48:22,720
Speaker 5: Aziza is nineteen years old. She just finished her second

913
00:48:22,760 --> 00:48:25,839
Speaker 5: year at the University of Texas at Austin. My son

914
00:48:25,960 --> 00:48:28,920
Speaker 5: is seventeen. He's going into his senior year of high school,

915
00:48:29,040 --> 00:48:30,799
Speaker 5: so he has one more year and then he'll be

916
00:48:30,840 --> 00:48:33,239
Speaker 5: going off to college. I have a third child, alexis

917
00:48:33,280 --> 00:48:37,560
Speaker 5: my eleven year old. But Aziza, long story short, was

918
00:48:37,560 --> 00:48:40,440
Speaker 5: one of those just outstanding, over the top kids.

919
00:48:40,840 --> 00:48:44,360
Speaker 3: She was a national merit scholar. She speaks French.

920
00:48:44,400 --> 00:48:46,360
Speaker 5: She was the president of the French club in high school.

921
00:48:46,480 --> 00:48:50,160
Speaker 5: She's founded the multicultural club. She had like a twenty

922
00:48:50,239 --> 00:48:54,040
Speaker 5: two thirty SAT score. She you know, she was an

923
00:48:54,080 --> 00:48:54,640
Speaker 5: a student.

924
00:48:54,760 --> 00:48:55,439
Speaker 3: She did all these.

925
00:48:55,360 --> 00:48:59,440
Speaker 5: Amazing things volunteer work, drama, girl, theater club, blah blah blah.

926
00:48:59,560 --> 00:49:01,720
Speaker 3: So she was one of those off the charts kids.

927
00:49:02,880 --> 00:49:04,120
Speaker 3: She was sought after.

928
00:49:05,040 --> 00:49:07,680
Speaker 5: She got accepted to a lot of great schools, and

929
00:49:07,719 --> 00:49:12,520
Speaker 5: she won a boatload of merit based scholarships, not need

930
00:49:12,560 --> 00:49:16,640
Speaker 5: based scholarships. There's two types of scholarships. You can get

931
00:49:16,880 --> 00:49:19,600
Speaker 5: need base based on your family's income and assets, and

932
00:49:19,760 --> 00:49:23,440
Speaker 5: merits base, which is based on the student's accomplishments in

933
00:49:23,480 --> 00:49:29,640
Speaker 5: some ways, typically academic, athletic, artistic, or social engagement like

934
00:49:29,760 --> 00:49:34,279
Speaker 5: volunteer work, community service, etc. Okay, so my daughter had

935
00:49:34,320 --> 00:49:39,879
Speaker 5: a lot of academic accomplishments and artistic accomplishments. She won

936
00:49:40,880 --> 00:49:44,880
Speaker 5: really in total, over seven hundred and fifty thousand dollars

937
00:49:44,920 --> 00:49:50,520
Speaker 5: worth of scholarships. WHOA yeah, so now you have to

938
00:49:50,600 --> 00:49:55,640
Speaker 5: understand this was from the schools that she The vast

939
00:49:55,680 --> 00:49:58,600
Speaker 5: majority of the aid that she was offered was through

940
00:49:58,880 --> 00:50:01,600
Speaker 5: the colleges and university themselves. And so that's one of

941
00:50:01,640 --> 00:50:03,959
Speaker 5: the things that I teach people is if you're looking

942
00:50:03,960 --> 00:50:07,920
Speaker 5: to get scholarship money, the biggest dollars come not from

943
00:50:08,400 --> 00:50:12,440
Speaker 5: private sources third party sources. You could, of course win

944
00:50:12,680 --> 00:50:17,200
Speaker 5: a Gate scholarship, a Coca Cola scholarship, et cetera. Very

945
00:50:17,239 --> 00:50:22,120
Speaker 5: competitive obviously for those scholarships, but the schools themselves, colleges

946
00:50:22,160 --> 00:50:25,480
Speaker 5: and universities themselves, are the biggest source of money directly to.

947
00:50:27,040 --> 00:50:28,399
Speaker 3: For merit based aid.

948
00:50:28,440 --> 00:50:33,000
Speaker 5: Okay, so she got for example, at NYU, she won

949
00:50:33,040 --> 00:50:36,080
Speaker 5: the MLK Scholarship. You know, they were giving her fifty

950
00:50:36,120 --> 00:50:39,280
Speaker 5: thousand dollars a year. At my alma mater at USC

951
00:50:39,360 --> 00:50:42,400
Speaker 5: in Los Angeles, she won a presidential scholarship, and that

952
00:50:42,480 --> 00:50:45,480
Speaker 5: was going to be like twenty seven thousand dollars a year.

953
00:50:46,280 --> 00:50:48,400
Speaker 5: She got accepted to Ford them she won a national

954
00:50:48,400 --> 00:50:50,799
Speaker 5: merit scholarship there forty eight thousand dollars a year, blah blah,

955
00:50:50,800 --> 00:50:53,520
Speaker 5: bah blah, on and on. Ultimately she turned those down,

956
00:50:53,560 --> 00:50:55,960
Speaker 5: of course, and she went to ut Austin. She got

957
00:50:56,000 --> 00:50:59,680
Speaker 5: accepted into their Business Honors Program, and she won about

958
00:51:00,360 --> 00:51:05,360
Speaker 5: uh forty thousand dollars roughly worth of scholarship aid to

959
00:51:05,440 --> 00:51:09,799
Speaker 5: pretty much cover most of her college costs. We only

960
00:51:09,880 --> 00:51:12,080
Speaker 5: had to cover like maybe five thousand dollars you know

961
00:51:12,160 --> 00:51:15,480
Speaker 5: some you know, the books, you know, the travel back

962
00:51:15,520 --> 00:51:18,120
Speaker 5: and forth, the you know some a little bit of

963
00:51:18,160 --> 00:51:21,120
Speaker 5: the housing stuff like that. But she won a lot

964
00:51:21,160 --> 00:51:25,239
Speaker 5: of scholarship money directly from the school itself, including a

965
00:51:25,280 --> 00:51:28,960
Speaker 5: ten thousand dollars year scholarship from BHP the Business Honors Program.

966
00:51:29,360 --> 00:51:32,400
Speaker 5: And the best thing was an out of state tuition

967
00:51:32,640 --> 00:51:36,560
Speaker 5: waiver that she got, which was almost thirty thousand dollars.

968
00:51:37,760 --> 00:51:40,240
Speaker 5: As a result of winning that ten thousand dollars scholarship,

969
00:51:40,280 --> 00:51:46,240
Speaker 5: the two were tied together. Okay, now let's fast forward.

970
00:51:46,600 --> 00:51:50,520
Speaker 5: My child, my a students, My my National merit winning

971
00:51:50,680 --> 00:51:54,680
Speaker 5: child had a horrible first semester.

972
00:51:56,200 --> 00:52:00,640
Speaker 3: Yeah, so you know, without you know, we've all been

973
00:52:00,680 --> 00:52:03,080
Speaker 3: telling her, telling telling all of them on her business

974
00:52:03,120 --> 00:52:05,160
Speaker 3: and she she she doesn't mind. She she really doesn't.

975
00:52:06,600 --> 00:52:12,359
Speaker 5: So her scholarship was dependent upon her maintaining a three

976
00:52:12,400 --> 00:52:16,000
Speaker 5: point five GPA or better, and she didn't and she

977
00:52:16,080 --> 00:52:19,080
Speaker 5: did not, so her first semester was horrible, or second

978
00:52:19,080 --> 00:52:21,720
Speaker 5: semester she bounced back. I was like, what had happened

979
00:52:21,760 --> 00:52:23,080
Speaker 5: to you? You better get those grades up.

980
00:52:23,160 --> 00:52:25,000
Speaker 3: You know so? And she did.

981
00:52:25,080 --> 00:52:28,080
Speaker 5: She she she recovered. And then her second year, which

982
00:52:28,120 --> 00:52:30,919
Speaker 5: was had just passed, she did well again, did great.

983
00:52:32,040 --> 00:52:34,440
Speaker 5: But bottom line, because she did not have at the

984
00:52:34,520 --> 00:52:36,719
Speaker 5: end of her first year, overall she did not have

985
00:52:36,760 --> 00:52:40,880
Speaker 5: a three point five GPA, she lost her scholarship.

986
00:52:41,400 --> 00:52:52,400
Speaker 6: Oh my goodness, yeah forever or ever right, probation or so.

987
00:52:52,400 --> 00:52:55,280
Speaker 5: So she was on probation her after her first semester.

988
00:52:55,840 --> 00:52:58,239
Speaker 5: Then she was off after one semester and she, like

989
00:52:58,239 --> 00:53:00,080
Speaker 5: I said, she bounced back. She was, she was fine,

990
00:53:00,239 --> 00:53:04,280
Speaker 5: but but that wasn't the issue. The issue was, sorry, girl,

991
00:53:04,360 --> 00:53:07,240
Speaker 5: we said three point five or higher, and you don't have. Overall,

992
00:53:07,320 --> 00:53:10,560
Speaker 5: she didn't have a three point five. So even if

993
00:53:10,560 --> 00:53:12,359
Speaker 5: she had not had a horrible, if she had had

994
00:53:12,560 --> 00:53:14,640
Speaker 5: a three point four to nine, pretty much they would

995
00:53:14,640 --> 00:53:16,040
Speaker 5: have been like, sorry, you have to be three point

996
00:53:16,040 --> 00:53:21,920
Speaker 5: five or better, you know so. So it's been a

997
00:53:22,000 --> 00:53:24,160
Speaker 5: learning experience. It taught us a couple of things. One

998
00:53:24,280 --> 00:53:26,840
Speaker 5: was about transition. I don't know if I shared this

999
00:53:26,880 --> 00:53:31,800
Speaker 5: with you before, and I'm sure I didn't. My daughter

1000
00:53:31,840 --> 00:53:33,600
Speaker 5: and her senior year of high school. A couple of

1001
00:53:33,600 --> 00:53:37,000
Speaker 5: months before graduation, she suffered sudden hearing loss in her

1002
00:53:37,160 --> 00:53:41,480
Speaker 5: right ear that impacted her, you know a little bit.

1003
00:53:41,520 --> 00:53:44,720
Speaker 5: Her first semester in college, she was sick for three weeks,

1004
00:53:44,719 --> 00:53:46,319
Speaker 5: and you know, she didn't tell me, and I was like,

1005
00:53:46,480 --> 00:53:48,640
Speaker 5: you didn't go to like the campus health.

1006
00:53:48,800 --> 00:53:51,040
Speaker 3: She was like, I didn't know how to or what

1007
00:53:51,160 --> 00:53:53,560
Speaker 3: to do, you know, on her own the first time.

1008
00:53:53,800 --> 00:53:57,600
Speaker 5: I think there was transition issues her going from you know,

1009
00:53:58,480 --> 00:54:03,319
Speaker 5: east coast to the south basically Texas, that transition being

1010
00:54:03,480 --> 00:54:06,480
Speaker 5: raised in a bubble admittedly, you know, in the suburbs

1011
00:54:06,520 --> 00:54:10,200
Speaker 5: here mountainside, New Jersey population eight eight thousand, and then

1012
00:54:10,239 --> 00:54:13,200
Speaker 5: going on a campus with fifty thousand students alone.

1013
00:54:12,920 --> 00:54:13,879
Speaker 3: On the campus, you know.

1014
00:54:14,200 --> 00:54:15,960
Speaker 5: So I think there was a lot of transition and

1015
00:54:16,040 --> 00:54:19,160
Speaker 5: it was just a little overwhelming for her everything. So

1016
00:54:19,760 --> 00:54:22,040
Speaker 5: but got back, you know, right back up on the horse.

1017
00:54:22,120 --> 00:54:24,239
Speaker 5: I told her, don't prove it to me, prove it

1018
00:54:24,280 --> 00:54:26,040
Speaker 5: to yourself. Go back up there and show me what

1019
00:54:26,120 --> 00:54:29,000
Speaker 5: you can do, show yourself even more importantly, and she did.

1020
00:54:29,360 --> 00:54:34,360
Speaker 5: And so so I'm fast forwarding to say, as her parents,

1021
00:54:34,640 --> 00:54:36,800
Speaker 5: we did something that I'm sure some parents would.

1022
00:54:36,600 --> 00:54:39,760
Speaker 3: Be like, what. We actually doubled down on a zeza.

1023
00:54:41,080 --> 00:54:44,240
Speaker 5: We put a game plan together and I said, if

1024
00:54:44,320 --> 00:54:46,960
Speaker 5: you need any tutoring, you're gonna be talking to your

1025
00:54:47,120 --> 00:54:48,800
Speaker 5: academic advisor and your counselors.

1026
00:54:48,800 --> 00:54:50,799
Speaker 4: You're gonna do this. She did everything I asked her

1027
00:54:50,840 --> 00:54:52,880
Speaker 4: to do. Her grades went back up. She got a's,

1028
00:54:53,400 --> 00:54:55,319
Speaker 4: a's and b's and.

1029
00:54:55,200 --> 00:54:57,560
Speaker 3: She it was and no, no problems.

1030
00:54:58,160 --> 00:55:01,400
Speaker 5: However, because we had a finance situation now that we

1031
00:55:01,440 --> 00:55:04,000
Speaker 5: have to say, okay, what are we going to do

1032
00:55:04,080 --> 00:55:08,200
Speaker 5: year school? There is about fifty five thousand dollars a year,

1033
00:55:08,440 --> 00:55:10,600
Speaker 5: you know, all in tuition fees, you know, room and

1034
00:55:10,600 --> 00:55:15,759
Speaker 5: board as an out of state student. So cutting to

1035
00:55:15,800 --> 00:55:17,600
Speaker 5: the chase, this is what we did. We bought her

1036
00:55:17,680 --> 00:55:22,080
Speaker 5: a condo. Now some people will be like, what.

1037
00:55:21,239 --> 00:55:24,719
Speaker 1: What are you trying to follow? But I'm hanging out there, okay.

1038
00:55:25,320 --> 00:55:32,640
Speaker 5: So the short explanation is that her having a condo

1039
00:55:33,440 --> 00:55:37,960
Speaker 5: ownership of a condo for one year establishes Texas residency

1040
00:55:38,000 --> 00:55:42,400
Speaker 5: for her. So instead of us having you know, thirty

1041
00:55:42,440 --> 00:55:43,719
Speaker 5: eight or forty thousand.

1042
00:55:43,480 --> 00:55:48,440
Speaker 4: Dollars a year, tuition bill she gets. Now she'll be

1043
00:55:48,480 --> 00:55:51,600
Speaker 4: getting in this, this, this and her junior year in

1044
00:55:51,800 --> 00:55:56,279
Speaker 4: state tuition of about eleven thousand dollars and the and

1045
00:55:56,320 --> 00:56:00,480
Speaker 4: the housing side is covered because we put down you know,

1046
00:56:01,239 --> 00:56:03,880
Speaker 4: twenty one thousand or so twenty five thousand for to

1047
00:56:03,920 --> 00:56:05,000
Speaker 4: buy the place for her.

1048
00:56:05,960 --> 00:56:09,080
Speaker 5: She has two roommates. The roommates pay fourteen hundred dollars

1049
00:56:09,120 --> 00:56:11,600
Speaker 5: a month. The mortgage is fourteen hundred dollars a month,

1050
00:56:12,080 --> 00:56:16,480
Speaker 5: so there's no net sort of out of pocket costs

1051
00:56:16,480 --> 00:56:19,080
Speaker 5: for us with that, and her housing is covered with that.

1052
00:56:19,800 --> 00:56:23,359
Speaker 5: So it actually, you know, thank you Jesus, it worked out.

1053
00:56:24,920 --> 00:56:29,160
Speaker 5: But that's actually how we dealt with it. And you know,

1054
00:56:29,360 --> 00:56:31,879
Speaker 5: now she's getting back and she's applying for scholarships again,

1055
00:56:31,960 --> 00:56:34,400
Speaker 5: and you know, part of the lesson is if you

1056
00:56:34,480 --> 00:56:38,480
Speaker 5: lose a scholarship, you know, Mercifully for her, she had

1057
00:56:38,520 --> 00:56:42,800
Speaker 5: parents who had the financial wherewithal to backstop her, because

1058
00:56:42,960 --> 00:56:46,480
Speaker 5: you know, I can tell you know, her father, my

1059
00:56:46,560 --> 00:56:48,400
Speaker 5: ex was like, oh, well, I guess you got to

1060
00:56:48,440 --> 00:56:52,280
Speaker 5: come back home. And I was like, no, no, no.

1061
00:56:52,239 --> 00:56:54,719
Speaker 1: Wait, so but she still had to pay for out

1062
00:56:54,719 --> 00:56:58,920
Speaker 1: of state tuition right for that yeah, year, did you

1063
00:56:58,960 --> 00:57:02,080
Speaker 1: guys finance that was student loans or we.

1064
00:57:02,160 --> 00:57:04,160
Speaker 3: Had we had to just pay it. We had to

1065
00:57:04,160 --> 00:57:04,839
Speaker 3: pay Yeah, So.

1066
00:57:05,840 --> 00:57:09,400
Speaker 1: Yeah, that's something similar happened to my little brother. My

1067
00:57:09,480 --> 00:57:13,399
Speaker 1: little brother, and UT is a state school, right, yep,

1068
00:57:13,600 --> 00:57:15,920
Speaker 1: So their merit based aid comes out of state funding.

1069
00:57:15,960 --> 00:57:18,120
Speaker 1: Correct or is it like a private endowment.

1070
00:57:19,520 --> 00:57:23,520
Speaker 4: No, it's a public school. So there they do have

1071
00:57:23,560 --> 00:57:24,800
Speaker 4: some scholarships that they.

1072
00:57:24,760 --> 00:57:27,840
Speaker 5: Award through private owners that give them, you know, give

1073
00:57:27,880 --> 00:57:32,480
Speaker 5: students their scholarships, but if you're a resident, that's coming

1074
00:57:32,520 --> 00:57:37,640
Speaker 5: through the If you get state aid, that's through the

1075
00:57:37,640 --> 00:57:38,800
Speaker 5: state of Texas.

1076
00:57:39,040 --> 00:57:39,200
Speaker 3: Right.

1077
00:57:39,240 --> 00:57:40,880
Speaker 1: One thing that happened to my brother as far as

1078
00:57:40,920 --> 00:57:43,120
Speaker 1: losing his scholarship, he had a we went to the

1079
00:57:43,200 --> 00:57:46,520
Speaker 1: University of Georgia state big state school, and he had

1080
00:57:46,560 --> 00:57:50,440
Speaker 1: a merit based aid. But they since the recession, when

1081
00:57:50,800 --> 00:57:52,720
Speaker 1: college funding has sort of dried up in a lot

1082
00:57:52,720 --> 00:57:55,400
Speaker 1: of ways in state funded schools because states have been

1083
00:57:55,640 --> 00:57:58,840
Speaker 1: you know, in some cases divesting, there's less money to

1084
00:57:58,880 --> 00:58:01,080
Speaker 1: go around. So the same sky dellaership that I got

1085
00:58:01,080 --> 00:58:04,560
Speaker 1: for maintaining a three point two I think GPA, he

1086
00:58:04,640 --> 00:58:07,000
Speaker 1: had to maintain like a three seven or something and

1087
00:58:07,040 --> 00:58:08,560
Speaker 1: he lodged it and.

1088
00:58:08,560 --> 00:58:10,800
Speaker 5: Can I tell you something, you guys, I'm telling you

1089
00:58:10,880 --> 00:58:12,880
Speaker 5: this is I hate to say.

1090
00:58:12,720 --> 00:58:14,560
Speaker 3: It this way.

1091
00:58:15,000 --> 00:58:18,800
Speaker 5: I won't call it a racket, but I will say

1092
00:58:18,880 --> 00:58:24,520
Speaker 5: that colleges and universities across the country employ specialists and

1093
00:58:24,560 --> 00:58:28,920
Speaker 5: professionals that are called enrollment managers or yield managers. They

1094
00:58:29,040 --> 00:58:33,000
Speaker 5: actually know that a pretty high percentage of students are

1095
00:58:33,040 --> 00:58:38,320
Speaker 5: simply not going to maintain those grades, thus the high

1096
00:58:38,320 --> 00:58:43,960
Speaker 5: performance bar. So it's preparing me with my son because

1097
00:58:44,080 --> 00:58:47,680
Speaker 5: I know that based on our family's income and assets,

1098
00:58:48,000 --> 00:58:51,320
Speaker 5: it's not likely that we will qualify for need based aid.

1099
00:58:51,400 --> 00:58:53,000
Speaker 5: I will still apply, I will still go through the

1100
00:58:53,040 --> 00:58:56,680
Speaker 5: faster process, just like I did with Aziza. But when

1101
00:58:56,680 --> 00:58:59,960
Speaker 5: I think about scholarship opportunities and any potential free money

1102
00:59:00,120 --> 00:59:02,520
Speaker 5: for college for him, For my son, I'm looking at

1103
00:59:02,560 --> 00:59:06,200
Speaker 5: merit aid and institutions that do grant merit aid or

1104
00:59:06,280 --> 00:59:10,320
Speaker 5: schools that have very very strong need based aid, and

1105
00:59:10,440 --> 00:59:13,280
Speaker 5: those are mostly the ivy's top, you know, sort of

1106
00:59:13,280 --> 00:59:17,000
Speaker 5: elite private schools and those with strong endowments.

1107
00:59:17,280 --> 00:59:21,160
Speaker 3: But these schools know they absolutely I believe me.

1108
00:59:21,200 --> 00:59:23,720
Speaker 5: When I went through this experience with Aziza, I did

1109
00:59:23,760 --> 00:59:27,320
Speaker 5: an exhaustive amount of research and I was like, oh,

1110
00:59:27,480 --> 00:59:30,240
Speaker 5: this is not actually uncommon. Can I tell you something

1111
00:59:30,720 --> 00:59:34,600
Speaker 5: that I on one factoy that says it, you know,

1112
00:59:34,960 --> 00:59:39,120
Speaker 5: clearer than anything else that I came across. The average

1113
00:59:39,520 --> 00:59:45,240
Speaker 5: high school student suffers a zero point five drop in

1114
00:59:45,280 --> 00:59:48,920
Speaker 5: their GPA when they go from senior year of high

1115
00:59:48,920 --> 00:59:53,600
Speaker 5: school twelfth grade, that is, to their freshman year in college. So,

1116
00:59:53,640 --> 00:59:56,520
Speaker 5: in other words, the student who had a three point

1117
00:59:56,560 --> 01:00:00,760
Speaker 5: eighty five let's say GPA on average student will have

1118
01:00:00,800 --> 01:00:04,560
Speaker 5: a three point three five or zero point five drop

1119
01:00:04,760 --> 01:00:09,480
Speaker 5: in their GPA. That's just nationwide the average. So you

1120
01:00:09,600 --> 01:00:11,520
Speaker 5: might be like, oh, my student, my child is so

1121
01:00:11,520 --> 01:00:13,600
Speaker 5: smart and brighton. They'll be great, they'll be fine, Yet

1122
01:00:13,600 --> 01:00:15,400
Speaker 5: they won't be able to maintain I was like, three

1123
01:00:15,440 --> 01:00:15,919
Speaker 5: point five.

1124
01:00:15,920 --> 01:00:19,160
Speaker 3: Oh is Jesus got this? No problem? You know? And

1125
01:00:19,240 --> 01:00:21,600
Speaker 3: so but obviously it's next levels.

1126
01:00:21,680 --> 01:00:25,440
Speaker 5: It's a higher tier of performance that's required of the students.

1127
01:00:25,480 --> 01:00:28,320
Speaker 5: Not to mention, it's not even so much the academics

1128
01:00:28,400 --> 01:00:30,600
Speaker 5: and the grades that are you know, oh this is

1129
01:00:30,640 --> 01:00:31,160
Speaker 5: so hard.

1130
01:00:31,480 --> 01:00:33,760
Speaker 3: It's more about all of the stuff that they have

1131
01:00:33,840 --> 01:00:36,240
Speaker 3: to deal with being on their own for the first time.

1132
01:00:36,880 --> 01:00:40,400
Speaker 5: The transition for many students, financial definitely plays a role

1133
01:00:40,680 --> 01:00:42,280
Speaker 5: for a lot of students if they're stressed or if

1134
01:00:42,280 --> 01:00:44,400
Speaker 5: they're worried about it. My daughter, she wasn't stressed or

1135
01:00:44,400 --> 01:00:46,560
Speaker 5: worried about money at all. It wasn't that kind of thing.

1136
01:00:46,680 --> 01:00:49,480
Speaker 5: But everything else in her life she had to give

1137
01:00:49,520 --> 01:00:55,200
Speaker 5: attention and focus to. I think was, you know, sort

1138
01:00:55,200 --> 01:00:58,800
Speaker 5: of a factor for her. But these schools absolutely know.

1139
01:00:58,920 --> 01:01:01,320
Speaker 5: So now I know with my oh, you can believe

1140
01:01:01,760 --> 01:01:04,080
Speaker 5: I'm going to negotiate the other way. When they say,

1141
01:01:04,440 --> 01:01:07,160
Speaker 5: when they say, oh, a three point five, he here's

1142
01:01:07,200 --> 01:01:09,160
Speaker 5: his scholarship, blah blah blah's depending on him having a

1143
01:01:09,160 --> 01:01:12,000
Speaker 5: three point five, I'm being like, mmmm, he'll come to

1144
01:01:12,040 --> 01:01:14,320
Speaker 5: your school, how about a three point oh?

1145
01:01:14,360 --> 01:01:17,320
Speaker 3: How about a you know like that. I'm serious. I'm

1146
01:01:17,480 --> 01:01:18,840
Speaker 3: absolutely going to negotiate.

1147
01:01:18,920 --> 01:01:21,400
Speaker 5: And I've talked to parents since who have in fact

1148
01:01:21,440 --> 01:01:23,720
Speaker 5: negotiated and gotten that bar.

1149
01:01:24,280 --> 01:01:25,080
Speaker 3: Down a little bit.

1150
01:01:25,280 --> 01:01:27,120
Speaker 5: Or I've even talked to parents who said that they

1151
01:01:27,200 --> 01:01:31,160
Speaker 5: had a provision as long as the student is making

1152
01:01:31,280 --> 01:01:35,280
Speaker 5: quote satisfactory academic progress.

1153
01:01:35,480 --> 01:01:38,240
Speaker 3: So you can read that it means no GPA.

1154
01:01:38,000 --> 01:01:39,640
Speaker 5: Requirement as long as they got a two point oh

1155
01:01:39,680 --> 01:01:42,800
Speaker 5: or better basically at the end of a given year,

1156
01:01:42,920 --> 01:01:44,320
Speaker 5: as long as at the end of a year in

1157
01:01:44,320 --> 01:01:47,640
Speaker 5: case they have a little blip one semester. So, you know,

1158
01:01:47,760 --> 01:01:50,560
Speaker 5: I think back to my college days. My freshman year,

1159
01:01:50,600 --> 01:01:52,760
Speaker 5: I was fine. It wasn't then, but it was either

1160
01:01:52,800 --> 01:01:55,280
Speaker 5: the end of my sophomore year, I did some kookiness

1161
01:01:55,400 --> 01:01:58,520
Speaker 5: and you know, just running wild, and I.

1162
01:01:58,520 --> 01:02:00,520
Speaker 3: Was like, oh, let me get it together before I

1163
01:02:00,520 --> 01:02:01,480
Speaker 3: get kicked out of the school.

1164
01:02:06,000 --> 01:02:09,680
Speaker 1: That was your Yeah, that was the breakdowns in the

1165
01:02:09,680 --> 01:02:12,200
Speaker 1: parking deck after my career.

1166
01:02:13,480 --> 01:02:14,440
Speaker 3: Mine was freshman year.

1167
01:02:14,480 --> 01:02:16,920
Speaker 4: My father brought my behind right back home because I

1168
01:02:16,960 --> 01:02:18,720
Speaker 4: was not used to because I was raised in a

1169
01:02:18,720 --> 01:02:21,680
Speaker 4: really strict household, and so living on campus.

1170
01:02:21,440 --> 01:02:25,720
Speaker 2: Was like what, yeah, over a stimulation.

1171
01:02:27,400 --> 01:02:29,160
Speaker 3: And you know, the thing is I was not really wild.

1172
01:02:29,200 --> 01:02:30,760
Speaker 4: It was just like I could stay up late because

1173
01:02:30,800 --> 01:02:33,480
Speaker 4: my dad, especially my dad was attacked to be like

1174
01:02:33,480 --> 01:02:35,320
Speaker 4: where are you going, put the name on the refrigerator,

1175
01:02:35,320 --> 01:02:36,919
Speaker 4: I'm gonna call the parent ahead of time, I'm gonna

1176
01:02:36,960 --> 01:02:37,520
Speaker 4: drop you off.

1177
01:02:37,680 --> 01:02:39,480
Speaker 3: I'll drive you to the movie. So I was not

1178
01:02:39,720 --> 01:02:42,720
Speaker 3: used to any freedom. Yeah, it's so like you know,

1179
01:02:42,840 --> 01:02:45,120
Speaker 3: and so it just it was just too much.

1180
01:02:45,160 --> 01:02:47,200
Speaker 4: And I had got I always got in really good grades,

1181
01:02:47,240 --> 01:02:49,160
Speaker 4: and I think I got my first D and he

1182
01:02:49,160 --> 01:02:50,520
Speaker 4: could not believe I had gotten a D.

1183
01:02:51,000 --> 01:02:52,880
Speaker 3: I know, like you, you're not about this life.

1184
01:02:54,120 --> 01:02:57,000
Speaker 5: He's like, yeah, no, well this is funny. When my

1185
01:02:57,200 --> 01:02:59,720
Speaker 5: daughter was I can't remember if it was her sixteenth

1186
01:02:59,720 --> 01:03:02,800
Speaker 5: birth day. It's possible could have been her fifteenth birthday.

1187
01:03:03,160 --> 01:03:05,720
Speaker 5: Now again, remind you, I live in a very tiny

1188
01:03:05,760 --> 01:03:11,560
Speaker 5: little town eight thousand population. Suburbia is you know, basically

1189
01:03:11,600 --> 01:03:14,880
Speaker 5: about It's ninety seven percent white. It has, you know,

1190
01:03:15,160 --> 01:03:20,120
Speaker 5: some diversity, African American, Asian, you know, et cetera. And

1191
01:03:23,000 --> 01:03:26,280
Speaker 5: it's a small place that is also a safe place.

1192
01:03:27,600 --> 01:03:29,400
Speaker 5: So when my daughter turned I.

1193
01:03:29,320 --> 01:03:31,600
Speaker 3: Think it was when she was sixteen, I said, oh,

1194
01:03:31,640 --> 01:03:34,160
Speaker 3: what was you like for your birthday? As Eisa? She said,

1195
01:03:34,320 --> 01:03:35,640
Speaker 3: I'm gonna give it some thought, and then.

1196
01:03:35,480 --> 01:03:36,919
Speaker 5: She came back to me and she said, okay, mommy,

1197
01:03:36,960 --> 01:03:38,960
Speaker 5: I thought about it, and I said great, what would

1198
01:03:39,000 --> 01:03:44,840
Speaker 5: you like? She said just a little freedom? And I

1199
01:03:44,920 --> 01:03:48,400
Speaker 5: was like, well, freedom, freedom to do what she said,

1200
01:03:48,440 --> 01:03:51,320
Speaker 5: just like to walk around the block by myself. Yeah,

1201
01:03:51,680 --> 01:03:54,439
Speaker 5: And then I was like, oh my god, Lynnette, you now,

1202
01:03:54,680 --> 01:03:56,560
Speaker 5: gir I used to be running the streets in La Okay.

1203
01:03:56,560 --> 01:03:58,160
Speaker 5: We used to run outside and come in when the

1204
01:03:58,240 --> 01:04:01,640
Speaker 5: lights came on. Okay, I mean it's a whole different ballgame.

1205
01:04:01,680 --> 01:04:03,800
Speaker 3: Even though you know my child is in.

1206
01:04:03,800 --> 01:04:06,920
Speaker 4: A very safe environment here, the bubble that we're in

1207
01:04:07,120 --> 01:04:10,640
Speaker 4: is crazy. So I think that she had the same experience, Tiffany,

1208
01:04:10,680 --> 01:04:12,560
Speaker 4: that you did, which is like, oh my god, I'm free.

1209
01:04:12,560 --> 01:04:16,280
Speaker 4: Nobody tells me what to do, and nobody's on me

1210
01:04:16,760 --> 01:04:17,760
Speaker 4: making me go to bed at.

1211
01:04:17,720 --> 01:04:19,720
Speaker 3: A certain time, double checking my homework.

1212
01:04:20,000 --> 01:04:43,360
Speaker 5: Do you know it was just transition to young Adulthoodlynna.

1213
01:04:33,680 --> 01:04:35,760
Speaker 1: Thank you so so much. Tell the people where they

1214
01:04:35,760 --> 01:04:37,560
Speaker 1: can find you and find O your great work.

1215
01:04:38,200 --> 01:04:42,320
Speaker 5: Sure they can catch me on my free financial advice

1216
01:04:42,360 --> 01:04:46,000
Speaker 5: blog Ask the Moneycoach dot com. Or they can take

1217
01:04:46,000 --> 01:04:51,120
Speaker 5: a course with me and get video training one on

1218
01:04:51,120 --> 01:04:58,160
Speaker 5: one lessons through my platform on Moneycoachuniversity dot com free

1219
01:04:58,240 --> 01:04:59,840
Speaker 5: and paid offerings there.

1220
01:05:00,640 --> 01:05:01,080
Speaker 6: Awesome.

1221
01:05:02,080 --> 01:05:03,640
Speaker 4: Thank you the NAT You're always the best.

1222
01:05:04,000 --> 01:05:04,920
Speaker 3: Thank you guys,