Pełna transkrypcja odcinka Slash Your Student Loans: Master Your Finances with the Shred Method

think it's very powerful, but it's also very real that most of the people don't really understand. 00:06:28.045 --> 00:06:39.055 Most of the people think that the entrepreneurship journey is like a movie you know in a flash everything would be successful and so on. 00:06:39.055 --> 00:06:53.480 But in reality it takes a lot of taking risks, a lot of failures in the beginning, a lot of rethinking and re-strategizing over and, over and over again. 00:06:53.480 --> 00:06:58.617 Tell us about the shred method. 00:06:58.617 --> 00:07:11.459 Did you start your entrepreneurship journey as the student loan, trying to solve the problem, or did you eventually get into that shred method? 00:07:13.312 --> 00:07:22.057 Yeah, it's an interesting question and through line, because where I started in my career really ultimately helped shape where I am today. 00:07:22.057 --> 00:07:27.721 And when I started as an entrepreneur, my goal really was to educate people about money. 00:07:27.721 --> 00:07:39.680 I wanted to create an educational platform that I could go out and help present ideas around saving and investing and help change people's mindsets around money. 00:07:39.680 --> 00:07:52.576 I knew enough to be dangerous, I think, at the beginning, and the more experience that I had, hema, the more I realized that I was slowly developing the skillset that would lead to where I'm at today. 00:07:52.576 --> 00:08:01.156 So for me, the iterations that happened around business were I was dealing with a lot of college-age students early on. 00:08:01.156 --> 00:08:02.653 I wrote books. 00:08:02.653 --> 00:08:10.817 I would go present on college campuses, I was consulting with them in their financial aid departments. 00:08:10.817 --> 00:08:15.398 That led to me working with banks and credit unions. 00:08:16.210 --> 00:08:24.658 My work with banks and credit unions led to me doing the documentary on student loan debt and really helping people understand the causes and repercussions of student loans. 00:08:24.658 --> 00:08:40.262 And then I had this break in the action where I started a mortgage company and I had been a broker for a period of time helping people find mortgages and buy and refinance homes. 00:08:40.262 --> 00:08:53.275 But there was something in the midst of that that it was like an aha moment that I realized I wasn't really helping people when I was refinancing their debt, because all I was doing was resetting the clock back to zero. 00:08:53.275 --> 00:09:03.119 They had maybe generated some equity in their property and then, when I refinanced them, they just went back to starting the clock at zero. 00:09:03.119 --> 00:09:27.376 And that's where the Shred Method came in, and it's known by some other different names, but we have enhanced what I think the process is and put a piece of software behind it that actually teaches people what to do with their income to create greater efficiency, allowing them to pay off their mortgage in record time, and for most folks that's between three and seven years. 00:09:29.894 --> 00:09:36.643 That's interesting and I'm also guessing you had a lot of backlash when you came initially with that method. 00:09:36.643 --> 00:09:38.397 Talk us about that journey. 00:09:38.397 --> 00:09:58.214 I think you talked about the motivation behind creating that Shred Method, but tell us about the backlash and what is that core principle that people have to adapt to, why it's very useful for the people, especially for families who have kids, who are planning for the future and so on. 00:09:58.635 --> 00:10:16.557 Yeah, you know, the biggest backlash or the hurdle that I've got had to come over with this business is we're a debt laden and, I would say, debt addicted society and we believe that debt is normal, natural and good. 00:10:16.557 --> 00:10:18.856 And I'm not saying it's not. 00:10:18.856 --> 00:10:20.916 I think debt can be a really useful tool. 00:10:20.916 --> 00:10:34.291 At the same time, I think that there are a lot of folks out there that they have used debt to acquire all of the things they want and then they wake up one day and realize I'm not getting ahead as fast as I should be. 00:10:34.291 --> 00:10:35.153 Why is that? 00:10:36.409 --> 00:10:46.940 And we often point out to people that the two greatest expenses that we'll ever have in life are taxes and the interest expense on debt, and it's one of those. 00:10:47.080 --> 00:10:48.946 Actually, both of them are somewhat overlooked. 00:10:49.014 --> 00:10:59.586 We don't really think intently about the fact that we have property taxes, income taxes, sales tax, gas tax, liquor tax, travel tax. 00:10:59.735 --> 00:11:04.822 I mean that we are taxed on literally everything, so it's one of the greatest expenses we have. 00:11:04.822 --> 00:11:10.546 Secondarily, the interest expense on debt is something that we don't normally pay attention to. 00:11:10.546 --> 00:11:45.645 We just go well, I can afford my house payment and I can afford my car payment and I can swing the minimum payment or a little bit extra on my credit card debt, but in reality that could account for, for most people, $20,000, $30,000, $40,000 a year in interest expense, and what we're trying to do is teach them how to claw back some of that interest so that they could have the funds necessary when their kids need braces or they want to take a lavish vacation or you want to write a check for college because you can cash flow college. 00:11:45.645 --> 00:11:57.403 That's ideally what we want people to be able to do, and those that we catch early enough, they'll experience that it's like I can't believe I'm writing a check for tuition. 00:11:57.403 --> 00:12:00.001 I can't believe I just wrote a check for my new car. 00:12:00.001 --> 00:12:03.442 That's the kind of power that we help people create. 00:12:06.273 --> 00:12:09.383 Yeah, that is very, very intriguing and intimidating at the same time. 00:12:09.383 --> 00:12:12.100 So let's talk

about you. 00:12:12.100 --> 00:12:17.469 You briefly mentioned that the books that you have wrote. 00:12:17.469 --> 00:12:23.956 It's kind of like a building blocks for the shred method what are? 00:12:23.956 --> 00:12:33.445 Tell us a little bit about the four books that you have wrote, and starting from book number one, and how it actually evolved to your latest book. 00:12:33.966 --> 00:12:52.597 Yeah, the first book is called Winning the Money Game and the subtitle is a rule book to achieving financial success for young people, and the reason it was written early on was it was going to be a high school and college curriculum. 00:12:52.597 --> 00:13:04.825 So that book I think at last count it's probably sold somewhere in the neighborhood of 30,000 degrees, which I think by most indications would make it a best seller. 00:13:04.825 --> 00:13:13.620 And yet the problem is the majority of those have been sold in boxes of 100 to high schools and colleges around the country. 00:13:13.620 --> 00:13:26.764 So that book led to a book that it's kind of funny to say it, but I wrote it on two long airline flights across the United States and that book is called 30 Days to 1K. 00:13:26.764 --> 00:13:32.904 The idea behind that book was people were telling me it was hard to save $1,000. 00:13:32.904 --> 00:13:37.305 And I was like it's not that hard to save $1,000. 00:13:37.305 --> 00:13:39.883 Let me write all the ways that you can do that in 30 days. 00:13:39.883 --> 00:13:43.863 And so that book was a self-published deal through Amazon. 00:13:45.195 --> 00:13:59.923 My third book is called Mastery of Money for Students, which is a little bit higher level I would say that's college, certainly college level and maybe a little beyond, also used in a variety of different colleges and universities as a curriculum. 00:13:59.923 --> 00:14:13.003 And then my latest book is called the Build a Bigger Life Manifesto, and this has sort of been my life's work over the last five years of teaching people how to build a bigger life, not a bigger lifestyle. 00:14:13.003 --> 00:14:25.403 And a bigger life for me is the idea of time with family and travel and getting to practice your guitar or your piano just because you want to. 00:14:25.403 --> 00:14:33.085 You know, having free time to do what you want, as opposed to having to work all the time to pay for the stuff you have. 00:14:33.085 --> 00:14:40.903 And the book itself was kind of a labor of love, and I finished it in Sorrento, italy, in 2019. 00:14:40.903 --> 00:14:46.004 So it's got a lot of great memories just in the completion of it. 00:14:48.219 --> 00:14:48.841 That's really good. 00:14:48.841 --> 00:15:08.941 I think it's kind of I can see like the maturity level of the books, coming from book number one to two to three, and I think it's covering the different dimensions of what can you do the best in life, including the money savings idea. 00:15:08.941 --> 00:15:20.648 You're not just saying like, hey, these are the principles just for students, but also saying like, look at the life, as you can save 100, you know you can save $1,000. 00:15:21.134 --> 00:15:22.058 It's not that hard. 00:15:22.058 --> 00:15:39.942 But also what is very interesting is, I think, your third book, where you mentioned that having a better life and how to save more money out of the student loans what most of the parents would be interested who are listening to the podcast. 00:15:39.942 --> 00:15:44.682 So let's let a bit dig into. 00:15:44.682 --> 00:15:58.668 Starting with, what are the common myths or mistakes that parents do in terms of planning for their, for the students, education and in terms of planning for the student loan. 00:16:00.759 --> 00:16:12.919 I think the most, the one that stands out the most for me, hema, is not being in communication with your student about who actually is paying for school or how it's being paid for. 00:16:12.919 --> 00:16:29.301 And you know, we could be talking to any level of entrepreneur today, right, these could be folks just getting started or wanting to start entrepreneurs, we might call them, and those who are super successful and can stroke a check for their kids, college and everywhere in between. 00:16:29.301 --> 00:16:48.740 The challenge that I saw in doing the documentary on student loan debt and the amount of work that I did on campuses was that I would meet students all the time that when I asked them either how much will you have in student loan debt or how is college being paid for, they'd be like I have no idea. 00:16:48.740 --> 00:16:53.163 My parents just did it, so they didn't know how much they were borrowing. 00:16:53.163 --> 00:16:59.161 So if that was the case, maybe their parents filled out the FAFSA and approved the financial aid package. 00:16:59.161 --> 00:17:28.381 Or if they were in the know about the financial aid package, but it'd been three years or four years, they had no idea how much the loan had grown to in terms of interest and expense, and I think, from a parental perspective, one of the worst things we can do for our kids is not clue them into what they're actually getting themselves into, because there were also a number of students that said I don't know, my parents are paying for it. 00:17:28.381 --> 00:17:34.303 And then when they graduated, their parents are like surprise, here's your parent plus payment, right? 00:17:34.303 --> 00:17:36.040 Or here's your Stafford loan payment. 00:17:36.040 --> 00:17:38.300 And the kids were caught off guard. 00:17:38.300 --> 00:17:39.799 They thought their parents were paying for it. 00:17:40.535 --> 00:17:50.345 So in our household, one of the strategies that we implemented that your listeners might appreciate is at the dinner table from the time my kids were preteen. 00:17:50.345 --> 00:17:53.438 I would say hey guys, what do you think it costs to go to USC? 00:17:53.438 --> 00:17:57.845 Hey, what do you think it costs for Purdue? 00:17:57.845

--> 00:17:59.641 What do you think it costs to go to Notre Dame? 00:17:59.641 --> 00:18:01.559 What do you think Harvard costs? 00:18:01.559 --> 00:18:10.800 And the kids would guess and I would look it up or we'd use Alexa or whatever to find out what total cost of attendance was. 00:18:10.800 --> 00:18:19.721 But I wanted my kids to understand what college costs were before they ever started thinking through well, how would we ever pay for that? 00:18:19.721 --> 00:18:29.442 Because it's hard for a 14, 15, 16 year old kid to fathom what $50,000 a year looks like, particularly borrowed over four years. 00:18:29.442 --> 00:18:34.079 That might become 200 or 220 by the time interest is calculated. 00:18:34.079 --> 00:18:44.942 So I think the biggest pitfall to avoid is not sharing more with your kids about how that process is gonna unfold. 00:18:48.218 --> 00:18:58.824 I think that is, I think, the first and important step communication with the students so that they have an idea what they would be going through. 00:18:58.824 --> 00:19:15.462 It's not something that is coming for free or coming easily, but there is a lot of amount of work from the parent side, but also, potentially, if you didn't plan properly, from the student side too, from the kids side, once they graduated. 00:19:15.462 --> 00:19:27.984 Let's talk about your documentary, which is very, very interesting, but before hopping into the documentary, let's talk about the book. 00:19:27.984 --> 00:19:40.157 You said your first book have been distributed in high schools and colleges, or, okay, is it part of your strategy, part of your thinking, to say that, hey, you know what. 00:19:40.157 --> 00:19:46.480 This book really needs to go in the hands of the high schoolers, really needs to go in the hands of the college students. 00:19:46.480 --> 00:19:50.243 They really need to know that other side of the table. 00:19:50.243 --> 00:19:52.320 Was that something your idea? 00:19:53.955 --> 00:19:56.564 It was, you know, my first book. 00:19:56.564 --> 00:20:01.919 I probably didn't have that much forethought, you know it was sort of like we have a story to tell. 00:20:01.919 --> 00:20:06.442 Let's tell it by the third book, the Master of Money for Students. 00:20:06.442 --> 00:20:21.200 I had been on college campuses for probably a decade and I had heard so many questions and you know, questions from students but also then the feedback I was getting or answers I was getting from my questions to them. 00:20:21.200 --> 00:20:25.224 You know, just as an example, hema, many students. 00:20:25.224 --> 00:20:28.798 They didn't know the difference between a 1099 job and a W2 job. 00:20:28.798 --> 00:20:32.580 And it may just be semantics, it may just be the language you're using. 00:20:32.580 --> 00:20:33.438 They didn't understand. 00:20:34.295 --> 00:20:40.443 But I wanted that book to illustrate these are 1099 type careers, these are W2 type careers. 00:20:40.443 --> 00:20:42.161 This is how you invest money. 00:20:42.161 --> 00:20:48.578 This is the difference between a Roth IRA, a SEP IRA, a 401K. 00:20:48.578 --> 00:20:58.323 I wanted them to know that because it felt like the vocabulary that society is using when they graduate, maybe unbeknownst to them when they graduate. 00:20:58.323 --> 00:21:23.852 So there were a lot of recent grads who would say, yeah, in my first week on the job they asked me about a 401K but I declined it because I didn't want any money taken out of my paycheck and the book really was intended to help educate students about the power of a 401k and articulate why they should be starting early and building the right habits from a young age and things like that. 00:21:23.852 --> 00:21:29.721 So I think it would be great to say that I had this idea, you know, longstanding plan. 00:21:30.490 --> 00:21:46.661 But I will say that I have students who've said I got your green book in high school, I got the black book in college, we watched your TED Talk in my high school financial literacy class and we watched your documentary in, you know, in my junior college class or my college class. 00:21:46.661 --> 00:22:00.258 I literally have had people say yes, you've been along for almost every step of the way and for me, like there's no greater satisfaction than knowing something I put into the world some time ago is still touching people you know, here or there. 00:22:00.258 --> 00:22:07.495 And, candidly, I like going into half price books every now and again and seeing if one of my books is on the shelf. 00:22:07.495 --> 00:22:10.996 But then I see that I inscribe this to somebody. 00:22:10.996 --> 00:22:13.060 And who do I need to call out on this? 00:22:13.060 --> 00:22:17.339 Because you know they sold my book, but I don't blame them. 00:22:17.339 --> 00:22:19.115 They got two or three bucks out of it, I suppose. 00:22:20.910 --> 00:22:28.298 But I think I'm pretty sure after hearing this podcast, people would be shuffling through the bookshelves and online to find your books. 00:22:28.298 --> 00:22:41.740 For sure, and to the audience we will definitely put all the book names and the documentary, the names, the TED Talk, the links and TED Talk what inspired you did? 00:22:41.740 --> 00:22:50.182 Did you get like the overwhelming requests from people to give us a TED Talk, you know, so that we can sink in all along that? 00:22:50.182 --> 00:22:53.861 Or was the TED Talk also on the shred method or something different? 00:22:54.512 --> 00:22:55.680 Yeah, it was something different. 00:22:58.933 --> 00:23:07.013 And I wish that I could say it was it was like all these requests coming in to do one Really a good friend of mine. 00:23:07.013 --> 00:23:08.238 He said what's next for you? 00:23:08.238 --> 00:23:11.718 And this was like back in 2013 or 14. 00:23:11.718 --> 00:23:15.338 And I said you know, I feel like I want to do a TED Talk. 00:23:15.338 --> 00:23:18.418 I don't know what on yet, but I know I'm going to

do a TED Talk. 00:23:18.418 --> 00:23:22.118 And he said well, how are you going to do it? 00:23:22.118 --> 00:23:23.154 And I said I have no idea. 00:23:23.154 --> 00:23:25.517 I'm going to leave it up to the universe. 00:23:25.517 --> 00:23:28.076 I'm going to ask for divine guidance on it. 00:23:28.076 --> 00:23:38.258 And this friend said why don't you put at the bottom of your email under a double dashed line it is my goal to one day grace a TED stage. 00:23:38.258 --> 00:23:40.575 If you could help me with that, I'd be forever in your debt. 00:23:41.458 --> 00:23:42.039 And so I did that. 00:23:42.039 --> 00:24:10.239 I put it as my signature line and I sent out email after email after email, and lo and behold, about eight to nine weeks later, I got my first request for a TEDx event in Milwaukee, wisconsin, and then, about four weeks after that, I got another almost identical request for an event at the London Business School in the UK and so it happened. 00:24:10.339 --> 00:24:14.153 And it happened sort of I would call it the law of attraction and action for me. 00:24:14.153 --> 00:24:18.478 But the TED Talk that went viral. 00:24:18.478 --> 00:24:30.939 You know what really inspired me about that was my work on college campuses and all these students that they didn't have a clue what they were doing with money, and it occurred to me that money just wasn't real. 00:24:30.939 --> 00:24:37.114 They were in this environment where they just swipe their university ID or use a thumbprint to get into the lunchroom. 00:24:37.114 --> 00:24:48.638 And then I came home one day from a trip on a Friday, saturday morning we're playing a game of Monopoly as a family and I noticed that my kids were just playing outside the rules of the game. 00:24:48.638 --> 00:24:51.216 They just wanted to roll the dice and move the pieces. 00:24:51.216 --> 00:24:56.440 So the money was like irrelevant to them and I went oh the money's irrelevant. 00:24:57.170 --> 00:25:00.638 I wonder, if the money were real, would it be relevant to them? 00:25:00.638 --> 00:25:09.421 And so that inspired the talk, which is basically me playing a cash game on Monopoly with my kids and the lessons we learned from that. 00:25:09.421 --> 00:25:12.452 You know, having 10 grand in cold hard cash on the kitchen table. 00:25:15.250 --> 00:25:15.510 That is. 00:25:15.510 --> 00:25:32.397 You know, it's sometimes really interesting and funny how we get the motivation from the little cute parts of our life and how it blossoms into a whole new fantastic idea, in your case, for the chat talk. 00:25:32.397 --> 00:26:06.602 So again, thanks a lot, adam, for this interview, for motivation and again, I would say, for a big reality check for a lot of parents who would be here in this podcast, who will be there, for planning for the kids future and how communication is important, how planning is important, how having an open communication with the kids about how their future going to be, what they will

be getting the tuition paid and so on. 00:26:06.602 --> 00:26:09.151 Thanks for watching this. 00:26:09.151 --> 00:26:17.588 Wrap up this podcast, but with three main important key takeaways, adam. 00:26:17.588 --> 00:26:22.519 What would your suggestion would be for fellow entrepreneurs? 00:26:22.519 --> 00:26:31.949 We are not talking about the shred method, we are not talking about your SME, but from one parent entrepreneur to another, what would your suggestion be? 00:26:31.949 --> 00:26:39.149 What would be the three key points they have to remember to get them going and motivated and keep on going? 00:26:41.968 --> 00:26:46.074 I think, on the children perspective and raising kids. 00:26:46.074 --> 00:26:53.634 I met this gentleman one time who his one son had a full ride scholarship. 00:26:53.884 --> 00:27:02.329 Both kids had a full ride scholarship to undergrad and then they both received full ride scholarships, one to law school, one to med school. 00:27:02.329 --> 00:27:08.474 I was having coffee with this gentleman and I said how did you do that? 00:27:08.474 --> 00:27:15.197 How does a parent inspire their kids to do full ride on both of those? 00:27:15.197 --> 00:27:19.535 He said Adam, your children will do pretty much whatever you expect of them. 00:27:19.535 --> 00:27:22.270 Be very clear in your expectations. 00:27:22.270 --> 00:27:26.746 I love that idea With my kids. 00:27:26.746 --> 00:27:35.255 One of the things that I said was it is my expectation Now I had a lot of them around how well they'll do in school, academically and things like that. 00:27:35.255 --> 00:27:40.776 One of the things I said was I expect that you'll have an MBA before you ever go to college. 00:27:40.776 --> 00:27:43.591 An MBA was a massive bank account. 00:27:43.591 --> 00:27:57.412 I was teaching them habits of saving and investing from the time they were young, but I wanted them to realize that by the time they went to college they could easily have $5,000 or $10,000 sitting on the sidelines or in investments. 00:27:57.412 --> 00:28:00.607 All of them have done it. 00:28:00.607 --> 00:28:04.874 I think there is some truth to your children will do what you expect of them. 00:28:05.924 --> 00:28:17.385 I would encourage entrepreneurs out there as a second tidbit or point is have conversations with your kids about how your business works Specifically. 00:28:17.385 --> 00:28:22.237 You might even ask them what do you wonder about in mom's business or dad's business? 00:28:22.237 --> 00:28:25.011 What are the things that maybe your friends ask? 00:28:25.011 --> 00:28:27.853 What do you wonder about how this business works? 00:28:27.853 --> 00:28:32.734 Because they're not always that inquisitive, but they're something they're wondering about. 00:28:32.734 --> 00:28:35.830 How did we take that nice vacation two years ago? 00:28:35.830 --> 00:28:37.174 What did that cost? 00:28:37.174 --> 00:28:38.127 How did we do that? 00:28:38.127 --> 00:28:40.069 Was

that a business expense? 00:28:40.069 --> 00:28:41.770 How did you make it a business expense? 00:28:41.770 --> 00:28:43.168 Those kinds of things. 00:28:43.168 --> 00:28:49.375 Ask them what they wonder, because we want to inspire curiosity in our kids around our business. 00:28:50.445 --> 00:29:11.412 Then, last but not least and it goes hand in hand with the other two is, I feel like, being very clear with kids about what the vision is is important, because I think too many parents go through their daily life without sharing what the vision for this month or this quarter or this year looks like for the kids. 00:29:11.412 --> 00:29:18.836 I like to sit down with my family at the beginning of the year and say, listen, my vision for the year looks like this. 00:29:18.836 --> 00:29:21.230 This is what our vacations will look like. 00:29:21.230 --> 00:29:23.411 This is what I want our weekends to be. 00:29:23.411 --> 00:29:25.749 What do you want it to look like? 00:29:25.749 --> 00:29:29.650 I'm doing it for two reasons One, to set the vision for them. 00:29:29.650 --> 00:29:38.576 And number two, to let them know it's okay to have their own, and if I know what their vision is, I'm going to be 100% supportive of helping them achieve that. 00:29:38.576 --> 00:29:41.653 So those are my three. 00:29:44.950 --> 00:29:48.676 I think, very, very well articulated, to be frank with you. 00:29:48.676 --> 00:30:23.916 And next key takeaway for parents who are planning for the kids to go to college, to have their own mortgage to pay, but they also want to start planning for the student loan or for the student tuition fee savings and so on, is 529k better or are there other best options, like Roth IRA or right now we see the teen related IRA options too? 00:30:23.916 --> 00:30:26.469 What would be? 00:30:26.469 --> 00:30:28.034 How can they decide which is best? 00:30:28.034 --> 00:30:29.490 What are the metrics they need to consider? 00:30:30.664 --> 00:30:39.632 Yeah, so much of this depends on do you see your child going on to a four year school and how much schooling might they require? 00:30:39.632 --> 00:30:44.615 I wish this was like a super hard and fast answer. 00:30:44.615 --> 00:30:45.890 Hey, ma, I'm not sure it's going to be. 00:30:45.890 --> 00:30:46.926 I can tell you what. 00:30:46.926 --> 00:30:49.854 I can tell you what we did and it worked. 00:30:51.404 --> 00:31:10.275 You know, we funded a 529 plan as much as we could, as early as we could, knowing that the rule of 72 is in play, right, which is, whatever your interest rate that you're making on that money is divided by, divided into 72, will tell you how many years it will take to double your money. 00:31:11.704 --> 00:31:20.553 And we figured that if we had put enough away that it would double twice, we'd have enough for at least two, maybe three years of college. 00:31:20.553 --> 00:31:33.428 And the assumption was that our kids would probably get scholarships, just given academically,

how they'd done and what we were really driving home for them was there's so much free money for school. 00:31:33.428 --> 00:31:39.568 It's going to be a priority for you to go find it and we'll help you, but you're going to find free money for school. 00:31:39.568 --> 00:31:59.835 And so you know, using that plan, we used 529 plan money to help fund the majority of their college career, and I believe I'm going to knock on wood here, but I believe all three of them will finish with no student loans whatsoever and my daughter's applying for a master's program where she'll get paid to go. 00:31:59.835 --> 00:32:03.213 So I hope the other two do something similar. 00:32:03.213 --> 00:32:16.835 We'll see, but I feel like we've set them up, you know, from a financial mindset perspective and from a financial perspective, to help them get through school with a limited amount of stress. 00:32:17.817 --> 00:32:37.797 Yeah, and I think that's very, very important for kids to know that there is, there are options for you to get paid, for you to go to college and you need to find a way, you need to be the best, in whatever way you can, to match that expectations of the college. 00:32:37.797 --> 00:32:44.657 And I think it's kind of like pitching your startup idea to the investors. 00:32:44.657 --> 00:32:55.451 I would say it in that way, saying like why you are unique compared to the other 500 applicants that are trying to apply for the scholarships. 00:32:55.451 --> 00:33:22.642 And last equation for young entrepreneurs right, they might be a parent of a baby or a toddler, or who want to start their journey from a corporate nine to five job to hopping in, or they might want to think about a side hustle to start with and then eventually go down. 00:33:22.642 --> 00:33:26.208 What do you think is a very important point? 00:33:26.208 --> 00:33:37.861 The starting phase of entrepreneurs have to learn or have to keep it in mind when they start the journey. 00:33:40.826 --> 00:33:42.188 What comes to mind for me. 00:33:42.188 --> 00:33:56.557 My answer to that question is I think that if it is one unit of a couple, that they need to be 100% on board with each other, that this is what they're going after. 00:33:56.557 --> 00:34:13.631 And that might mean, if the female is the entrepreneur and the other partner is the spouse, okay with either having a job or being stay at home, that there is time dedicated to build that business and that they're supportive of that time. 00:34:13.631 --> 00:34:29.026 Because what I find in couples where one is an entrepreneur maybe they're raising kids together is that the entrepreneur gets pulled away from their entrepreneurial duties into parenting and right, wrong or indifferent, it happens. 00:34:29.747 --> 00:34:55.336 but it's really important for one spouse to really protect the time for that entrepreneur to devote time and energy and attention to the business, because the level of focus and the level of focus, time and effort and energy that you put into your business will translate to how much traction and growth you have in the business in short order, whereas if it's very distracted, it's going to take you a lot longer and maybe you lose steam. 00:34:57.326 --> 00:35:06.039 So I find that partners who are aligned on the vision, on the commitment, on the expectations, they can go really far together. 00:35:07.185 --> 00:35:36.196 Yeah, I do remember when I was trying to get the tech startup and I want to quit my corporate job to start my tech startup, me and my husband had around like six months of continuous discussion, or it's like, are we sure, if I go this way, then this is how our family life would be, this is how our finances would be, and it's not easy. 00:35:36.396 --> 00:35:44.144 It's not at all easy for parents who want to even start the side hustle or even go through the parent entrepreneurship journey. 00:35:44.144 --> 00:35:53.437 And I mean a big kudos to all the parents and entrepreneurs who are there who are even starting as a side hustle, because it's hard. 00:35:53.437 --> 00:35:57.246 It's hard, yeah, because you're not single. 00:35:57.246 --> 00:36:13.064 You have your duties as a spouse, you have your duties as a partner, you have your duties as a parent, and it's something that is not easily ignored because it's going to impact the family overall. 00:36:13.064 --> 00:36:18.590 So, thanks again, adam and everybody. 00:36:18.590 --> 00:36:27.820 Adam, carol, again, the author of four books, the inventor of thread method and parent entrepreneur by himself. 00:36:27.820 --> 00:36:41.860 So thank you, adam, once again for your amazing episode and eye opening facts around the shred method, the student loans and mainly about the parent entrepreneurship journey. 00:36:42.404 --> 00:36:43.385 Love it, Thank you. 00:36:43.385 --> 00:36:44.086 Thank you for having me. 00:36:45.244 --> 00:36:45.565 Thank you.