SPEAKER_01 0:00

Well, Maureen, one of the things they can do, which is a wonderful first step, is to envision the outcome they want to have for that child or children. I really think mindset matters.

SPEAKER_00 0:14

That is a snippet of our podcast today. Hey there, Maureen Cherna here, founder of the Mindsight Academy, neurocoach to executives, leaders, entrepreneurs, and a neuroleadership trainer using insights from neuroscience to help you deliver results by learning to work smarter, be in control of your brain, manage yours and others' emotions, change behaviors, flourish and exceed expectations. Welcome back to another episode of Lead2 Excel Podcast. I am so thrilled to be with you today because we have a special guest. But before we get into that, remember to subscribe to this podcast wherever you listen to it. Because it will help other people find it and give them the opportunity to understand how they can rewire their own brain to enable them to achieve their goals. So without wasting any more time, grab your cup of coffee or your drink or whatever that might be. Put your feet up and listen in. I am back again and absolutely excited to have a great guest with us today. And what we're going to be speaking about today, wow, is just something everyone needs to listen to. So I am so pleased to welcome Patricia Roberts to Lead2XL podcast. Patricia, welcome. It's absolutely great to have you with us this afternoon.

SPEAKER_01 1:47

And so nice to be with you as well. Thank you for the invitation.

SPEAKER_00 1:51

No, you're welcome. I'm saying afternoon, but it's morning where you are, isn't it?

SPEAKER_01 1:57

That is correct. But it will soon be afternoon. The sun is shining.

SPEAKER_00 2:01

Oh, so where are you? I am in Brooklyn, New York. Oh, wow. Oh, God. You know, that is one place I need to go back to. I've been to New York once, but it's been years ago. So I will look forward to coming over to see you. So, Patricia, let's get let's jump into this podcast. So let's start with you telling us about you. So, who is Patricia?

SPEAKER_01 2:27

Well, I am an individual who is a financial services professional. I've worked for many years in the financial services field, helping individuals and families prepare for the high cost here in the US of higher education. I'm also a mom myself and the proud mom of a recent debt-free college graduate. And I spent many years preparing for his educational expenses, having paid back many thousands of dollars over 20 years of my own student loans. So I'm somebody who's had the experience of not being prepared for higher education expenses. And I'm a mom who was on a journey to do better for my son. One of the reasons I wasn't prepared for higher education expenses is because I grew up in a very low-income family. And no one, our parents had not gone to college. And I really didn't have a good amount of guidance about whether and how to attend higher education. And I also didn't have any money to prepare for it. So I struggled, almost didn't go, uh, but I was able to, got myself through. But again, that came at a very high cost.

SPEAKER_00 3:52

Yeah, that is, yeah. In fact, you touched on quite a few points that I'm going to really get into. And um I love the way you you describe your son, debt-free college graduate. That actually sums up what we're really going to be talking about today. So I met you, and um we just clicked, and it's just been amazing speaking to you. And the passion that really comes from what you do is just amazing. So, and I'm going to really go back into that in a second. So, Patricia, can you tell us a bit about your background, your upbringing, you know, how you grew up? I know you have touched a bit on your parents, you, you know, not going to college, but just tell us a bit about your back your childhood.

SPEAKER_01 4:46

Sure. So, in terms of my childhood, uh, it was rather ordinary for the first 10 years. But when I was 10 years old, my father became a missing person. He disappeared suddenly without a trace. And in doing so, that threw my family into uh a really difficult situation. My mom had been a homemaker at my father's request, so caring exclusively for the family, not working outside of the home, which was pretty traditional for a woman who married in the 1950s, 1960s here in the US. A lot of women focused exclusively on the family. So she had no current job skills once her husband was no longer there. And she how many children? Four children, four children. I am the youngest. So here she is with four children, a missing spouse, uh, financial situation she knew nothing about because my father really didn't give her insight into the family's financial matters. So what she didn't realize is that our home was about to go into foreclosure, and that there was no money in the bank, and that the automobiles that our family had were not paid for. So what suddenly began to happen is that uh we were told we needed to move from the home. We were being evicted from the home, the bank was taking it over, the cars were repossessed. The um, you know, the companies that owned the cars or the applied the credit for the cards wanted their money back. So those were Yeah, how old were you at this time? I was 10 years old. I was 10 years old. So pretty much everything was taken away very suddenly, and we had no income. My mom realized that there was no money in the bank accounts and nowhere to live, no transportation in a rural part of the United States. And it was a really tough situation. My mom immediately tried to find jobs. She had been a secretary and a bookkeeper. She studied a business curriculum in high school, but her skills were not current and she couldn't find work. So she began doing domestic work, which was cleaning people's homes, cleaning offices, babysitting, anything that she could do to make some money. And uh she eventually from all of the stress, she suffered a stroke. At what age? She was 45. Oh my gosh. Yeah, she was 45. She suffered a stroke, became hospitalized, and um was in really in critical condition for a long time. So we were on our own without a mother and without a father, and in a really rather fragile living situation. And it was tough. She eventually recovered, came home and pulled it all together, led the way, and got us back on our feet. But it was, it was a tough situation.

SPEAKER_00 7:58

Yeah, yeah. No, thank you so much for sharing that. And um, I know when you shared this with me, it really got me because you know, to go through that at a young age, and so many women really experience this and are lost because when they're in the relationship, they have no involvement with the finances and they really don't know what to do. So when the man goes, either the way your dad disappeared or the man dies, or there's a divorce, a lot of women just completely fall apart. So tell us, so what happened after that? How did you, you know, I know she she got better, and then what happened?

SPEAKER_01 8:41

Well, I began working as soon as I could. At the age of 14 here in the US, you're allowed to begin working. So I worked very hard. I I found a waitressing job and I was able to work on the weekends from 6 a.m. till 2 in the afternoon. So a very early morning shift at a restaurant, and then some weeknights after school. So I was able to find a way to earn some income to help the family and to help myself uh have some things that I needed. I needed a car to get around, so I had to purchase a car for myself. There was no place you could walk to. You couldn't even see another home from where we lived. It was so rural. And I needed to, you know, take care of things as a teenager and to help the family. So I had a job and I continued working it. My siblings all did similar things on on different paths. I was the youngest, and I think in part I was least adversely affected because I wasn't in my teenage years. I think for at least one of my siblings, it was very hard and very embarrassing to suddenly have a change in lifestyle, um, and one that you really couldn't explain. We really didn't know where my father was, and that was tough. But we all got through. Uh, two of my siblings did go on to college, and my other sibling has a developmental disability, so he was not necessarily going to be pursuing any post-secondary education anyway. But the situation was hard on everyone. But I was determined to make certain that I had a better life ahead of me while also helping my mom and that one brother to the extent I could.

SPEAKER_00 10:34

And that's why I can I just stop you there one second. I love what you said. You were determined. What actually brought about that kind of determination? What was it that made you really want to be different or make that difference? What was it? I think I'm just curious about what was going through your brain at that time.

SPEAKER_01 11:00

Really, my mom was my focus. I watched the suffering that she went through, and I loved her so very much. She's no longer living, but I feel she's with me in spirit. She is. Yeah. I watched what she went through. I know how hard it was on her emotionally and financially and physically. And I wanted to take care of her in some way, and I couldn't see any other way of doing it than to try to better myself. And while I was helping a lot with the waitressing job, I knew I had to do more. It wasn't enough. That was just keeping us afloat. I wanted something more. I dreamed of her having an easier life and my brother being well taken care of. That's what I really dreamed of. And the dreams weren't really for myself. They were really about being able to help her. And that motivated me and to make her proud and to not cause her any additional stress.

SPEAKER_00 12:04

Yeah. To take in a way, it's like wanting to take away the suffering from her, isn't it?

SPEAKER_01 12:10

Yeah. Yeah. That's exactly it. I I wanted her life to be easier. And what I didn't realize was by making her life easier, I was improving my own life. Absolutely. The life of the family I would create. But I think that is what motivated me the most was wanting her to be more comfortable, safe, and well.

SPEAKER_00 12:35

Wow. Wow. No, that is that is amazing. And I love, I loved you sharing that story. And thank you so much for doing that. Because a lot of times when people go through things, you know, that traumatic, some never recover. But you must really, I, you know, I'm going to commend you publicly on this podcast, saying, Patricia, you are a strong woman. You are an amazing woman. Even at that age, to be able to really have a dream of something better and doing it. And you know, it now brings us to where you're at now in terms of um it I think the passion you have for one, helping people, because you did mention that. That's why I asked you, what was it that made you determine? What was driving you? And you said it was to make life better for your mom. And it's the same thing in terms of what you're doing now, wanting to make life better for people, for other families. So I'm, you know, let's fast forward a bit to where you then now come to describe your son, dead-free college graduate. How did he manage that? I know you've written a book, and the name of your book is um, I wrote it here, a parent's guide to saving for college and career training with 529 plans. And that is amazing. So please tell us how did your son come out of college debt-free? Because that is totally unusual.

SPEAKER_01 14:57

Yes, it is totally unusual. And I want you and your audience to know that nearly 65% of Americans know nothing about these 529 plans that I have expertise in, and they're very useful instruments to help people prepare for college expenses on a tax advantage basis. And I had the knowledge of these plans, Maureen, because in one of my first legal jobs, I was at Citigroup at the time, I was asked to develop expertise with respect to these investment vehicles because the firm wanted to get involved in offering them to families around the US. So, as an investment manager, they wanted to get into this line of business and they needed a lawyer to discover what it was all about and to help guide them. And I was that person. I happened to be pregnant with my son at the time. So it was the perfect time for me to be learning about a way to help families save because I was creating a family. I was also deeply in debt at the time. My husband and I had over $100,000 in student loan debt from our undergraduate degrees and our graduate degrees.

SPEAKER_00 16:17

What was your undergraduate and graduate degree in?

SPEAKER_01 16:20

Sure. So I have an undergraduate degree, a bachelor's of arts in philosophy and political science. And I have a jurisdoctorate degree or a law degree as well. And my husband had an undergraduate degree, a master's degree, and a law degree. So between us, five degrees that cost a lot of money. And we both came from backgrounds where really no one was able to help. So the cost was high. Although I look back on it, students today wind up with a lot more debt than that. But between the two of us, $100,000. So here's this child created, hasn't yet arrived. Mom's being asked to learn about this instrument. I'm struggling to repay this debt. And I knew that as soon as my son arrived, I was going to avail myself of this investment vehicle that so many really know nothing about, still know nothing about. But my husband and I said we were determined, we decided that no matter what, we were going to make sure that our child had a future that was less financially stressful than the one we were living in, particularly with regard to his academic experience. And what we said was, we didn't know how we were going to do it, but we're going to take a little bit out of each paycheck and put in this special investment vehicle. And then as our careers develop and we earn a bit more, we could put more in. And that's what we did. We weren't sure how we could do it. We were living in a one-bedroom apartment. We knew we'd need a babysitter. We'd need to have the expense of a bigger place someday, but we said, let's start by doing something and let's keep that vision of a better outcome for this child in mind. And that's what we did. And that's what I tell people to do is to just get started and to create that vision. So we did it, Maureen, and we saved over, we started when he was an infant, and we saved until the time he went off to his post-secondary education. And we added money from time to time. If we ever had a tax refund or some extra money here and there, we would put it in, but we kept with that consistent automatic contributions so that there was always money flowing into the account. And I must say, while it wasn't easy, it wasn't that hard. Once you set your mind to something and you're holding that vision to your heart and you automate the contributions, so there's no um flexibility. You're not deciding out of each paycheck, do I put it in, do I not put it in, do I get the car repaired, or should I put money in the college account? You're just doing it. And that I think made it easier for us. And I can't tell you the pride that we had as a family realizing that what we had set our mind to do had been achieved and how good it felt. And there were other good decisions along the way, and we can talk about those. Our son picked a sensible university that was a good fit for him academically, socially, but it was a good financial fit as well. He didn't pick the most expensive college. He picked one that gave him a partial academic scholarship. That wasn't the pure reason he selected it, but that was a factor. Um we did have the money saved, and he could have gone to a more expensive school, but he happened to like this one. And he was sensible about, we talked to him. If you go to this type of school, we can cover these costs. If you go to a more expensive school, there'll be a gap that will have to be filled, either by loans or by you maybe working an extra job. Um, we talked about all those things sensibly, which many families unfortunately don't do.

SPEAKER_02 20:16

Don't do.

SPEAKER_01 20:17

And so it was a combination of our getting started early, my having the knowledge of how to do this.

SPEAKER_00 20:25

What gave you the knowledge? Because I've asked you what you studied, and it's not relevant to financial. So, how did you make the jump into financial services? And how did you get the knowledge? I know the company you were working with at the time had asked you to look into it. So, what were you working as at that time? And how did you pick up this knowledge to be able to do this? Because it's totally amazing to do that. And I'll just point out here that I know the focus on our talk today is 529 plan. But I want everyone to kind of look at it broadly, because outside America, we don't have the 529 plan, but we have similar things in whatever country that you're listening to. And even if you don't, it's even just the concept of saving for your child, if whether it's putting it into a savings account, into an investment account, whatever, but the whole concept is being able to do something, you know, for the child's education or for your children's education. So coming back to the question, what were you working as and how did you make this shift into getting to know have this knowledge?

SPEAKER_01 21:36

Well, my first job after college was at a small financial services firm. In fact, the parent company was based in the UK, and they hired me. I had a I had a liberal arts degree. I had, you know, good communication skills, writing skills, uh, all the things that a liberal education would provide. And they saw some promise in me, and I got started there. And I ended up working in financial services, first at that firm, then at Smith Barney. And I decided I was going to go to law school at night. I worked full-time. So I was gaining financial services knowledge and also pursuing a law degree.

SPEAKER_00 22:19

Wow. Your determination just makes me smile. And it I love how you you said it quite a few times that when you set your mind to do something, you do it. Just have a plan and keep taking the action. So thank you. Carry on, sorry.

SPEAKER_01 22:36

No, so that's exactly what I did. I went to law school at night and then I stayed on at the company or the parent company of Smith Barney, which became Citigroup, as a lawyer. They kept me on. I hadn't disclosed that I was going to law school at night to anyone. I thought, let me, my family knew, but let me keep it discreet at work because I didn't know if it would change people's impression of me or maybe think that I didn't need the current job that I had. So when I disclosed that I had gotten this law degree and passed the bar, I was offered a number of interviews to stay on at the company. And I did receive a job offer. And that's how I became an attorney at that company, having worked at it for many years, first as a non-legal professional, and then being asked to learn about this as a lawyer, as a corporate lawyer, you could be asked to learn about anything. I was in the investment, I was in the investment management division. So that's how that particular topic was relevant for that division. They managed lots of institutional money and institutional relationships. And in the US, these 529 plans are really institutional relationships because each state has a particular plan. And each state selects an investment management firm typically to help them manage those assets. So that's how I developed the expertise, really. Someone with a liberal arts background who fell into financial services and then landed in a role that demanded that I learn about this. And it couldn't have been a better topic for me. It was such a relevant topic because I was living with the debt, I was expecting a child. And I we haven't talked about the fact that I have a huge appreciation for higher education because I know every day I recognize that I would never be where I'm at had I not pursued a degree after high school. So I know the value of higher education as I look back on my life, what it would have been like had I not pursued it. And I know the many doors that it opened. And there's so much research that suggests and really demonstrates that typically the more you learn, the more you can earn in terms of compensation. And in fact, people with undergraduate degrees here in the US, there's a study that shows undergraduate versus high school degree, high school degree versus graduate degree, how much the difference in earnings can be. And it can be nearly a million dollars over a work lifetime. So I know that higher education brings many rewards, uh, one of which is higher earnings, typically, uh, provided you're not necessarily coming out with a ton of debt where you've got to allocate those earnings to it. But higher earnings, a better quality of life. There's studies that show that people are healthier who have attained higher education. They're more socially engaged, they actually vote more and are incarcerated less. They're more uh philanthropic with their community.

SPEAKER_00 25:55

So there's a definite advantage there, isn't there? Let's talk a bit about the um 529 plan. Um, in terms of, and I'm going to kind of broaden it. I know we're, like we said, speaking specifically about it, but really talking about saving for children's education. How can families start saving or investing? And what are the some of the steps that that will help them to do this successfully? Because I know one of the issues people have, which you've mentioned, some people will avoid going to higher education because of the debt. Some people go, you know, have the higher education and come out with so much debt. And I'm talking across the world, because even here in the UK, even though you get a loan and you get all that, but it's a loan you've got to pay back in most cases, and it does accumulate. So, what can parents do to really help their children with this, you know, to avoid this debt and be like your son who wrote the foreword of your book and said that I am debt-free and thanks to my parents. So, what can they do?

SPEAKER_01 27:08

Well, Maureen, one of the things they can do, which is a wonderful first step, is to envision the outcome they want to have for that child or children. I really think mindset matters in this regard. So, to think about how they would like it to be when the child is ready to go off for some form of higher education, imagine what it will look like and what it will feel like. And I think that visualization can be very helpful to families as they begin the journey of savings and attempt to stay on it.

SPEAKER_00 27:43

I would say helpful and powerful. So, and yeah, because when other things come up, it's so easy to say, oh, I'll do it, I'll stop this and you know, start it off again. But it's that envisioning, and I love the way you said that. It's really having that clear vision, asking the questions, what do you want your children, what kind of life do you want them to have after? That is what would drive you and keep you motivated to keep doing it. So, yeah.

SPEAKER_01 28:14

I think that's right. And part of that vision may be what you don't want it to look like. That was the case in my situation. I knew what I didn't want it to look like. I didn't want this precious baby when he grew up to be stressed out, to have to repay loans for 10, 20, 30 years. I wanted him to have options, and I wanted to really do better for him. So that I would say start with a vision. I would also say be careful about your mindset and really think about it not as deprivation when you're saving, that you've got to put this money away and now you can't do this and you can't do that. I would flip that um narrative in your head and think of it as a path to financial freedom. So, for instance, if you cannot now go on vacation because you're saving for higher education, don't say it that way. I can't afford education. Say I've got the opportunity to stay close to home this year and maybe to explore some things locally. And I get to contribute more towards a goal that's really important to me. Another step I would take in terms of mindset, and then we'll talk about the nuts and bolts of saving, but is to find like-minded others who you can talk to about your journey to save. Um, you'll want to do that with discretion, of course, but maybe you have a friend or somebody else in your life, a family member that you can talk to to really articulate what your goal is. Why is that important? I think it's important when we speak our intentions and put them into the universe. Um, I think that is helpful in um making them more real or tangible. I also think it's helpful to get the support of someone else who may be doing the same thing or maybe able to understand the experience that you are having and the goal that you have. So, you know, mindset, um careful about how you talk about it to yourself and then sharing it with others, I think is helpful. Another important step is to educate yourself. You know, the unknown can be extremely stressful, right? You're sitting here wondering, how do I do this? You need to find out. So, in addition to developing a good mindset, you need to do the work to figure out how to go about doing it. Here in the US, as I said, these 529 plans are very useful and you can research them on the internet. You don't need a financial services professional to help you, but if you happen to have one, why not ask that person for their opinion? You can do it alone. And I'm sure across the world, there are many ways that people can begin to save. What they need to do is some research once they've set their mind to it and to get started. And once they're started, I strongly suggest automating contributions to the account. Take the guesswork out of it. Don't leave it up to yourself or others every month or every paycheck to decide whether and to what extent you're going to contribute. Make a decision, even if it's a small amount, and really commit to it and have that money flow automatically because I think that is helpful. And then another thing I hope we will talk about is how to engage others.

SPEAKER_00 31:53

In fact, that was going to be my next question, actually. That was going to be my next question because we are talking a lot about parents doing it for their children. But I was actually going to ask you so, how can other people help? Or how can you even as an adult help younger children? And um, I think the question would be: can you only save for your children? Or what are the other ways in which you save? In fact, there was something you posted on LinkedIn, I think it was in December, relating to Christmas gifts, how you can actually gift um someone a gift. So, can you just talk about all this for them to us, just to help our listeners? Because there are some people that will go, you know, but I don't really have children, or my children have grown up now and you know it's done, I don't need to do it, but then they are grandchildren. So I'll let you speak on that.

SPEAKER_01 32:51

Sure. So these special accounts in the US can be opened by anyone. You don't need to be the child's parent. So if you happen to be a grandparent and you'd like to establish an account for a child, you can do that. Uh, you can be an aunt or uncle. You don't even need to be related. If you wanted to open an account and begin funding it for yourself for a child in your life, uh, you don't need to open an account though. You can contribute to an account that someone else has opened.

SPEAKER_00 33:21

And that's why it's probably good to talk about it so that people know that this is what you're doing, then they can contribute to the funds as well. So, yes, I like that.

SPEAKER_01 33:32

That's exactly right. And that's why I did post around the holidays about if you are a parent and you have opened an account, let friends and family know that you would prefer, to the extent they're going to give anything, a contribution to this account versus a gift that will be quickly outgrown or um reduced in value. Um, oftentimes our homes become so cluttered with well-intentioned gifts or cute little outfits that were quite expensive, but the child wears them once or twice. So if there's a way that you can let friends and family know that while you appreciate their generosity and whatever they're thinking of doing, could they perhaps instead do something like this, or perhaps get a smaller gift, a book or something small, and then also contribute to the account. Because over time, those contributions can really add up. And it really helps a child to have a bigger circle of support, interested in their academic future. I think it opens some wonderful conversations. I think everyone feels engaged. I think it's a gift that most anyone would feel good about giving. Absolutely. Yeah, but you've got to let people know. And receiving, absolutely. Everybody wins because I think that shopping is not easy. You know, guessing what a child would want or what size they are, or do they already have that toy or book is difficult. And instead, giving something that could be so valuable, and then maybe a smaller little gift for the child to open, I think could be really useful. So parents do not have to go it alone. They can let others know that they're on this journey and they can invite them to join them. And um, you know, I also talk about inviting your employer to join you because employers can also contribute to these accounts. Um, and there are a growing number that are getting interested in doing so, but really the employee needs to speak up to let the company or the human resources department know that they could use help because employers help employees save for other long-term goals like retirement. They may not necessarily be thinking about the struggles of saving for higher education. And here in the US, higher education is probably the second largest investment a family will make after the purchase of a home. I mean, it can be hundreds of thousands of dollars. It can be less, but it can be as much as that. And that's a big amount of money for people to uh save and spend so they can really use the help of others.

SPEAKER_00 36:19

Now I think that I think it's really powerful because when I when each time I see you talk about it and when I've read your book, I just say this applies to everywhere, every part of the world, literally. Education is so powerful, and if you can start saving on time or just start saving, and I I said on time, and it brings me actually to another question. When is it too early or too late to start, or is it ever too early or too late to start saving?

SPEAKER_01 36:51

I feel it's never too early or too late to start saving. And in fact, with the 529 accounts, you can even open an account before a child arrives. You can name yourself as the beneficiary of the account and then change it to the child's name once the child has arrived. And here in the US has a Social Security or tax ID number. Um, wherever you are in the world, getting started early is not going to hurt you. It's only going to help because it gives you more time to accumulate the funds. In terms of being too late, a lot of times families are concerned that now they're so close to higher education that it wouldn't make any sense to save. But it does make sense to save whenever you can, because whatever amount you're able to accumulate is that much less that the child will need to borrow and repay with interest. So I wouldn't be discouraged if you haven't started, but I would get started as soon as you can. Don't put it off. The costs are not going to be less because you've weighed it. They're going to be the same or maybe even more in the future. So you want to get started. You don't need to save it all. For some, you know, they become, you know, so frightened about the cost, the sticker price that they hear that they don't think there's anything they can do. But that's not true. There are other ways of um paying for the education, but savings is an important component. You don't have to save it all, but you should save something or as much as you can.

SPEAKER_00 38:25

Thank you so much. That is so true. That is so true. And in fact, one of the things I wrote on my notes is even for a grandchild, you can help a godchild. Um, you can as a gift, you can, there's just so much that you can do to really support. And education is always expensive everywhere in the world. So just thinking about it really makes a difference. And it could be investing even in stocks and shares, to, you know, and and just leave it, don't touch it. And I like the way you said automate it, just put it in there for someone, you know, or give uh as a gift is so important. And um, one other thing that I'll touch on, because I know we're almost at the end, is um this whole concept of you need a lot of money to start saving. What will you say to that?

SPEAKER_01 39:17

I would say that that is a myth. You don't need a lot of money to get started saving. I'm sure this is the case around the world, you can open an account with a small amount of money. Many of the 529 college savings plans can be opened with just $25.

SPEAKER_00 39:34

So it's $5.

SPEAKER_01 39:36

Yeah, that's a small amount of money. Yeah, so you can get started with a small amount, and it probably takes 15 minutes or so to get an account open. So the allocation of that time is really valuable. As I look back to when my son arrived, I think about the fact that that was one of the best decisions I made.

SPEAKER_00 40:00

Yeah, yeah, no, I totally agree with you. I think let we're gonna end this with the last question that I'll ask. What are the obstacles and hesitations that you find that people face?

SPEAKER_01 40:16

I think fear of the unknown not having the information about how to get started is a big obstacle. I think the lack of understanding of ways of investing causes people to feel they hear these myths about these things and they don't get started because of that. So they don't educate themselves. I think education is one of the biggest obstacles. I think because the cost seems so large that families sometimes think there's nothing they can do and they're discouraged by that. And I think there are some myths about the fact that college or university education may someday be free. I don't think that's the case. There are pockets of places around the US and around the world where you can get tuition at a lower cost depending on how much your family earns. But I don't believe that education is ever going to be free. And even if it was, you would still need money for the books and the supplies and the housing. And so there, I think some of those issues really interfere with people's ability to get started. And they just don't do it. And Maureen, I have to tell you, I've met thousands of families through the years that were so happy they did get started, and whatever they were able to accumulate, they were proud, and the child came out with little or no debt, or at least a minimal amount. And then likewise, I've met thousands of families who say they're so regretful that they didn't get started. They wish they had known, they wish they had thought about adjusting their lifestyle just a bit to cut back on expenses so that they can save a little more. And that is another tip in terms of getting started. What you can save has an awful lot to do with what you are spending. So take a look at your expenditures and see if there things you can cut out. I mean, as a family, we got rid of cable television and just got a little antenna so we can watch fewer channels, but we saved money. We drove a car that's now 21, 22 years old. Rather than ever spending money on a new car, we stuck with what we had. So see if there are things that you can adjust that can help you with this goal. I think families just need to um lift the veil on ways to save, learn about them, make that commitment, get started, and you know, keep the vision close to their hearts as they go through the process.

SPEAKER_00 43:01

Yeah, Patricia, you have been amazing. The advice you've given, the tips are simply just, oh gosh, you know, anyone that uses them will truly make a difference. And it's so true, in the sense that when you start, it really truly makes a difference. But it's a sacrifice, it's a commitment, but it will pay off at the end. I do, you know, and you just making, I think enlightening us in a way, or even just shining that light on the fact that it's people looking inwards on what you're spending is the key. Because a lot of times, you know, some people go on holidays twice a year, some people go, you know, uh shopping constantly and what they spend in Christmas. I think it's just now reflecting and going, okay, what is more important for us as a family? Is it being able to give this child a great start in life where they don't have to have so much debt starting out their lives? Because living expenses alone in every part of the world, when they're in university or college, is massive, it's huge, you know, and a lot of times these children are starting their lives with so much debt. You know, they can't even buy a house or even rent a place. It's just so this would truly, truly make a difference. Thank you so much for sharing yourself with us. And you know what, and I'm so pleased you shared your story because so that people can see that you did not. Have a silver spoon in your mouth when you are growing up to say, okay, oh yes, I had my parents gave it to me. You know, I had a great style. No, you didn't. It's a commitment you made with your husband that we're going to give our child a better life. And, you know, I really do commend you for that. Thank you so much, Patricia. So, in terms of your book, again, I'm going to put the link in the description. And where can people find it?

SPEAKER_01 45:05

Sure. So the book is called Route 529, R-O-U-T-E, 529, A Parents' Guide to Saving for College and Career Training with 529 Plans. And they can find it on Amazon.com. And I believe in other bookstores. Amazon is the place I think most people tend to find it.

SPEAKER_00 45:26

Thank you so much. Now, where uh is there anything else that our um listeners can benefit from in terms of links or where they can find you or your website or anything uh else that's um where you know if they're on LinkedIn, I suppose.

SPEAKER_01 45:42

Sure. LinkedIn is a good place to find me if you look at Patricia Roberts and maybe search my my company's name is called Gift of College. I'm also on Instagram at root529 mom. Root529 mom. Yeah, yeah. And in terms of a resource here in the US, uh there's a nonprofit that I'm involved with called the College Savings Plans Network. And their website is collegesavings.org. Collegesavings.org. And I can provide this to you in writing so you can put it in the show notes. But they've got a lot of information on all of the 529 plans that are available here in the US and on savings strategies. They have a good blog, ways to compare options. So I think that would be a good site as well.

SPEAKER_00 46:35

Thank you so much, Patricia. I am so grateful and honored that you came onto this podcast. I think you've given us a lot to think about. Um, you've given people, in a way, it's that um permission to go, you know what? I can do this. And it's and I love the way you said it's never too late. It's never too late, it's never too early. You know, you can even start before the children come. You can start, you know, doing this for a godchild, a grandchild, a friend, or you know, for even kids that are in foster care, adopted. I think you went into all that in your book. So thank you so much once again for coming onto the podcast. And um, I look forward to hearing people hopefully telling us how this podcast made a huge difference to their lives. Thank you.

SPEAKER_01 47:25

Thank you for having me, Maureen.

SPEAKER_00 47:30

Okay, three things before we finish today. Have you subscribed to this podcast? If you haven't, make sure you click that subscribe button wherever you listen to this podcast. Because once you subscribe, you will not miss an episode. And as usual, if you have a topic you would love me to speak about or bring a guest on, do let me know by leaving a review. Finally, do have a fantastic week and remember that you are limitless. So I look forward to seeing you in our next episode. Bye for now.