(MUSIC) GOOD MORNING EVERYBODY AND
WELCOME TO THE BALANCING ACT.
WE ARE SO GLAD YOU'RE HERE.
I'M JULIE MORAN.
GOOD MORNING, I'M OLGA VILLAVERDE.
OK, SEPTEMBER IS WOMEN'S EQUALITY MONTH.
WHOO!
BUT IF YOU THINK THAT THINGS ARE EQUAL FOR WOMEN IN THE
WORKPLACE, OK, THINK AGAIN.
TWO LEADING FEMALE EXECUTIVES ARE
COMING HERE AND THEY'RE GOING TO SHARE HIDDEN MISCONCEPTIONS AND
SOLUTIONS FOR SUCCESS.
I LIKE THAT WORD.
AND SPEAKING OF SUCCESS, WE ALL WANT OUR
CHILDREN TO SUCCEED SO PROVIDING THEM WITH A HIGHER EDUCATION, IS
SO KEY.
WE HAVE IMPORTANT INFORMATION ON HOW TO HELP
FINANCE YOUR CHILD'S COLLEGE FUND AND I TELL MY CHILDREN,
(LAUGHS) YOU'VE GOT TO GO TO COLLEGE
BECAUSE I THINK YOU'RE GOING TO HAVE TO FUND ME.
THAT'S RIGHT.
WE FINANCE YOU AND THEN YOU FINANCE US.
THERE YOU GO.
THE BALANCING ACT, IT'S A GREAT SHOW!
IT'S STARTS, RIGHT NOW.
(MUSIC) I AM WOMAN, HEAR ME ROAR.
CAN YOU BELIEVE IT'S BEEN MORE THAN
40 YEARS SINCE WE FIRST HEARD THAT FEMALE EMPOWERMENT WAR CRY?
IT'S TRUE.
IN THE PAST FOUR DECADES WE'VE COME A LONG WAY
BABY.
YET, WOMEN STILL FACE HURDLES TO SUCCEED IN THE
WORKPLACE AND THERE ARE THINGS THEY AND THEIR COMPANIES CAN DO
BETTER.
SO, SINCE SEPTEMBER IS FEMALE EMPOWERMENT MONTH, WE'VE
GOT TWO GREAT LADY PROFESSIONALS IN THE STUDIO TODAY.
BETTY THOMPSON AND TAMARA SUMMERS FROM
BOOZ ALLEN HAMILTON.
GOOD MORNING!
THANKS FOR BEING HERE.
GOOD MORNING OLGA.
REMEMBER THAT SONG.
ABSOLUTELY.
GREAT SONG.
BETTY, LET ME START WITH YOU.
TELL OUR VIEWERS A LITTLE BIT ABOUT BOOZ ALLEN HAMILTON.
GREAT.
AND WE'RE REALLY EXCITED TO BE HERE.
IT'S SUCH AN IMPORTANT TOPIC AND IT'S--
ABSOLUTELY.
--VERY NEAR AND DEAR TO OUR HEARTS.
BOOZ ALLEN HAMILTON IS A CONSULTING FIRM AND WE
ACTUALLY ARE CELEBRATING OUR 100TH ANNIVERSARY.
WOW!
CONGRATS.
THANK YOU.
AND WE ARE ACTUALLY THE COMPANY KNOWN FOR FOUNDING
THE PROFESSION OF MANAGEMENT CONSULTING.
AND WE WORK WITH THE FEDERAL GOVERNMENT, WE WORK WITH
MAJOR CORPORATIONS AND NON PROFITS AND HELP THEM WITH THEIR
TOUGHEST PROBLEMS.
WHETHER IT'S TECHNOLOGY OR ENGINEERING HOW
HOW THEY WANT TO ORGANIZE OR SUPPLY CHAIN MANAGEMENT.
WE'VE WORKED WITH THE RED CROSS BACK
IN THE 30'S.
THE NAVY DURING THE WAR EFFORT.
WE WORKED WITH THE NFL AS THEY WERE FORMING.
REALLY?!
ABSOLUTELY.
WE FEEL LIKE OUT 100 YEARS IS REALLY PART OF AMERICAN
HISTORY.
WE HAVE 23,000 EMPLOYEES ACROSS THE US AS WELL
AS ACROSS THE WORLD.
PRETTY BIG.
AND WE'RE JUST REALLY EXCITED ABOUT THE OPPORTUNITY TO TALK TO
YOU ABOUT THE THINGS WE'RE DOING FOR WOMEN AT BOOZ ALLEN.
AND TAMARA, YOU ARE A SUCCESSFUL CAREER WOMAN.
YOU ALSO HAVE TWO CHILDREN, WE WERE TALKING ABOUT
IT, A TEENAGER AND A 4 YEAR OLD.
THAT'S RIGHT.
YOU'RE VERY BUSY.
TELL ME SOME OF THE MISCONCEPTIONS THAT YOU
FACE WHEN YOU STARTED YOUR CAREER.
ABSOLUTELY.
SO, THE FIRST MISCONCEPTION IS ACTUALLY A YEAR
INTO MY CAREER.
I WAS WORKING IN OUR RECRUITING SERVICES TEAM AN
OPPORTUNITY CAME TO ME TO JOIN THE DIVERSITY AND INCLUSION TEAM
WHERE I'VE BEEN FOR THE PAST 11 YEARS, AND I ALMOST DECLINED IT.
I ALMOST DECLINED IT BECAUSE-- WHY?
--BECAUSE I DIDN'T SEE MYSELF AS QUALIFIED FOR THE ROLE.
YOU DIDN'T THINK YOU WERE FULLY PREPARED.
I DIDN'T FEEL LIKE I WAS FULLY PREPARED OR MET ALL OF THE JOB
DESCRIPTIONS.
SO, THAT WAS REALLY THE BIGGEST MISCONCEPTION
AGAIN, ONE YEAR INTO MY CAREER THAT I ALMOST DECLINED THIS
AMAZING OPPORTUNITY BECAUSE I DIDN'T FEEL LIKE I WAS
QUALIFIED.
AND BETTY HAVE YOU HEARD THIS BEFORE?
ABSOLUTELY, YOU KNOW, THERE'S A NUMBER OF MISCONCEPTIONS ABOUT
WOMEN IN THE WORK PLACE AND TAMMY TOUCHED ON ONE.
THERE ARE STUDIES THAT SHOW MEN ONLY NEED
TO FEEL 20% QUALIFIED TO TAKE ON A NEW ROLE.
AND WOMEN?
WHERE ARE AS WOMEN 80%.
80%? TO FEEL THAT CONFIDENCE.
ABSOLUTELY.
OH MY GOSH.
WHICH IS NOT NECESSARILY TRUE.
ABSOLUTELY NOT.
I MEAN, YOU AND I WERE TALKING EARLIER ABOUT
YOUR OWN EXPERIENCE IN TACKLING THINGS.
AND I DIDN'T HAVE EXPERIENCE YET, I TOOK ON THE JOB.
EXACTLY.
SO, TAMARA LET'S GO BACK TO YOU.
TELL ME WHAT WAS THE CATALYST THAT HELPED YOU SEE THAT, YOU
KNOW, HEY I CAN DO THIS.
THAT'S NOT TRUE.
IT WAS ACTUALLY THROUGH MENTORING.
MENTORING, REACHING OUT TO MY NETWORK, YOU KNOW
CONSULTING WITH LEADERS LIKE BETTY AND OTHERS.
THAT REALLY HELPED ELIMINATE TO ME WHAT MY
BLIND SPOTS WERE AND REALLY GAVE ME THAT YOU KNOW, SENSE OF
CONFIDENCE AND ENCOURAGEMENT TO SAY, YOU KNOW WHAT, YOU HAVE A
VOICE.
YOU NEED TO LEVERAGE YOUR POSITION OF INFLUENCE AMONGST
OTHERS SO IT WAS REALLY THOSE CONVERSATIONS AND SEEKING THAT
SORT OF GUIDANCE THAT REALLY HELPED FOR ME.
AND THAT'S GREAT THAT YOU HAD A MENTOR BECAUSE I DID TOO.
BETTY WHAT ARE SOME OTHER MISCONCEPTIONS THAT MAYBE WOMEN
FACE ALSO IN THE WORKPLACE?
YOU KNOW WHAT WE HAVE FOUND IS THAT WOMEN NOT ONLY WILL THEY
NOT SEE THEMSELVES AS QUALIFIED BUT THEY ALSO ARE VERY RELUCTANT
TO ASK FOR HELP.
WE DO IT ALL INSIDE OUR OWN HEAD AND TRY TO
FIGURE IT ALL OUT.
AND WE JUST DON'T ASK FOR THE HELP THAT
PEOPLE ARE ACTUALLY EAGER TO PROVIDE FOR US.
THAT'S RIGHT.
THERE ALSO-- IT'S KIND OF A SIGN OF WEAKNESS.
EXACTLY.
I THINK THAT'S WHAT IT IS.
NO, I THINK YOU WANT TO INDEPENDENT,
YOU WANT TO MAKE AND YOU KNOW, WE HAVE SO MUCH THAT WE'RE DOING
ON OUR OWN ANY WAY SO THAT'S ONE OF THE MISCONCEPTIONS.
ANOTHER IS THAT WORKING HARD IS ENOUGH.
AND KEEP MY HEAD DOWN AND SOMEBODY IS GOING TO TAP ME ON
THE SHOULDER AND SAY YOU'RE DOING A GREAT JOB LET ME PROMOTE
YOU.
NETWORKING, MENTORING, CONNECTING WITH OTHERS THAT
VISIBILITY THAT YOU NEED IN THE ORGANIZATION TAKING THE TIME TO
MAKE YOURSELF KNOWN.
BECAUSE WOMEN THINK THEY ARE GOING TO
GET CREDIT FOR STUFF JUST BY DOING THE HARD WORK.
AND IT TAKES MORE THAN THAT.
IT DOES.
NOW, THESE ARE ALL CHALLENGES, NO DOUBT, FOR A LOT OF PEOPLE
AND YOU DON'T LEARN THEM OVER NIGHT.
LIFE CAN TEACH THEM TO YOU.
LET'S BE HONEST.
THAT'S RIGHT.
HOW WAS BOOZ ALLEN HAMILTON BEEN ABLE TO ADDRESS THEM?
WELL, YOU KNOW, WE HAVE BEEN FOCUSED ON DIVERSITY FOR MANY
YEARS, OVER THE LAST 20 YEARS, WE'VE HAD A LOT OF INITIATIVES
BECAUSE WE ARE A PEOPLE BUSINESS AND ALL WE HAVE ARE THE PEOPLE
THAT COME IN AND WE NEED THEM TO BE THEIR ABSOLUTE BEST AND WE
NEED THERE TO BRING DYNAMIC AND DIVERSE THINKING AND THAT
REQUIRES A DIVERSE AND TALENTED WORKFORCE SO WE HAVE FOCUSED ON
DIVERSITY FOR AT LEAST THE LAST 20 YEARS AND IN THE LAST 5 YEARS
WE CREATED THE WOMEN'S AGENDA WHICH TAMMY IS THE LEAD FOR US
ON THAT.
AND IT FOCUSES ON ADDRESSING FOR WOMEN THESE
MISCONCEPTIONS AND HELPING THEM CONNECTING THEM WITH OTHER
LEADERS, FINDING MENTORS FOR THEM.
FINDING SPONSORS FOR THEM.
CREATING A SENSE OF CONFIDENCE IN THEM.
ONE OF THE OTHER MISCONCEPTIONS OR ACTUALLY
REALITY IS SOMETIMES WOMEN AREN'T HEARD IN A MEETING WHERE
THEY ARE THE ONLY WOMAN AND SO WE HELP THEM WITH GETTING THEIR
VOICE OUT THERE IN THE RIGHT WAY SO THAT THEY CAN ACTUALLY BE
HEARD.
AND I'M GOING TO PIGGY BACK ON WHAT BETTY SAID, I READ
HERE THAT YOU ARE NOW THE PROGRAM MANAGER OF THE ENTIRE
WOMEN'S AGENDA INITIATIVE.
WHOO!
BIG JOB.
IT IS.
TELL ME ABOUT IT.
IT'S A FULFILLING JOB.
OUR WOMEN'S AGENDA REALLY FOCUSES ON
PROVIDING THOSE OPPORTUNITIES TO HELP WOMEN EXCEL, DEVELOP AND
ADVANCE IN THEIR CAREERS AND AS A PART OF THAT THERE'S A
COMPONENT SPECIFICALLY FOR WOMEN THAT ADDRESSES SOME OF THE
MISCONCEPTIONS AND PERCEPTIONS THAT WOMEN HAVE IN THEIR
CAREERS.
OUR WOMEN'S FORUM IS REALLY, YOU KNOW, OUR EMPLOYEE
RESOURCE GROUP THAT PROVIDES THE DEVELOPMENT OPPORTUNITIES FOR
WOMEN, EXPOSURE TO SENIOR LEADERS, AND WE KNOW AT BOOZE
ALLEN IT'S IMPORTANT FOR WOMEN TO SEE OTHER WOMEN LIKE THEM IN
THEIR CAREERS.
AND SO, WE HAVE THIS NOTION OF WOMEN LIKE ME.
AND IT'S REALLY FOR WOMEN TO BE ABLE TO LOOK UP TO ANOTHER WOMAN
AND REALLY LEARN FROM HER CAREER JOURNEY AND SEE, I HAVE
SOMETHING TO ASPIRE TO IN MY OWN CAREER.
SO, IT'S REALLY THAT INSPIRATION, YOU KNOW, MEN BEING
A PART OF OUR WOMEN'S AGENDA IS IMPORTANT.
MEN SERVING AS ADVOCATES, AS CHAMPIONS, AS
SPONSORS OF WOMEN.
QUICKLY IF WE MAY.
I KNOW THERE'S A LOT OF COMMUNITY
SERVICE INITIATIVES BEING DONE, CAN YOU TELL ME ABOUT THAT?
ABSOLUTELY.
DURING OUR 100TH ANNIVERSARY WE HAVE A CENTENNIAL
CHALLENGE, WHICH IS FOR ALL EMPLOYEES AT THE AGGREGATE LEVEL
OF THE FIRM TO CONTRIBUTE A 100,000 HOURS OF COMMUNITY
SERVICE.
WOW.
AND WE ARE WELL ON OUR WAY TO ACHIEVING THAT GOAL BECAUSE WE
ARE VERY MUCH A PART OF OUR COMMUNITIES.
VERY WELL.
THANK YOU SO MUCH.
THANK YOU.
GREAT HAVING YOU.
PLEASE COME BACK.
ABSOLUTELY.
AND NEXT TIME YOU DO, I'LL WEAR A RED DRESS WITH YOU.
THERE YOU GO.
THAT'S THE POWER COLOR.
(LAUGHS) GOOD LUCK TO YOU.
THANK YOU SO MUCH.
AND DON'T FORGET TO JOIN US ON FACEBOOK AND TWITTER AND TO FIND
OUT ABOUT MORE BOOZ ALLEN HAMILTON, JUST GO TO OUR
WEBSITE, THAT'S THEBALANCINGACT.COM
AND REMEMBER I AM WOMAN HEAR ME ROAR.
RIGHT?
(MUSIC) DRINKING PLENTY OF GOOD, CLEAN
WATER IS ONE OF THE BEST THINGS YOU CAN DO FOR YOUR HEALTH, AND
AS A MOM I TRY AND ENCOURAGE MY FAMILY TO DRINK WATER VERSUS THE
'NOT AS GOOD FOR YOU' DRINKS OUT THERE.
WELL, TO HELP US GET THE MOST OUT OF OUR WATER AND AS
PART OF OUR INCREDIBLE DISCOVERY SERIES THIS MORNING, OUR PRODUCT
EXPERT MIRANDA KHAN IS HERE WITH, YES, ANOTHER INCREDIBLE
DISCOVERY.
THANKS SO MUCH FOR BEING HERE MIRANDA.
YOU KNOW, I LOVE GOOD, PURE CLEAN WATER,
TELL ME A LITTLE BIT ABOUT THIS ONE.
WELL, FIRST OF ALL THANKS FOR HAVING ME, AND YEAH, WHY NOT BE
SAFE AND USE A WATER FILTER EVEN IF YOUR WATER LOOKS AND SMELLS
OKAY, IT'S JUST A PRECAUTION TO PROTECT YOUR FAMILY'S HEALTH.
OKAY, SO TELL US A LITTLE BIT ABOUT THIS PARTICULAR FILTER YOU
DISCOVERED.
WELL, THIS FILTER IS CALLED THE CLARO SWISS MAXIMA PLUS C
FILTER, AND I LOVE IT BECAUSE IT'S COMPATIBLE WITH MOST FILTER
PITCHERS THAT HAVE OVAL FILTER CARTRIDGES, AND I THINK WE'VE
ALL SEEN THOSE, RIGHT?
YEAH, SURE.
OKAY, WELL, THIS FILTER NOT ONLY GETS RID OF ALL THE STUFF THAT
WE DON'T WANT, IT ALSO UTILIZES THIS GREAT TECHNOLOGY CALLED
INTELLIGENT MINERAL CONTROL...
HMM.
...WHICH BASICALLY REMOVES ALL THOSE CONTAMINANTS THAT WE DON'T
WANT, LIKE LEAD AND COPPER, BUT IT LEAVES IN ALL THOSE HEALTHY
MINERALS THAT WE DO WANT THAT ARE GOOD FOR OUR BODIES LIKE
CALCIUM AND MAGNESIUM.
WOW, SO THIS REALLY TAKES THE GUESSWORK OUT OF IT FOR ME, I'M
SO HAPPY TO KNOW THERE'S SOMETHING THAT GIVES ME THE
GOOD, TAKES OUT THE BAD.
RIGHT!
IT DOES EXACTLY WHAY YOU'D WANT IT TO DO, RIGHT?
RIGHT.
BUT WHAT'S REALLY INNOVATIVE ABOUT THIS FILTER, JULIE, AND
WHY I CALL IT ONE OF MY INCREDIBLE DISCOVERIES, IS THAT
IN ADDITION TO BEING A GREAT WATER FILTER, THIS FILTER
ACTUALLY ADDS VITAMIN C TO YOUR WATER WHILE FILTERING IT.
WHAT A CLEVER IDEA, I MEAN, YOU'RE RIGHT, THIS IS AN
INCREDIBLE DISCOVERY, I LOVE THAT.
I FIGURED YOU WOULD, YEP, THIS FILTER ACTUALLY ADDS VITAMIN C
RIGHT INTO YOUR REGULAR TAP WATER, WHICH AS WE KNOW, A LOT
OF US TAKE VITAMIN C BECAUSE IT'S SO BENEFICIAL TO OUR
HEALTH, IT'S AN ANTI-OXIDANT, IT HELPS FIGHT INFECTIONS, IT HELPS
WOUNDS TO HEAL, IT PROTECTS OUR TEETH AND OUR GUMS AND OUR
BONES, IT'S JUST ALL-AROUND GOOD FOR YOU.
ABSOLUTELY, I MEAN, I TAKE VITAMIN C WHEN I HAVE A COLD,
BUT I ALSO THINK ITS JUST BENEFICIAL TO HAVE IT AS PART OF
OUR DIET EVERY DAY.
RIGHT, AND NOW YOU CAN DO IT WITH THIS WATER FILTER.
WONDERFUL, SO WHETHER YOUR TAP WATER LOOKS OR SMELLS FUNNY OR
NOT, THE CLARO SWISS MAXIMA PLUS C FILTER, I GOT THAT
RIGHT?
YOU DID.
...IS A GREAT WAY TO ENSURE THAT YOUR FAMILY IS GETTING PURE,
HEALTHFUL WATER AND GETTING THE BENEFITS OF VITAMIN C AT THE
SAME TIME.
AND DON'T FORGET MAGNESIUM AND CALCIUM.
ALRIGHT, I WILL NOT FORGET THAT AS WELL, THANK YOU SO MUCH FOR
MIRANDA, ANOTHER INCREDIBLE DISCOVERY INDEED.
AND FOR MORE INFORMATION ON THIS
MULTI-FUNCTIONAL FILTER, CHECK OUT THEIR WEBSITE, IT'S
CLAROSWISS.COM.
(MUSIC).
BALANCING YOUR ACT IS A FULL TIME JOB.
IT HELPS TO HAVE A SUPPORT GROUP.
JOIN OUR SOCIAL COMMUNITY BY VISITING
facebook.com/thebalancingactfans GET IN ON THE CONVERSATION.
(MUSIC) DID YOU KNOW THAT TODAY THE
AVERAGE COST OF A PUBLIC COLLEGE EDUCATION IS MORE THAN $18,000
DOLLARS A YEAR?
AND FOR A PRIVATE COLLEGE?
GET READY.
$41,000 A YEAR.
WHOO.
WELL, THANKFULLY SEPTEMBER HAPPENS TO BE COLLEGE SAVINGS
MONTH.
I LOVE TO SAVE.
SO, IT'S THE PERFECT TIME TO CHAT WITH
CERTIFIED FINANCIAL PLANNER MARY RYAN FROM VANGUARD.
ONE OF THE LARGEST AND MOST RESPECTED
INVESTMENT COMPANIES ON THE PLANET SO I'M SURE SHE HAS SOME
FABULOUS INSIGHTS FOR US.
GOOD MORNING!
GOOD MORNING OLGA.
YOU'VE BEEN DOING THIS A PRETTY LONG TIME.
YEAH.
YOU LOVE IT.
LOTS OF CHALLENGES?
I HAVE.
I'VE BEEN IN THE FINANCIAL PLANNING BUSINESS FOR
OVER 20 YEARS.
WHOO!
AND I LOVE IT BECAUSE I WORK WITH MY CLIENTS AS PARTNERS.
WE SET THEIR GOALS, WE DO
EVERYTHING WE CAN TO ACHIEVE THOSE GOALS AND WHEN THEY DO
THAT IS VERY SATISFYING.
AND DOING THE GOALS AND YOU KNOW, THE FINANCIAL GOALS,
EVERYBODY HAS THEM.
WHAT IS SAVING FOR COLLEGE FUND RANK?
IN TERMS OF SOMEONE'S LIFE.
WELL, EVERYBODY IS DIFFERENT OBVIOUSLY.
CORRECT.
BUT YOU KNOW, FOR PEOPLE THAT HAVE CHILDREN AND FAMILIES THAT
HAVE CHILDREN, THE U.S. DEPARTMENT OF LABOR HAD SOME
VERY INTERESTING STATS.
SO, WHEN YOU LOOK AT THAT, YOU HAVE TO
UNDERSTAND THAT HAVING A COLLEGE DEGREE, UNEMPLOYMENT TENDS TO BE
LESS.
EARNINGS TEND TO BE HIGHER.
SO, I'D LIKE TO SAY, YEAH, I THINK IT'S VERY
IMPORTANT ON THE RANKING.
WHEN I GOT PREGNANT, IT WAS THE FIRST THING ON MY MIND.
WELL, I WANTED A GIRL.
I WANTED HER TO BE HEALTHY AND I THOUGHT OF HER
COLLEGE.
THOSE WERE THE THREE THINGS.
(LAUGHS) AND I, SO FAR SO GOOD.
THERE YOU GO.
(LAUGHS) NOW, LET ME ASK YOU THIS.
A LOT OF PEOPLE SAY YOU KNOW, IT'S
IMPORTANT TO PUT SOME MONEY ASIDE.
TODAY'S ECONOMY, YOU KNOW, MARY, EVERYBODY IS
WATCHING EVERY CENT.
HOW DO THEY GET OVER THAT HUMP AND THAT FEAR
OF PUTTING SOMETHING AWAY?
WELL, AS YOU SAID AT THE BEGINNING OLGA, THE COST OF
EDUCATION CAN BE SO OVERWHELMING.
AMAZING.
IT IS SO OVERWHELMING.
AND I TELL PEOPLE.
TAKE A STEP BACK, DON'T GET OVERWHELMED, DO WHAT
YOU CAN.
LOOK AT YOUR BUDGET.
SEE WHAT YOU CAN FIGURE OUT.
BUT AS LONG AS YOU HAVE A PLAN, YOU HAVE A GOAL, STICK WITH IT.
BE DISCIPLINED BUT DO WHAT YOU CAN.
DON'T GET OVERWHELMED.
BECAUSE DON'T FORGET, EVERY DOLLAR YOU SAVE, IS A DOLLAR YOU
DON'T HAVE TO BORROW.
SO, YOU WANT TO MAKE SURE YOU'RE DOING
THAT.
AND WHEN DO YOU START SAVING FOR THAT COLLEGE SAVINGS PLAN?
NEVER TOO EARLY.
REALLY?
NEVER TOO EARLY.
NOT WHEN YOU HEAR YOU'RE PREGNANT.
NO!
PEOPLE CAN START BEFORE THEY EVEN START HAVING CHILDREN.
PUT IT IN YOUR NAME AND THEN AS THE
CHILDREN ARRIVE, YOU CAN MOVE IT TO THEIR NAME AND START SAVING
THAT WAY.
WHAT THAY DOES, OLGA, IS IT GIVES THE POWER OF
COMPOUNDING THE POWER TO WORK FOR YOU.
AND THAT'S REALLY IMPORTANT.
WHAT KIND OF EDUCATION SAVINGS PLANS ARE OUT THERE?
THERE'S JUST SO MANY THAT SOMETIMES IT CAN BE QUITE
INTIMIDATING.
IT IS.
AND THERE'S SO MANY OUT THERE.
YOU HAVE PLANS SUCH AS PEOPLE USE BANK ACCOUNTS, SAVINGS
ACCOUNTS, YOU KNOW, SAVINGS BONDS, INVESTMENT ACCOUNTS.
WHAT YOU LIKE.
YEAH.
WE HAVE FOUND THOUGH, IN WORKING WITH OUR CLIENTS THAT
ARE COLLEGE SAVERS, 529 PLANS REALLY REALLY ARE WONDERFUL.
THEY OFFER A WIDE VARIETY OF BENEFITS.
FOR EXAMPLE, YOU KNOW, YOU CAN LOOK AT IT AND GET SOME
TAX BENEFITS IF YOU USE IT FOR HIGHER EDUCATION.
WHAT ELSE DO YOU LIKE ABOUT IT?
THERE'S SO MANY OTHER PEICES TO IT THAT ARE GOOD.
NOW, I MENTIONED THE TAX BENEFITS.
THE EARNINGS IN A 529 PLAN, THEY NOT
ONLY GROW.
THEY GROW TAX FREE NOT TAX DEFERRED.
OH!
THAT'S A BIG ONE.
THAT'S BIG.
ALSO, SOME STATES WILL OFFER TAX DEDUCTIONS THAT YOU CAN TAKE A
TAX DEDUCTION ON YOUR TAX RETURN DEPENDING, YOU KNOW, DEPENDING
ON HOW MUCH YOU'RE PUTTING IN THERE.
GRANDPARENTS LOVE IT BECAUSE THEY CAN DO GIFTING FOR COLLEGES
AND FOR THEIR GRANDCHILDREN.
IF YOU START SAVING FOR ONE CHILD
AND YOU WANT, THEY DON'T USE THE MONEY, YOU CAN GIVE IT TO
SOMEBODY ELSE OR USE IT YOURSELF.
OK.
OUR PARTNERS SINCE IT'S COLLEGE SAVINGS, HAS RUN A, CONDUCTED A
SURVEY AND THEY WENT OUT AND FOUND THE PEOPLE THAT HAVE 529
PLANS FOR THEIR COLLEGE SAVINGS ARE MORE CONFIDENT AND FEEL MORE
IN CONTROL OF THEIR EDUCATION SAVINGS.
THEY ALSO FOUND THAT 8 OUT OF 10 PEOPLE THAT HAVE 529
PLANS ARE HAPPY WITH THAT PLAN.
ARE THERE LIMITATIONS, MARY?
TO CONTRIBUTE TO THE 529?
DEPENDS ON THE PLAN.
DIFFERENT STATES HAVE DIFFERENT RULES.
MOST OF THEM, HOWEVER, DO OFFER VERY HIGH AMOUNTS THAT CAN GO IN
A 529 PLAN.
NOW, YOU NEED TO BE CAREFUL ABOUT FEDERAL AND STATE
TAX OR GIFTING LAWS.
SO, BUT YOU CAN FIND THAT ON THE WEB AND YOU
CAN LOOK THAT UP.
SOME PLANS CAN GO OVER $300,000 FOR THE
LIFETIME OF THE 529 PLAN.
MARY, IF I START A 529 PLAN HERE IN FLORIDA FOR MY CHILDREN AND
THEY DECIDE TO GO SOMEWHERE ELSE.
CAN IT BE USED OUT OF STATE?
THAT'S A GREAT QUESTION, OLGA. 529 SAVINGS PLANS CAN BE USED IN
ANY STATE.
SO, THEY CAN USED IN THE UNITED STATES AS WELL AS
ABROAD.
REALLY?
YES!
SO, YOU CAN ALSO USE THEM, THEY CAN BE USED FOR VOCATIONAL
SCHOOLS, COMMUNITY COLLEGES, 4 YEAR COLLEGES, UNIVERSITIES,
GRADUATE SCHOOLS.
SO, THEY ARE NOT AS LIMITING AS ONE MIGHT
THINK.
AND WHAT ABOUT FINANCIAL AID?
BECAUSE I KNOW THAT RINGS A BELL IN LOT OF PEOPLE.
529 SAVINGS PLANS HAVE A LIMITED IMPACT ON FINANCIAL AID.
SO, TO ME, IT'S GREAT INFORMATION.
BUT A LOT OF THINGS HAVE BEEN LEARNED HERE BUT
SOMETHING THAT I JUST THINK IS IMPERATIVE, IS NO MATTER WHAT
YOU HAVE, EVERY LITTLE BIT COUNTS.
EVERY LITTLE BIT COUNTS AND JUST REMEMBER, EVERY DOLLAR YOU SAVE
IS A DOLLAR YOU DON'T HAVE TO BORROW.
DO WHAT YOU CAN.
GET A PLAN AND STAY WITH IT.
I HOPE TO SEE YOUR KIDS IN COLLEGE WITH MY KIDS VERY SOON.
YES!
THANK YOU SO MUCH, MARY.
AND OF COURSE IF YOU'D LIKE MORE INFORMATION ON ALL OF THIS, YOU
CAN CHECK THE WEBSITE WHICH IS VANGUARD.COM
OR GO TO OUR WEBSITE WHICH IS THEBALANCINGACT.COM
AND DON'T FORGET WE ARE ON FACEBOOK AND TWITTER.
(MUSIC)
WELL, I THINK WE ARE ALL READY TO START THE DAY NOW, WHAT DO
YOU SAY?
I SAY ONE MORE CUP OF COFFEE.
(LAUGHS) I LOVE YOU.
ALRIGHT ABSOLUTELY BUT FIRST WHY DON'T YOU CHECK OUT OUR WEBSITE
THEBALANCINGACT.COM FOR MORE INFORMATION ON ALL OF
TODAY'S TOPICS.
MINE SHOULD BE DECAF RIGHT?
WE NEED TO GET YOU DECAF.
ALSO, LIKE US ON FACEBOOK AND FOLLOW US ON TWITTER.
THANKS FOR JOINING US AND REMEMBER
TO FIND YOUR BALANCE EVERYBODY.
SO LONG.
(MUSIC)